[music]
Hello everyone, Lton here with Verified
Investing back with another ProCharts
video. In today's video, we're going to
talk about everything going on in the
stock market today. And first up, let's
talk about the broader markets, starting
with the S&P and the Q's. But before I
get into that, please consider liking
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that being said, let's hop into it and
start with the S&P.
>> [snorts]
>> So, if we take a look at the S&P, we're
continuing to kind of trade within this
range here. And today we is a red day,
right? We initially started the day down
about point4%, sold off, almost got to
the lows of Thursday of last week, but
have since had a great recovery, right?
Um the Q's not as fortunate, right? kind
of selling a bit from the open right the
Q's open down 6% and continued to soul
and sell an additional 1% intraday now
we were expecting some selling because
if you know the Asian markets overnight
could be an indicator we saw big sell
off in the Cosby um led by the
semiconductors right so naturally that
makes us believe okay
The semiconductors are due for a
pullback. We're probably going to see
that reflected in our markets if it they
sold off over there. And it was right.
The SMH had a great pullback. The SMH is
an ETF that tracks the uh
the semiconductor
sector and the SMH was down as much as 2
and a half%
at its lowest. Right? If we take a look
at some of the biggest semiconductors,
start with everyone's favorite, Nvidia.
Nvidia actually had a great day up
green. But another semiconductor that
has been hot as of late, down
significantly, ARM,
ARM's only down 8%. But was down over
10%
uh intraday pretty much from its close
on Friday, right?
Now, if you remember, ARM had this
massive, massive push on Monday, last
week, and pushed up over 22%
in a matter of three trading days. Now,
the ARM hasn't quite filled this gap
down here. And should it come and fill
this gap, actually like this for a
potential trade down here near 275, but
that would be,
you know, about an 18% selloff since
Wednesday of last week. But great great
reversal here on uh as [clears throat]
on ARM as it continues to sell.
Um and additional stocks that are making
moves there, MongoDB. So Meta kind of
head-hunted their CEO
and you know it's you wouldn't think
it's that much of a news but the stock
actually opened up down 24%.
An absolutely massive collapse there in
MongoDB
and Intraday got pretty much as low as
300 bucks down 27%
on the day. Now it's since had a great
push up from its lows. Pushed up about
13 and a half% right
but that's be it's still down about 18%.
um their CEO was credited with, you
know, this great push, especially since
these around lows, Iran war lows pushed
up about 90%. Right? So, you know, if if
if MongoDB does continue to sell,
there's going to be tons of support down
here around 290. But I do anticipate a
bounce in MongoDB as this was extremely
news-driven and not necessarily anything
fundamentally wrong with the company.
Back to some of the other
semiconductors,
Intel had another big sell today. So,
kind of looking similar to ARM, right,
where it did push up, right? pushed up
on Monday and peaked last week on
Thursday. Um got up as high as 18% up
from those lows. Has come down starting
to potentially look to reverse those
moves there on Intel.
A move back down
would provide support at the scaffold
around 10860. That's where I personally
like it for a potential trade. And
you're going to see a pattern, right?
Because the same thing could be said
here on CRDO.
Um CRDO had a incredible push up on
Friday during Friday's price action
closing up uh moving up 10% and closing
up 7.7%.
Now the stock and this is very
interesting. The stock has since come in
right and actually gone past that gap
fill negating its entire move up moving
down you know was down 10% at its lowest
on the day.
Zooming out a little bit looking at the
the overall chart of CRDO.
This is the level that I really really
am keen on watching. Right? You can see
this beautiful head and shoulders
pattern here that did form here on CRDO.
And what do we know about head and
shoulders patterns? Well, broke it
retrace right and then potentially we
could be see aimed uh due for an
additional fall. So, if CRDO does end up
retracing within the next few days to
this neckline, right, I do think that
this should continue to provide
resistance there on CRDO, but we'll
ultimately have to see if it can get up
there or if it just continues to sell
and not give us an opportunity to
potentially trade it. Last thing I want
to touch on, uh, LIT starting to break a
little bit here. It did break last
week's lows. um right here and is
steadily approaching this 840 key level.
Um nice little gap fill down there. But
we know that LIT has had a great bounce
up since its lows here in July. Pushed
up over 72% which is crazy. The reason
why I'm watching this level so um so
much is because you have this nice ups
sloping trend line. a break of this and
then confirmation below this level
actually favors a move closer to this
$750 $750 region. Um, a price that I
would be targeting for a potential
technical balance on the short term.
Long-term, I still believe momentum is a
bit overextended, right? Considering the
stock is up
500% in a year essentially, not even a
year. But we'll ultimately have to see
what LIT ends up doing. But with that
being said, guys, that's all I have for
you today. Again, my name is Lenho here
with Verified Investing. Thank you guys
so much for being members of our
Verified Investing community, and I hope
you guys have a wonderful rest of your
day. Have a great day. Have a good one,
and I'll see you next time. Bye-bye.