Bear Flag Warning: 8 Stocks at Make-or-Break Support Right Now

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Each afternoon, real setups are broken down with entry strategies and the technical reasoning behind every trade. This is today's best trade setups with verified investing. >> Welcome to today's best trade setups. My name is Benjamin P, head trader here at Verified Investing. We are having a decent market selloff now. The S&P 500 is into a ton of support. Now, what's going on here is we've actually had a couple down days with price consolidation potentially forming a nice bare flag for the floodgates to open for continued selloff. So, what we're going to do is we're going to analyze some ch uh excuse me, some stock charts that are into some really good buying levels and a lot of these are megga caps. So, let's dive right into the charts. First one we're going to go over is the spy or this is the the S&P 500. So, here's this big down move. Only had two days of price consolidation inside of this red bar candle. Now, we're having a continued selloff. Here is your support level on the spy $723.77. This is really what's going on is as the line in the sand. If it can get down to this level, this is a great buying opportunity today knowing that if it does close below that on a 15minute closing basis, you could stop out and look for this low gap in the charts at 71779. Now, once this support level breaks, because this was a pretty substantial gap in the charts on the SP uh S&P 500, here is the next level on the SPY, and that's going to be sitting right here about $700 pierce. Uh the other thing we're looking at is this upsing trend line. This is capping um support, excuse me, the resistance level or the price action. Pivot low here, secondary hit, third hit, fourth hit right here up in this area. And that's why we're getting a sell off for one of the reasons. I was going to the US 10-year, but it's down as well. So now that those are a little bit decoupled, I'm going to go ahead and just exit that. Um I no longer talk about that. Here is the real market indicator. The SOXX upswing trend line pivot low here. Secondary hit. Kissed it here. Third hit here. This could be considered the fourth hit. Fifth hit. Now we're actually above that level. So as long as we can maintain price action above that without continuing a move to the downside, we are still going to see a potential higher move on the SOXX and the S&P 500. Your long level today for aggressive traders is $53721. A little bit more conservative traders 52471. On the upside, if we can get a rally in the markets, some reason we get a push, then you're looking at this gap in the charts or this uh previous red bar candle opening at $584.38. That would be where you enter the trade. Now, let's take a look at Microsoft. Microsoft has gotten beat uh beaten up over the last eight days and that the selling pressure is continuing today. I have this really big gap in the charts that it flushed through. But now I have a secondary level of support. So if you're stuck in this trade, I'll show you where to add to the position if you were in this trade. So here is the first level of support at this gap at $39311. Big gap in the charts. Price came back in, flushed through that, got a minor bounce. Here is your secondary level of support. And the reason I like this as a secondary level of support at $38424. You zoom out in the charts. Extend this out. Look at what happens. You have this little pivot low gap in the charts as well as additional price consolidation. As you can see, this was resistance. Finally got back above. This is telling me that there are a lot of institutional players looking at this gap up. If they can get this at a big discount, $38,424 is that entry price. If it does flush that level for a swing trade, I do like this area of support. However, if you're a little bit more conservative, $366.82 is going to be that more conservative trade level on the chart of Microsoft. But look at how many days down in a row. One, two, three, four, five, six, seven, eight. Today would be the ninth day. Just because it's oversold nine days in a row doesn't necessarily mean that's the bottom. What you're looking at is what happens on this support. If it breaks that, watch out below because you're going to make another um $18 move to the downside. SanDisk was pushing higher. It's actually consolidating right on top of this upswing trend line. The more often support levels get tested, the weaker those levels get. So for today, if you're aggressive, you still have this gap right here at 16444. This is your aggressive long trade on SanDisk. If we do push higher though, you have this high pivot point atund or $1,83. Secondary level resistance is$183150 and then you have 1861. These are starting to get more and more interesting as far as swing trades go. If we can get another push to the upside knowing that I could always stop out on a daily closing basis with a little bit of continuation above $1861 and then look for the whole round number of $2,000. I do see a lot more further downside on SanDisk. However, this ups trend line is holding price action up. Once that breaks, 1535 is going to be our next downside move. And then eventually we're going to come back and at least fill this gap right here at 1,192 bucks. Nvidia is kind of chopping sideways. We were slightly lower than this low pivot point or this gap in the charts and that was my aggressive level yesterday right here at that low pivot a pierce of $200. I did not enter this trade. However, great bounce off that level. Got as high as $24. Now today's my gap fill for a long play is $196.50. This is where there's going to be a ton of people who are looking at getting into Nvidia from this move to the downside. This is a 17% move. This should be a lot of support. And you zoom out. Look at this prior red bar opening candle. Previous price consolidation right under that resistance got support once it broke above. This will be support again on a technical basis. So 19 or $196.50 is that level. SMCI had this huge selloff yesterday. Yesterday like I was mentioning it did have a lot of um negative news as far as they are offering $7 billion worth of open shares to the stock market. And that is what's continuing the selling pressure on SMCI. This thing is having negative news after negative news. The next level of support that I have is $27.83. If it does get down to that level, that is where you're going to get a bounce on a technical basis. If you're a little bit more aggressive, you could start at $28.25, but for me, 27.83 is that level that I would go long. Meta is continuing a selloff today as well. Not quite as beaten up as uh what happened with Microsoft, but still in a downtrend. One thing, one thing that's capped price action is this down sloping trend line. Pivot top here, secondary hit, third hit. And now all of a sudden, we are cons considerably lower than that down sloping trend line. As you can see right here in the charts, my aggressive level actually it's a pretty solid level is a pierce of 550 bucks. You have this opening candle of a green bar candle, opening price of a green bar candle. And this is where price action should get a pretty solid bounce. If you're a little bit more conservative, you could wait for this high pivot point or this gap right here at $536.50. But right now, you're into a lot of support with this green bar candle still in play as far as buyers who are loving this trade on Meta. So, right in this area is your long play for today. For me, I'm a little bit more conservative. 5498 is where I'd look to get in. AVGO is having a small push, but look at what happened. Little bit of a down move. I mean, excuse me, a big down move. Two days of sideways consolidation, a drop. We could get another couple days of sideways consolidation. And that opens the door to $354.91. If you're aggressive, this low pivot point that I mentioned yesterday at $370.33 is still technically support, especially the fact that we got this huge bounce off of it today. $10 move. That tells you that there are still a ton of buyers stuck in AVGO and who want to average back into it on the way down. If it does close below that though on a 15-minute closing basis, I would look to stop out $354.91 is that next support level. As you can see, ton of price consolidation in this area and then a gap fill just above that. Now, I do I did mention this yesterday, but it's still great buying opportunities. Tesla still hasn't come back down to my support level. Opening red bar candle high price consolidation right in this area. $379.68 is a potential swing trade area. I would be looking at this gap in the charts or previous gap in the charts as well as this low pivot point. So for me, I'd be interested in going long on Tesla at $367.73, especially since this upswing trend line has broken. This fuels the fire for the sellers to exit their trades and continue to drive this lower. Excuse me, the buyers who were in this exit the trade and look for it to go longer lower. If you're a little bit more conservative, $34262 is that long play and then you could always stop out below this low pivot on a daily closing basis. Last but not least, MU Micron. I still like this five $854.35 level. If we can get a nice sell-off, this is my aggressive long level. I have the logarithmic charts on because of the parabolic move to the upside. Pivot low here, secondary hit, third hit, fourth hit, finally closed below. We haven't sold off, but look at what happened from this high. You moved down, put in a lot of sideways consolidation. You got one, two, three, four, five days of sideways consolidation. It looks like $1,77.13 isn't going to hit. This to me is telling me that not only the SOXX is about to start breaking down, but MU is going to take a lot of the semiconductors down with it. If you're a little bit more conservative, don't want to play this high pivot or this low pivot right here at $854.35. Here is the opening price of this green bar candle as well as a high pivot point at $81,9.84. That's your long play today. lot of opportunities in the stock market and these are the type of markets that we like when you have some moves that are being parabolic but the S&P 500 is chopping sideways the support and resistance levels generally play out a lot more it's when you have this parabolic move in the S&P 500 then you have this positive momentum and then that's when they can start ripping through levels this type of market condition with the e vx vix heading higher S&P 500 chopping sideways. This is the time to pounce and really enter those long and short trades. Make sure you have a plan, your stopouts still, just in case the S&P 500 does start to chop or continue lower or higher. But this is the market, you guys. Get excited because now we're actually getting more into some normal price action in the stock market. So, that's what I have for you guys. If you guys are getting something out of this, please make sure you're liking, you're following, subscribing, sharing with those friends, and keep those comments coming. I really appreciate them. Although I don't comment on them, I do read them, and they're greatly appreciated. So, you guys have a great rest of your day. We'll see you guys next time in the charts. Take care.