Trading The Close: #chewy #tesla #natgas #nike #btc #wba #stocks #crypto

Trading The Close: #chewy #tesla #natgas #nike #btc #wba #stocks #crypto

[Music] hey everybody Welcome to trading the close my name is Gareth Solway here at verified investing.com lots to discuss today markets again generally a little quieter a lot of chop but everyone is looking forward to Jerome pal speech tomorrow at 9:30 in the morning morning and then the 10: a.m. jolts data which is job openings how many job openings are there yet last month we were at about 8.05 million it’s expected to drop decently this month and we’ll get those numbers tomorrow at 10: a.m. overall we saw Bitcoin chopping around a little bit today the big mover in the commodity space was Oil we’re going to talk about some three major factors that that level just or that that commodity just hit so again let’s get into the action here on the charts if we bring that up bear with me here as I to just flip over to it and let’s look at what the markets are doing so right off the bat here’s your heat map you can see generally Microsoft green apple green Nvidia basically flat to positive they are anchoring the markets today so the big boys are keeping things floating by the way how do I know that that the big boys are keeping things floating number one the Russell 2000 is negative today while the S&P is flat to positive all right so let’s take a look right here what do we have we have the Dow is up about 23 points the nasdaq’s up 120 and the S&P is up 7even so again Dow barely up because a lot of the mega caps aren’t in the Dow the S&P again is trading fractionally higher same thing it’s more Diversified it’s 500 companies and the NASDAQ again only a 100 companies the NASDAQ 100 and that is being pushed up by the apples the microsofts here you can see Amazon’s green pretty nicely as well and of course a couple of the other players notice over here I always like to look at this area when you just look at it look at again generally gray to Red over in this vicinity with these few green spots that are bigger and those are the mega cap companies bringing up the markets oil real quick oil’s having a good day 2 and a half% gain gold is just up four bucks and Bitcoin is up about 400 which is only a 6% move not a big move in that respect all right I do want to get into the charts here so let’s go right back to the charts take a look at the 10-minute S&P chart uh we are seeing a little bit of a late day push here on the S&P so notice again we kind of opened here had a little bit of a selloff early I think that was kind of beginning of the month unloading by institutions then once that volume dries up from the institutional sell side the markets floated up sideways a little chop and then a little late day probably short covering day trader rally just to speak on that essentially what a lot of times happens in markets that go sideways there’s a lot of shorts that start to short the market like IM like kind of newbies on the on the the day trading side and a lot of those day Traders they have liquidity and they’re using the 4X margin you get 4 to1 margin when you’re day trading but you have to close it out by the end of the day you can’t hold 4 to one overnight and so what ends up happening is when you don’t get that drop and they don’t get to cover down here for a profit they have to cover at the end of the day and that’s why sometimes you see that late day short squeeze okay by the way not a huge move to the upside um what are the key charts that we want to look at today I do want to touch on Nvidia Nvidia started out with a little bit of a flush today but did recover here it is flattish on the day maybe slightly positive one of the things to notice is the time count Factor now this is in my methodology that I teach it’s called time counts it’s something that is unbelievably scary how often it it comes about it’s a seven count not going to go into in-depth more than that because you have to learn it from the course but what we do see here is a down move and then 1 2 3 4 five it was unlikely we would see the big flush today cuz it wasn’t at the time count just yet of the full full maturity of the bare flag so I would expect again I do ultimately think it goes down but you need a couple more days like this and then the bigger move can come in now again how low is NVIDIA likely to go based on charts tough to know but we do have some levels right in here and then the big one is right back here I don’t know again I do think that probably within a few months we’re back and retesting this level on Nvidia but either way just to be clear on this this is a bare flag formation reversal candle confirmation candle continuation candle sideways consolidation that is a classic bearish consolidation pattern so probabilities favor continued downside one of my big ones today is Nike guys amazing move on Nike here um so Nike on on Friday was down 20% on the back of earnings and basically their earnings were pretty atrocious but still 20% is one of the biggest moves you have ever seen in Nike historically and Nike’s been around for decades and decades and decades and so the kicker here was this what did I realize why did I pick this up on Friday and why did I hold it overnight even with the live day trading room the Apex live day trading room and by the way might be the first trade I’ve held overnight this entire year the answer is this what I knew is that when you saw this sell off on Friday part of the selling and the intensity of the selling was that institutional money managers it was the end of the quarter and at the end of the quarter they did not want to go in and send statements to clients showing them that they held Nike for that quarter so what they do is they do what’s called window undressing so there’s window dressing where they put like the best performers in their portfolio to make it look super nice for clients and then window undressing is where they dump all the crap out of their portfolio and really on Friday was the last day to do that for these money managers so there was a lot of selling pressure here which then means you usually get a reflex bounce to the upside come Monday of the new quarter at least today was the Monday of the new quarter and so that’s one of the reasons why I was confident we get a bounce I’m actually still holding this with members because I do think it continues to go up and again I think that there’ll be followup additional upside as you see more and more money managers actually start to add this to the portfolio for a bounce so just a little interesting insights into what went on there with Nike I also think that WBA is one to keep an eye on as well this one continues to be on the downside here under pressure but nonetheless it is one that interesting to me I’m going to get rid of the the a the pre-market data this is an intraday chart of WBA we can see a wedge pattern here tomorrow we’re going to look for a break Above This wedge pattern which is looks around the 1165 level if it can get through that you actually could get a decent retrace bounce not the same caliber of company unfortunately anymore as Nike but nonetheless it is a chart that is majorly oversold on the daily chart as well uh chewy today we got to talk about chewy guys so chewy this morning it was revealed that that uh roaring Kitty had basically purchased like 245 million of the stock I’m not sure if that was partially in options or if it was all using funds in his account but either way you saw that big gap up here on the day and then it sold off throughout the course of the day and I think the big takeaway here is that the more times you reveal and and the this goes to Big names but when you keep on pushing out kind of these pump plays that are highly you know they’re highly volatile and you have these big moves like this and then they reverse and we saw this on GameStop I mean look at where GameStop GameStop was like at $65 at one point pre-market it’s now down in the 20s right and so more and more people get burned which means his plays will go down even faster they’ll pop but then they reverse because people got accustomed to saying oh my gosh if you don’t take your money right away and go these things crash down it’s almost like a self-fulfilling prophecy and so the more you do these pumps the more sellers just wait for the pop and just slam into it and the faster these things roll over so we’ll have to watch and see where chewy goes now he might tweet about it again tonight who knows and that might cause a little bit of a pop in the stock but it’s important to understand the psychology of investors investors once they get burned they become a little gunshy31 rounded it down by shorting it as well and that just brings it right down to this level now again it looks like it’s making a little base here maybe it does get get a little bit of a bid in the next day or so we’ll have to watch and see but it’s an interesting kind of concept to understand of what happens as these pumps are done weirdly enough it’s kind of like companies that do those pump and dump types things where initially the plays really move but once people get burned more and more they move less and less and less until they don’t move at all all right Bitcoin let’s go into Bitcoin real quick here a little bit of an uptick on the Bitcoin chart lots of support here you are at resistance so this is a pivotal level for Bitcoin where can it go we’re going to find out in the coming days I do ultimately think a lot has to do with the stock market so again I know people don’t want to say oh it kind of relies on the stock market but if the stock market sells heavily then bitcoin’s going to go down if the stock market keeps making new highs eventually you got to think Bitcoin can break out to the upside as a risk on asset in terms of the chart just watch to see does it break above this line here and maybe get to 64 that would be bullish once you’re above there maybe it retests 72 if it breaks here it goes to 565 and then potentially if it breaks there you’re going down to 50 okay next chart gold minimal price action on gold little bit of a wedge pattern forming which way does this ultimately break does it break to the downside here or does it break to the upside it’s just holding and if you look at this right I mean even from over here from this high you came down and then since then look at that I mean basically that’s what you’ve done you’ve just gone side sideways with chop in Gold so we have to watch to see which way does it break whichever way it breaks I would expect a major move in that direction breaks to the upside should retest your high here around 2440 if it breaks to the downside 2190 down there is your likely Target but again this is a classic wedge pattern which is consolidation then you look for which way does it break that’s your bigger move that would likely come now oil here check this out guys so I’ve been watching oil on this chart for quite some time talking about how 83 is give or take is a major level I have three trend lines that are converging here I actually think that oil at this point is finally at its Max or close to I mean could it go a little higher sure but ultimately when you have three trend lines converging and by the way you could see this high up here down to these highs and we’re right in there then you take this was a head and shoulder pattern that I was watching this is what’s called the neck line that’s right there and then you have this low down here right through all of these lows right through the these highs here and it all converges right there I mean this is again that is a huge Zone and so my guess is you likely are near a short-term top on oil look for this to potentially start wiping out to the downside especially if the jobs data this week comes in week if we see misses on the jobs data it’s going to tell you the economy is slowing and I would expect oil could really take a hit to the downside so I’m going to watch this tomorrow we’ll see where it goes on oil’s front but really at this stage of the game it is something interesting to watch to see if this level can hold up lastly I’ll touch on natural gas real quick guys which last I checked was down pretty sizeably take a look at this guys this is a pretty big breakdown on the chart here so this was a little bit of support this low we went right through it today right through here that tells me that your target is likely on point here which is going to be this zone right here and we’re looking at around the $215 level now you might be getting close to a little bounce just because you’ve had two four five down dayss in a row want natural gas but ultimately for me as a buyer as a potential buyer don’t have any right now but a potential buyer would be waiting patiently right there to look for it to flush right in there and then pick it up to the upside for a technical bounce all right guys as always I’m here to deliver what verified investing promises you which is data charts unbiased technical analysis that’s what we’re here to do leave the mainstream media behind the narratives that they spin leave the hype from social media behind verify investing is here to give you the data and the charts thank you so much for tuning in to the close don’t forget tomorrow morning 9:00 a.m. I’ll be live with the game plan take [Music] care e

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