Chapters
00:00 Intro
00:33 Ben: Not a Pretty Chart
01:04 GP: No One Wants to Hear the Exuberance
02:35 GP: Gamma Squeezing to the Downside
04:08 GP: Friday's JPMorgan Hedge
06:43 GP: Amazon Holds the April 2020 Breakout
07:46 Ben: A Little Less Bearish After Friday
10:21 GP: The 297 and 303 Levels
11:53 Nick: Round Numbers Are a Magnet
12:55 Moves Happening in Real Time
13:59 Ben: 400 on the S&P and the Monthly 20
15:30 GP: Three Standard Deviation Moves
16:30 Nick: A New Investor Class
19:04 GP: The Big Money Still Moves the Market
21:05 Ben: Friday's Washout Breadth
22:40 Nick: Long Over 330 or Against 300
23:41 Ben: Wait for the Daily 20 EMA
26:26 Nick: The Five-Wave Channel
27:58 Where Are the Markets in Turmoil Specials?
30:30 Ben Revisits GP's Call
31:34 GP: Gap and Go
35:11 Nick: The 300 to 280 Confluence
36:13 Ben: The 300 Pocket
38:14 Chart Patterns and Pivots
41:49 Ben: Bitcoin's Decision Day
44:51 Nick: A World of Hurt in Crypto
47:57 Ben: Chips Are a Supply Problem
53:06 Ben: Broadcom and Qualcomm
55:11 Energy's Red Monthly Candle
59:21 Nick: XLE and Gold Levels
1:01:59 GP: Buy Gold on the Breakout
1:04:04 Ben: Scaling Into Broadcom
1:05:39 Wrap-Up
Market Hours #22 was recorded on Sunday, May 1, with Ben, GP and Nick after a heavy April selloff that ended in a Friday flush. Ben said the flush left him a little less bearish, and GP said no one wants to hear his optimism even though he expects a capitulation-style reversal. Nick watched round numbers like 300 on the QQQs as a magnet. The three also covered the downside gamma squeeze, Amazon's April 2020 breakout, Bitcoin's link to the indexes, the chip stocks, Broadcom, energy's red monthly candle and gold.
Nick's setups, levels and trades
Nick said "i think those round numbers are going to act as a magnet," and "i wouldn't be surprised to see a really gnarly gap down." On the QQQs, "i'd be long over 330 that would be my my my entry point," because "there's an abcd leg setting up," so "i'm either long over 330 or i'm long versus 300." In the channel, "you got you got one two three four five is kind of down here in this 290 to 300 area." "There's so much confluence here in this like 300 to 280-ish zone," and "i think we see a flush and i think we start to see that bounce from there." "I think this is a good time to start building if we get that that capitulation." "We've got a whole new class of a whole new investor base trader base that i think entered the market in 2020." In crypto, "i think there's gonna be a world of hurt coming." On energy, "i have a position in the xom and uso relatively small," and "the xle like i'm a buyer like around 67 68." For GLD, "i'd like to see it actually kind of hold here realistically this 173 to 175," but "i like my money kind of in the energy space."
Ben's setups, levels and trades
Ben said it's "just not a pretty monthly not a pretty weekly not a pretty daily in in the bulls case." "On thursday i was i was pretty bearish," but "after friday i'm a little less bearish." "Friday shook a lot of people out and that's basically what this market needs to be able to eventually go higher." The S&P "could come in sort of around let's say 405," and "we lose this 20 on the monthly that could be a trigger to all of a sudden kicking a buy program." Friday's breadth "was close to 90 decliners and that's the type of washout day you know you need to see." "I wouldn't be a chaser there until we finally broke above probably the the daily 20 ema." On the QQQs, "the more likely scenario is it gets in this 300 pocket," with "296 295 area that would be a very logical bounce point." "My bias short term is still a little lower but i think we're closer to the bottom." On Bitcoin, "it's coming to decision day sooner rather than later," and crypto has "bottomed later" than the QQQs. For the chips, "it's not a demand problem right right now it's a supply problem." Qualcomm "represents very good value here at the 139 mark," and on Broadcom, "i would be a buyer if i were so inclined maybe here to start scaling in down to about 500."
GP's setups, levels and trades
GP said "we've been in a downtrend for a really long time and the world is showing up to tell me" it's time to get short, but "where were you 16 months ago." The market is in a gamma squeeze "to the downside." On Friday, "jpmorgan wasn't selling their portfolio they were hedging it," which means "they still think the market's in a great position." Amazon "held the april 2020 opex breakout." "I can see that 297 level hitting and then reversing or undercutting and hitting 303," and he's "honestly expecting" a move "similar to january 24th right like gap down test some ridiculous level and then finish green." "The magnitudes of these moves are insanity," with "three standard deviation moves on the monthly." The big money is still the Buffetts of the world: "these are the guys who are moving money." On the QQQs, "we went from 318 to 370 we made a new high." He expects a gap and go "right out of the chute." "Flow is all that matters." On gold, if it's headed to $3,000, "it doesn't really matter too much whether you buy it at the 2100 break or at 1900."
Subscribe for the weekly live show at YouTube.com/@MarketHoursPod.
This is not financial advice. Market Hours is for education and entertainment only. Always do your own research.
Follow Market Hours: YouTube @MarketHoursPod · X @markethourspod · TikTok @markethourspod · StockTwits @markethourspod