Chapters
00:00 Intro
01:05 Could This Be the One?
01:35 Nick: Due for a Bounce
02:36 Nick: Watch Relative Strength
03:39 Ben: The QQQs' RSI at 2008 Levels
04:40 GP: The Next Leaders Lead Higher
06:41 GP: Roblox and Affirm
10:18 GP: Say-Uncle Moves
11:50 Ben: Big Daddy Apple's Ugly Week
12:51 GP: The Old Guard and the New Guard
15:54 Nick: Still Saying Moo on Energy
16:56 GP: Energy Is Under-Invested
20:00 GP: Gold Only Above All-Time Highs
22:37 Nick: Ethereum and Bitcoin Lower
24:08 GP: I Think We've Bottomed
26:44 GP: V-Shapes and Fed Pivots
28:46 GP: The RSI and Roku
29:47 GP: The 297.45 Yearly Pivot
33:23 Leaders Getting Hit
34:25 GP: Netflix's Hammer
36:29 GP: Robinhood as a Top Pick
37:30 Twitter and Boeing Leadership
39:01 Broadcom, AMD and IBM
41:04 The Fed Calendar
43:13 A Bear Market in Tech
49:26 GP: Morningstar Reversals
50:59 Nick: Trading Energy This Week
52:02 Wrap-Up
Market Hours #24 went out live on Sunday, May 15, with Ben, GP and Nick after a washout week that bounced off the SPY's 385 area. Nick said the market is due for a bounce into 420 to 430, and GP said he thinks we've bottomed while watching for confirmation. The three also covered the QQQs' oversold weekly RSI, Roblox and Affirm as possible new leaders, the old guard giving way to the new, energy, gold, crypto, the 297.45 yearly pivot, Netflix and Robinhood.
Nick's setups, levels and trades
Nick said "i definitely think we're due for a bounce here whether or not it sustains," because "it's kind of like that that fifth wave or that fifth touch of that" channel down. "I would expect to kind of see it bounce at least up into like kind of the 420 let's say 430 area." "Where you want to pay attention is just where the rs where the relative strength shows up." He's "just waiting for that kind of follow through day confirmation," and "it'd be tough to buy thursday friday in my opinion." On energy, "i'm still saying moo here," and "it's going to be the easiest hard trade," with "this annoyance grind higher." On crypto, "i'm definitely bullish i think in in the crypto space longer term," but "i do think we're heading back to like you know a thousand in ethereum probably that 10 15 k and bitcoin." For the week, "if anything it'll probably be in the energy sector."
Ben's setups, levels and trades
Ben said the QQQs' "rsi is the lowest it's been since the march" 2020 low, as low as 2008, and "midweek we're sitting at like 29 on the weekly." Roblox and Affirm "look like you know they're still firmly in a downtrend obviously but when you see that volume," it gets his attention. On Apple, "just ugly ugly weak in the biggest stock in all the land." IBM's chart looks like "three years tight."
GP's setups, levels and trades
GP said "you can see the indices go lower but the stocks that will be our next bull market leaders start to lead higher." "When you start seeing these types of movements in ipos near the lows it's something to start paying solid attention to." Roblox "still closed above the prior week's high," and Affirm's drop "from 31 straight to 14 without any hesitation" was "puke." "Those are the say uncle moves." For the mega caps, "2020 was their peak growth," and "what happens in value zones is multiple compression." "The old guard is switching to the new guard they last about 10 to 20 years." Energy "is still under invested compared to technology," but it will shake traders out along the way, because "it's just bananas." On gold, "i take gold when it takes out all-time highs and have an easy trade." "My personal opinion is we've bottomed." "Every time we've had a" V-shaped bounce "it's been caused by a fed pivot." "It was really nice to reclaim the yearly pivot low of" 297.45 on the QQQs. Netflix "to me that is actually one of the strongest." Robinhood is "one of my i think top picks for the next few years." "We have potential morningstar reversals on weekly candles across many names," and "i definitely did buy roblox and and hood."
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