Chapters
00:00 Intro: The Matinee Edition
01:02 Ben: Still Waiting for It to Fail
01:32 Nick: The IWM Breaks Out
03:02 The XBI's Inverse Head and Shoulders
04:03 Ben: Bitcoin Below the Weekly 20
05:38 GP: The QQQs Clear the 330 Gamma Level
07:43 GP: June's Sentiment Washout
08:46 GP: The XBI's 2020 Retest
12:20 GP: The Trend Is Higher
15:25 The 200-Day and Supply Zones
16:59 GP: Multiple Time Frame Trend Lines
20:02 Is This 2008 Again?
21:34 Ben: You Can Make Any Analog
25:15 Nick: A More Bullish Setup
27:16 GP: Amazon's Rounding Bottom
29:21 GP: Apple Leads, Netflix Leads Bull Markets
31:54 GP: The 335 January Pivot
34:30 Nick: Give Apple Room to Breathe
36:35 Favorite Long Holdings: Zoom and Amazon
39:39 Trading vs Investing
42:16 GP: Selling Apple for Tesla
44:49 GP: New IPOs Forming Bases
46:53 Ben: Constant Earners and Speculation
50:59 Concentration vs Diversification
57:42 Ben: His Watch List and the ON Bet
1:01:17 Calls for the Week
1:04:23 Wrap-Up
Market Hours #34 went out live on Sunday, August 14, with Ben, Nick and GP. GP said the QQQs cleared the 330 gamma level, a change in character, and that the trend is higher after June's sentiment washout. Ben was still waiting for the move to fail, and Nick pointed to the IWM's breakout as a risk-on tell. The three also debated 2008 analogs, Amazon's rounding bottom, Apple's room to breathe, the QQQs' 335 January pivot, favorite long holdings, concentration versus diversification and their calls for the week.
Nick's setups, levels and trades
Nick said "historically before we've had the crypto space to kind of play in it was largely the iwm that was kind of like the main" risk-on tell. On Friday the IWM "completely broke out like you got this full on rsi breakout you've got a full price action breakout." The XBI "looks full on inverted head and shoulders," and "i'm just bullish until kind of some of these measured move patterns overall complete." On 2008 comparisons, "i think we're in a much more bullish setup right now," and a pullback would mean "either a rollover and a retest of like a major pivot" or a double bottom off the lows. On Apple, "you have the gap that wants to be filled between kind of 173 and 175," and "the 20-day moving average is there at 160. the 50-day is you know lower at" 149 to 150, so if you're long, "you got to give it room to breathe." "Technicals are more or less an art," used "as kind of like a road map." For the week, he expects an inside week, with the QQQs "kind of pinched between you know the 200 day" and the levels above.
Ben's setups, levels and trades
Ben said "i'm still saying there are opportunities above for it to fail." "Bitcoin just isn't bullish until it goes over the weekly 20," and "it's not full bullish until we get 28 500." "I have proven this previously with my random post that i can make an analog of any time period to make it resemble any other time period," and "2008 was way more severe." His core holdings are Amazon and AMD, "amazon and lisa su." "I want roughly 75 to 80 percent of my positions into things that's just gonna be constant earners," and the rest is "all right grow as much as you can." "I'm really heavy tech i'm really heavy semiconductors." On ON Semi, the low tick was 61.72 before it rallied. "Gush is actually looking really good right here."
GP's setups, levels and trades
GP said "i don't like when things close at highs or at lows," but the QQQs took out "the gamma level of 330 which is really nice to see," and "that's a character change." "If you're not in this market trying to get long here or even like over the last two months that i've been telling you that we've bottomed... what are you doing." Mid-June's three straight gap downs were a "sentiment wash out." On the XBI's 2020 bottom, the volume came "at the bottom," meaning "institutions were stepping in," and "technically xbi is acting exactly how it should." "Right now the trend is higher right like it's obviously higher that doesn't mean that the trade higher is easier." "When you draw a trend line let's say you draw it on the daily then expand to the weekly." In 2008, "the second leg kind of dropped which is their lehman brothers," and "until then it's just a run-of-the-mill correction." Amazon "it's essentially created a rounding bottom off of a big move higher," and it's "still rejecting 144.60 which is the gap down high from the earnings." "Apple is the market leader," and "netflix leads bull markets."
GP said "this 335 level right on the QQQs" is "the point where i'm watching on the charts this week," where January buyers "finally break even after seven months." Zoom has "almost six billion dollars on the balance sheet no debt" and is "valued at like i think 28 or 29 billion." When Tesla retested its multi-year lows, "i actually sold all of my apple to buy more tesla." Now he's looking at new IPOs "forming a base," because "new ipos with low floats" go "bananas," while Amazon's "growth plays are behind them." "If it clears that" 335 level, the market goes higher, but "i think it's time to take just a little bit of pause."
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