Chapters
00:00 Intro
00:37 Ben: Hats Off to the Bears
01:08 GP: The 334 Rejection
04:46 GP: Below 316, He Switches Sides
06:50 Nick: Working Off Overbought Readings
07:51 Nick: The QQQ Levels to Hold
08:52 GP: The 318 Pivot
09:56 GP: Netflix and Apple
14:06 Ben: The VIX Setup
15:06 GP: Hedging Has Been Miserable
16:39 Nick: Cash Is the Hedge
24:50 Ben: Bitcoin Fails at 24,000
26:52 Nick: Equities Over Crypto for Risk-On
27:22 GP: Oil vs Energy and Occidental
31:03 Ben: Energy and Big Pharma for a Trade
33:36 Ben: ON Semi Hits 75
35:40 Nick: Pick Your Levels in Big Cap Tech
37:11 Ben: The Semis Need to Hold
39:16 Ben: Nvidia and AMD
42:20 Ben: Home Depot
43:53 Viewer Questions: Solar
46:30 Lululemon and Tesla at the 200-Day
50:36 Nick: The XBI's Range
52:39 Trash Trucks, PEGY and RIG
55:49 Ben: Leaning Toward a Down Week
57:22 The Week Ahead and Wrap-Up
Market Hours #35 went out live on Sunday, August 21, with Ben, GP and Nick. After the QQQs rejected the January 334 pivot and sold off into Opex Friday, Ben tipped his hat to the bears. GP said he'd switch sides below 316, and Nick mapped a QQQ zone from 302 to 310. The three also covered why hedges have failed all year, Bitcoin losing 24,000, oil versus energy and Occidental, the semis and ON Semi, Nvidia, Home Depot, the XBI's range and the week ahead.
Nick's setups, levels and trades
Nick said the McClellan has been sitting in overbought territory, and "i'm less concerned about tomorrow as i am kind of the QQQs holding you know some pretty important levels." "If it loses like that 319 area then you're probably seeing in my opinion like 309." "Generally like more of a zone i want to see kind of that 302 to 310 zone hold." On hedging, "i don't look for ways to hedge so if i were to hedge if i if i were to think that i need to hedge i'd be in cash." "I think that we're gonna start to see equities start to be a better sign for risk on than than crypto." In big cap tech, "if you have your levels kind of picked out," names like Amazon, Google, Tesla and Nvidia are worth watching. For the XBI, "i'm expecting a range of 80 to 97 to be kind of like this for the next few months."
Ben's setups, levels and trades
Ben said "i got to take my hat off to the bears," and "for me it's just it's just hard to be giddy about a gap down on sunday night." On the QQQs, "the 50 retracement is at 302.50 from this kind of leg higher." The VIX "still looks pretty fugly to me on a weekly and daily time frame." Bitcoin "just flat out failed" because "we need to be plus 24 000. and it just couldn't," and "i don't see how we don't come back into 20 grand again." The XLE "just looks like it wants to go higher," and GUSH or ERX "might be the way i play it," but it needs to clear "that june 15th and 16th gap down." In pharma, "i can make a case for some for some pharma right off of a trend line." ON Semi "hit 75," and the SMH "really needs to hold this nine weekly." Energy and pharma "have better charts than what i'm seeing in semiconductors," and on Nvidia "i might take some around 167." Home Depot has "a nice little flag here that's forming on the daily." The best case is a flat-ish week, but "i'm leaning toward down week again this week."
GP's setups, levels and trades
GP said the QQQs rejected the 334.15 level, and "it fully reversed that move down in i think an hour." "If the bears fall through and push us below 316 then i i i'm gonna be forced to switch" sides. Sellers are "coming in and selling thousands of calls right to cap upside." "This 318 pivot area is really important," going back to Russia's invasion of Ukraine. Netflix's "daily rsi hit like 73-74 after being sideways for like three or four weeks." On hedging, "we hit what vic's nearly 40 back in january," and "everyone is already hedged," so "it's got to get to a point where it's just everyone gives up on volatility as a hedge." "Cash gets you flexibility." Oil keeps "holding the 87 level but energy had a big divergence," and even with Buffett "willing to buy fifty percent of occidental petroleum it couldn't take out" its 52-week highs. In the semis, "the ones that are more widely owned" are "acting" worse "than the non-widely owned ones," and the Nvidia and AMD monthlies are "starting to establish a volume profile base." For the week, "the 21 day moving average is what you should be watching."
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