Chapters
00:00 Intro: A Father's Day Sunday
01:06 Nick: Time for the Leaders to Rest
02:10 GP: The QQQs Cleared the Monthly Triple Top
04:18 Nick: Names to Step Up
05:22 GP: Bull Markets Rotate Up
07:28 GP: Apple's Weekly Closes
09:32 Small Caps
11:38 Bull Market or Bear Market Over?
12:08 GP: A Bull Market Starts at Prior Highs
14:42 Nick: Agreeing With GP
16:45 GP: MongoDB's Three-Week Tight
19:23 Nick: An Alert at 400
20:57 Nick: Tesla's Gap Fill
22:29 GP: Nvidia's Secondary and Tesla's Price Action
26:07 GP: Put Your Indicators Aside
26:40 Ben: RSI and Stochastics Together
28:14 Nick: Long Oversold Readings
29:16 GP: Indicators Need Time-Frame Confirmation
31:20 GP: Nvidia in the Top Wick
34:56 GP: Home Depot and the Great Rotation
35:57 Roblox
37:30 Nick: Roblox's Pivots and Stage Two
39:01 The Consumer Is Still Strong
41:37 Cash and Treasuries
42:37 China
45:14 Nick: Energy's Flat 200-Day
46:46 Ben: Crude Below the 200-Day
48:19 GP: The XLE's Bearish Indicators
50:53 Nick: Boston Scientific and AMD
51:56 GP: Intel and Vroom
54:31 GP: Not Square
57:04 Ben: Free SoFi Shares
58:04 Ben: Rivian and Polestar
1:00:10 Ben: Salesforce
1:01:11 Wrap-Up
Market Hours #71 was a Sunday-night Father's Day stream on June 18, the night before the quarterly Cookie_M episode, with Ben, Nick and GP. Nick wanted to see the leaders rest for a couple of weeks, while GP pointed to the QQQs clearing their monthly triple top. The hosts debated whether this is a new bull market or just the end of the bear market, argued that you should put the indicators aside and read price, and finished with Intel, Vroom, SoFi, Rivian and Salesforce.
Nick's setups, levels and trades
Nick said he'd love to see the big names, "Apple Google Netflix," "just continue to" rest a little bit. "I think a little bit of range would be fun would be great for... the Bulls." He wants other names to step up: "vrtax is starting to set up again," "Boston Scientific is the top of my list," "Visa MasterCard I think those both look great," and "I like Goldman and I like JP Morgan." Boeing "is still sitting above the 215," and "FDX looks great again." "I think you gave us a couple weeks to breathe and I think July we're off to the the races again." On the bull-market debate, "I would kind of agree with what GP is saying is a new bull would start when all-time highs get taken out." On MongoDB, "anything down in the around that Weekly nine EMA I would think would probably get bought up," and "I'm definitely gonna set an alert at 400." On Tesla, "that 265 is kind of a spot where I think it might struggle," but "the dips are going to be... shallow." If you don't have a position, "you could even look at the Gap that Gap up low as you're lying in the sand," around 241 to 242.
"My preference is to if I'm not buying a Breakout is to be long oversold readings in a in an uptrend." On Roblox, "I'd use the 43 the 43 pivot as kind of like a cheater or even versus like 38 like the 200 day," and "through that 48 49.50 like I love the look of the weekly." When the indexes make new all-time highs, "there's going to be another significant wave of names going from stage one to stage two." Energy names "basically look like they're bare flagging like on the weekly," and "if you have a flatline 200-day moving average you're basically talking about a trendless market." He likes Boston Scientific and Vertex, and on AMD, "I'd like to get a little bit more of a pulling in it but ultimately I'm looking to get bigger in it."
Ben's setups, levels and trades
Ben brought up a debate from The Compound: "are we in a new bull market or is the bear Market over." He uses "stochastic and RSI because stochastic reads a little faster than RSI does." "When I use them both in tandem it helps me be able to say what might be a real Move versus might be a false move." On Asana, "we really just got the RSI crossover like five weeks ago," while stochastics have "been super hot." On crude, "you lost the 200 moving day or 200-day moving average... in August." On SoFi, "I trimmed right at the top of that bar right there and now I'm on free shares of Sofi and I'll be writing calls until I am 70 years old." "I think Sofi is going to be range bound here for a while." He likes Rivian and Polestar: "I had 14 puts sold for this week," and "I got my 1450s assigned the week before." He is thinking of Polestar "to just go along with sort of like a sister trade." On Salesforce, "it looks like it wants to give a little bit back," and "anything down in the 190s I'll... probably be back in that position."
GP's setups, levels and trades
GP said "I think people are using indicators too much and not paying attention to the price action." "The monthly already broke over that for the QQQs that triple top on the monthly from February March and April the 371." "In bear markets you don't get rotations up you get rotations down." "I don't see how I don't get even close to all-time highs in the next four to six weeks." Apple has had an "all-time high weekly close every single week" for three weeks. "Bull markets start when you reclaim prior highs." The QQQs topped "in March of 2000 at 120.5" and took "almost... 16 years to come back to that level." "It's a range bond market until" then. MongoDB "is a three week tight," "a can slim approach to consolidation." On Nvidia, "one of the biggest tells... was when they announced the secondary after a massive earnings Gap up it didn't even come close to filling it." Tesla's price action at the supply zone says "it's most likely going to 314 before you can even Flinch."
"Put your indicators aside literally take them off your chart and see what the price is telling you." "If your monthly is not overbought but your weekly is and your daily is you don't have confirmation of the short." Nvidia has "spent the entire month of June in the top Wick of the prior months bar." On Home Depot, "I'm long and I see this is the rotation I've been talking about." On the XLE, "the trend on the indicators is one way while price is kind of flat," and "the supports are going to start being lost and it's going to just continue to stair step down." "Intel weekly that looks like it's going to mid 40s like ASAP." On Vroom, a board member "bought 500 000 shares at 76 cents," and "I'm in from 80 cents so I... I'm talking my book here." "I don't like Square all that much still," because it "feels like it's bear flagging." "Roku's chart looks better to me than the square chart does," and "PayPal looks much worse than Square does."
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