Gareth Soloway (Verified Investing)
Nvidia is a potential longer-term short opportunity around the 218.66 region.
The resistance level for a shortable position on SPY today is $748.17.
The S&P 500 is consolidating, potentially forming a bear flag for continued selloff.
If the $723.77 support level on SPY breaks, the next target level is approximately $700.
If SOXX can rally, it could target the previous red bar candle opening at $584.38.
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The market is in a bubble that will inevitably come crashing down.
If SPY fails to get back above $748.17, it will start creating a bearish 'waterfall pattern'.
Memory stocks are overextended and could be starting to top out due to negative RSI divergence.
SOXX has a potential retrace up to $638.41, which would be a shortable level.
There should be a pretty substantial selloff in memory stocks on Monday.
The Federal Reserve is not expected to change interest rates at today's decision.
Once the SOXX upswing trend line breaks, SOXX will fall to $537.21 and then potentially to $524.71.
SOXX is overextended and due for a pullback, indicating a bearish outlook.
The upside resistance for the Nasdaq is at 26,824 points.
Inflation is still festering and will stay above the Fed's 2% target level.
MU is overextended and could experience more pullbacks as buyers wane.
The near-term support for the Nasdaq, which would signal more downside, is at 25,271 points.
The near-term support level for the S&P 500 is 738.83.
The S&P 500 needs to break above the inclining trendline at $759.57 to go higher.
S&P futures are set to open around the flatline today.
USO is pulling back into a gap in the charts at $116.04.
No changes are expected to interest rates at the upcoming Fed meeting.
The USO ETF has a shortable level at $140.92 if it reaches that price.
If SOXX pulls back to its support trendline again, it would favor a continued move to the upside.
The 10-year yield will find solid support and bounce at 4.482%.
An increased pop in the 10-year yield usually puts a lot of pressure on the stock market.
The next upside target for the US 10-year yield is 4.688% once it breaks above 4.579%.
If the US 10-year yield breaks back above 4.486%, it opens the door to rise to 4.556%.
A continued rise in the US 10-year yield could put more pressure on the US stock market.
If USO closes below $138.61, it will fall to $124.11, which will be the next support level.
Bloom Energy (BE) is a shortable level for a day trade or swing trade at a $320 pierce.
A drop in the 10-year yield to 4.25% would be extremely positive for the stock market and US prices.
The markets will experience a relief rally or short covering in the near term.
The US 10-year yield has the potential to continue higher as it is sitting on a lot of support.
If USO (US Oil Fund) continues to fade, the stock market is going to continue a little bit higher.
If Intel pushes up and clears $124.22, my shortable level for today is $129.44.
The 10-year yield will likely see a pullback after piercing approximately 4.7%.
QQQ is a good swing trade short at $719.85, with a stop out above $722.
QQQ should start rolling over due to signs of weakness, even with the US 10-year yield falling.
If the S&P 500 (SPY) bounces more today, it would be a good short scalp opportunity at $738.61.
If the S&P 500 gets a nice bid to the upside today, $748.17 will act as a rejection level.
The S&P 500 is in a bullish market, at least temporarily.
If SOXX takes out the lows of the day at $515.08, the sell-off will continue.
If the S&P 500 breaks below $748.17, it could further drop to the $723.70 level.
The $130 level will be a major rejection area for ASTS if it reaches that level.
$731.53 remains a solid support level for the S&P 500 (SPY) for a scalp trade.
The 10-year yield's next resistance level is the 886 Fibonacci retracement, just below 4.7%.
USO offers a good opportunity for a swing short at the resistance level of $151.26.
As long as the S&P 500 stays above $748.17, bullish sentiment will be maintained.