The AI trade panic rose today. The Nasdaq got struck hard while oil pushed towards $100.
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CoreWeave fell another 13%, semiconductors took a whipping, and the marketing infected anything linked to AI, also Palantir. At the same time, money turned right into Coca-Cola, Walmart and the refiners. Gareth Soloway maps the degrees to see following week, plus the beaten-down names he’s beginning to nibble.
TODAY’S CHARTS
THE S&P. Down 1.1%, however the graph isn’t damaged. View 7,575 next week. Losing it moves Gareth to neutral, and damaging the neutral zone opens up 7,000. The S&P is branched out enough that 8,000 could still happen.
QQQ AND MICRON. The Nasdaq 100 fell 2.5% to its pivot line near $700. That’s a space fill and three-way pivot reduced, about 10 points away. A break opens the July low near $661. Gareth thinks AI topped when Micron came to a head in June. Micron’s bear flag damaged, and assistance is the July reduced at $736.
THE NIBBLES. Gareth is acquiring little in beaten-down names: OKLO, IonQ, AST SpaceMobile, and Cerebras at a coming down pattern line near its post-IPO low. Cerebras was $212 3 weeks back and has to do with $126 currently. CoreWeave could go down to $51.50 if $61 breaks, and he would certainly munch there.
Nvidia held up better, down 1.5% and still in an uptrend. Palantir obtained smashed 7%, however it’s not a buy.
Oil is near $99 with three weeks to the midterms. Gareth confesses he expected it lower by currently.
THE ROTATION. Cash isn’t leaving the market, it’s relocating. Coca-Cola and Walmart are ripping, and Gareth was early in Clorox. He suches as AbbVie as a short at resistance and is holding a Valero brief near breakeven.
Gold is still holding its pattern line. Silver requires $55, and Gareth has orders at $50. A break opens up $75,500, and a retest of $87,000 might set up a breakout.
CRUCIAL TAKEAWAY: Buy into fear, however acquire little. Tech has topped till tested otherwise, so bounces will certainly surrender. The ideal arrangements can still deliver quick 5% to 10% swings.
⏱ TIMESTAMPS (approximated).
00:00 The AI Panic Escalates.
01:10 The S&P’s Key Level.
03:15 QQQ’s Pivot at $700.
04:25 Micron Topped in June.
05:20 Nibbling the Fear: Cerebras and More.
06:30 CoreWeave.
07:25 Is This the AI Bubble Bursting?
08:45 Nvidia.
09:25 Broadcom’s Swing Zone.
10:10 Palantir Crushed.
11:05 OKLO and IonQ.
12:15 Oil and Alphabet.
13:20 Tesla Sells the Flying Car.
14:30 Gold and Silver.
15:25 The Rotation Winners.
17:30 Oil Near $100 and Nat Gas.
19:05 Bitcoin Holds $81,000.
20:00 Sponsor: Rumble Wallet.
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