S&P Breaks Out, Oil Collapses And Bitcoin Bear Market OVER!

Hey folks, welcome to verifiedinvesting.com. My name is Gareth Soloway, chief market strategist here. Now, in today's video, we're going to deep dive into a little of everything. We've got to talk about the big drop in oil today. This is something I predicted was going to happen. And what I thought was so interesting is that when I did the video yesterday right here on my YouTube, I saw lots of comments, you don't understand the situation, oil's going higher, all of these. And what I've learned is when the sentiment is heavily against something, in other words, for oil going up and not coming down, the odds that it's going to come down increase quite a bit. And so it made me more confident on the short that I told you guys that I was holding today. I did close that out. What a great drop in oil. I still think oil is going to go down further, but it did hit the key level that we talked about as first technical support. So, I'll watch to see if we get a bounce here. If we do, I may short it again. The S&P 500, folks, we'll talk about that again. That's one where I've been bullish as long as we maintain above that trend line that I've shown you guys. And I said a breakout is coming. In fact, the title on the thumbnail yesterday in my video was boomer bust. And if you watched the video, I said, "Hey, we're we're going higher. We're going higher." The charts are primed for a big move up today. The S&P is shooting higher. The NASDAQ is up over 2%. We'll look at gold, silver, as well as a few other things as well. Before we do that, just a reminder, Gareth's Top Squad right here on YouTube. That's my YouTube premium. It's the lowest, cheapest thing you can get. $10 a month. A live Q&A. I've been doing one every weekend recently. Exclusive videos every so often. epic discounts to verified.com and then swing trade alert posts where again a couple times a week when I see a great chart setup I posted up just to members here of Gareth's top squad. All right, let's dive right into the charts here and take a look. This is the S&P 500. Look at this. Up 1.36% on the day. Now, why did I know this was going to go up? And listen, first of all, I didn't know for certain. There's no such thing as being 100% in the investing world. We have to understand that first. But the probabilities were heavily stacked for a higher move. Now, I talked about this with you guys recently in videos talking about how listen, you had yields at 5%. You had the Fed raising rates. You have the conflict with Iran and oil prices north of $100 a barrel and the S&P was down 2 to 3% off all-time highs. To me, that's a huge win for the S&P, right? It shows you that buyers are just keep buying no matter what. And that's gives you a bullish bias. But then the chart that was really where the key was. So if we look at this chart, so number one, here's my line in the sand. This is the upper neutral zone line. So anything above here is bullish, right? Anything down to here, this is your neutral zone and below here is bearish. Very simple. Very, very simple. On the charts, you can see where I'm getting these trend lines. Pretty darn cool. You can see this is your target zone. If we break to the bearish side down here, this is your bottom of your neutral zone right here. and your top and your upside target. I think we're going up here to about 8,000 before maybe even before the midterms elections, but at least into year end, we should at least get above 8,000 here. Now, the big situation here was knowing what a bull flag is. How many of you guys know what a bull flag is? Do you know basics? I think most people generally do. If you don't, I'm going to show you guys right here. Bull flags are situations where you have a sharp move up in a chart and then what it does is it comes down a little bit but it kind of chops sideways to lower. That's digesting this big vertical move. And essentially that's bullish because what it shows you is that after a big move price didn't just collapse back down. It was able to hold its its upside generally even though people were taking profits. It tells you there's still buyers underneath right here. Right. So right here you have that exact pattern. You have your move up and then look at this pattern here chopping sideways to down generally holding the neutral line right here to keep bullish. We did close below it one day and it was just because of the afternoon after the Federal Reserve came out. And we know what happened, right? The Fed was unbelievably hawkish. Maybe more rate hikes and the market initially panicked. But I cautioned you after that happened and I said to you guys, actually this is good. We actually have an adult that's trying to enter the room and do what's right. And that will give buyers of the US debt, aka Treasury buyers, that'll give them confidence in the financial system, at least in the near term. And that's all we care about here for swing trading, right? And where the markets are going over the next few days to few weeks. So that's so interesting, right? And so ultimately, sure enough, the next day we ripped up. We were up on Friday and look at that move today. Now up 1.4% on the S&P 500. Stocks are just going nuts today, folks. Especially technology. Meta today. I mean, look at this move. Meta is just surging to the upside. It recently broke out. I actually thought this would pull back a little bit today, but the markets are just so strong. It's coming up to this key gap fill right here. That's going to be a pretty big level right there. And again, why do you guys think the markets are having such a good day here? I talked about this yesterday in my video. I said the straight of her moves, more oil is going through right now than it was 6 months ago. So, there's a lot of oil that's going through the straight. That's positive. You have the pipeline that was damaged from Saudi Arabia coming back on. All of these things are putting pressure on oil and I think there's a hope that the president Xi meeting with Trump this week actually maybe China will put pressure on Iran to make a deal. So all of these are pushing oil and take a look at the US oil chart. We'll look at the WTI chart. Oil is dropping sharply 4 and a.5% to $9560. This was the trend line we talked about resistance right here. And again, great fall from literally $107 a barrel. We are now at below 96 at $95.70. Fantastic. Where is oil going to go into here? and it's basically there, which is why I took my money and ran. Here's your low pivot. That's your first technical support. The high right here becomes your technical support around $94 to $95. We're just above that right now. Now, do I think eventually oil is going to come a lot lower? I do, but at least as a swing trader in and out, make money. If you're in Smart Money Commodities and Miners, we shorted the USO, which is the ETF. I think we made $19,000 on that trade. So, congrats if you are a member here of Smart Money Commodities and Miners. All right. So, oil coming in, that's a big one. Oil coming in, what does it do to the 10-year yield? Very simple. The 10-year yield is coming in as well. Not a lot, but nonetheless, it is coming back in a little bit, and that's helping give the market a lift. So, really everything turning positive for the markets, right? Oil down, yields down, and really we're starting to see the AI trades popping again to the upside. We're seeing names uh in the AI space doing very very well. Meta obviously is more data center related, but uh many of the other ones as well are doing very very well. Now, let's turn our attention to gold and silver real quick here. Gold today is down just a little bit. I talked about this in my morning game plan, my live show on verified investing YouTube. But basically, you're stuck. You can see this trend line gave us this high. This these these connectors down here give us this. You're basically rangebound on gold. I hate to say it, but gold is probably kind of just going to chop sideways to up for a while here now. Um, while it kind of figures itself out, um, what I wouldn't want to see on gold is a break of this trend line. If it does, it can go quite a bit lower towards the 4,000 level. So, again, we'll monitor that. And really, at this point, I just am watching this, but I'm not doing anything with gold. Gold is kind of on the sidelines. If we look at silver here, let's take a look at silver. Silver, same sort of deal. Parallel trend lines right here and here, marking our high. So, we have our kind of our high capped here and our low. And the only thing is as a bull, you don't want to see is you don't want to see a break of this trend line. Um, if you're a bull, you do want to see a break of this because then it can really go parabolic. But it's basically inca encapsulated right now um on the charts here. All right, so that's where we are on silver. And then Bitcoin is the standout here, guys. This is remarkable. So, Bitcoin, what a surge up. I gave you guys the keys to the castle on this one. All right, last week. All right, we had the Clarity Act fail to move forward. It's off the table now, at least through year end. Uh, who knows how long after that, Bitcoin fell, but on a technical basis, it did not break and close below the 75,500 level, which was the base point. And I did a video about this last week talking about until it breaks and closes below that level, the chart is actually bullish. And it's amazing because sure enough it tested that level on the Clarity Act failure and then the next day on the Fed it tested the level again. And each time it held hugely bullish when that happens. When you see bad news, when you see the stock market dropping on the Fed that day, when you saw gold dumping out and Bitcoin ended green, huge, huge signal, then the short squeeze ensues. We go up. The most important thing on Bitcoin here, guys, is we had a high here off of this big rally. We have now made a new high to me. We now have a bottom for the bare market. The bare market is confirmed over. Doesn't mean we're going straight up. I want to be clear on this, but at the same time, at least I would be somewhat surprised. It would take a big S&P collapse, like 30% down, I think, to bring Bitcoin and take out those lows. So, what this means is I'm not going to chase it up here. I had it as long. We took our profits. Um, but on pullbacks now, I am a buyer. Pullbacks into support. I'm buying Bitcoin. What a chart. What a move, guys. And you can see here on the chart, Bitcoin is into resistance right here. So, there is a lot of resistance, but I don't care because at this point now, I have a higher high, higher high. So, on pullbacks, whether it's to here or here or even if it went down here, I'm a buyer versus thinking it's going to make new lows. This was a huge day for Bitcoin, guys. If you're a Bitcoin bull, if you're a crypto enthusiast, today is epic because you got a higher high. And on a chart basis, that tells us something very specific about what now is likely in play. Bare market over. Doesn't mean it's going straight to all-time highs, but in general, we start looking for the bull. All right. Lastly, I just want to mention here, guys. I want to mention that we have the Rumble wallet, guys. The Rumble wallet is my sponsor here and there. So freaking cool. Have it on my thing. This is where I've been buying um crypto on my swing trade. I've also done gold trades on here. The Rumble wallet. Rumble is a huge company. Uh I think eight or nine billion dollar market cap now SEC regulated. So again, it's as good as it comes. If you're new to crypto, don't be careful of who you choose for your wallet because there are some shady companies out there. Go with something that is is more legit like, you know, like a Coinbase is all right as well. But really, I use Rumble Wallet and Rumble Wallet is awesome. Plus, if you use the code verified10, the number 10, guess what? $10 in stable coins right in there. Free money. Free money. It's awesome. All right, so I use it. I love it. Use the QR code or links in the description of this video. Thank you to Rumble and Rumble Wallet for being a sponsor and helping me have such a great staff that puts out great content. Have a great rest of your day, guys. Thank you again for coming out, watching my video. Thanks again. Talk to you soon. Take care.