As of Friday’s close, SPY, QQQ, SOXX, Bitcoin, and Gold, all wonderful assets that I actively trade, have very solid key levels of support below the current price. As long as those levels hold, the charts remain bullish.
There is not a lot of reason to micromanage above those levels right now. This trading environment has been tricky, and many setups that look clean and perfect have been failing. When that happens, I like to step back, look at the bigger picture, map out the key levels where my thesis fails, and focus on the trades with the best risk-to-reward.
QQQ Daily Chart
NVDA Earnings Could Move the Market
With NVDA earnings coming this week, we could see some big movement in both SOXX and QQQ.
NVDA has recently retraced its breakout and is now back at its old resistance. We will find out very soon if that old resistance can become new support. NVDA has filled 50% of its August 5th gap and is currently holding the Anchored VWAP from the recent low. It also has a gap fill above at $224.
NVDA loves to gap up and fade, so if it can hold $212 and earnings give us a nice gap into the $224 area, I would not be surprised to see a gap up that eventually gets faded. NVDA is the king of the gap and crap.
Even if it fades for a while, as long as NVDA holds above the 100-day SMA, I still see a viable path toward new all-time highs.
On the chart below, assuming we don’t get crazy price action between now and earnings on Wednesday, I think a gap into the green box would be pretty bullish and could start the grind toward $260 and potentially higher.
A gap into the red box is more likely to produce a gap and crap setup. A gap below the 100-day SMA would be a warning sign and would likely drag on tech and the AI trade as a whole.
NVDA Daily Chart
The market needs AI, semiconductors, and tech to wake up and start pushing higher if we want to see a renewed bull market. There have been several moments where it looked like the stars were aligning for the bulls, only for gaps like we saw Tuesday to derail things.
GOOGL, AAPL, MSFT, and AMZN have all been stuck in ranges lately, and whichever way they eventually break will likely have a significant impact on the market as a whole.
GOOGL is at least trying to push higher in the short term, and it has the 200-day SMA just below acting as support. If that 200-day SMA breaks, it would be a big deal, and I will be fully hedged on my GOOGL positions.
GOOGL Daily Chart
HOOD Continues to Stand Out
While much of tech is trying to decide where it wants to go, there are some names looking pretty strong. HOOD is one of them.
After a failed gap on BULL’s earnings, HOOD decided to gap right back up and this time run higher. If you watched my HOOD video, you know that I remain bullish on the stock as long as the 100-week SMA holds.
I think HOOD could still double from here based on the pattern that is setting up.
This trade was a favorite in 2025, then saw a massive drawdown that wrecked many of the late buyers. Since the lows, HOOD has been making higher highs and higher lows throughout 2026.
Now, it needs to see a strong vertical move higher, and if we get that, that will confirm my bullish count.
Short-term dips are buyable as long as the 100-day SMA and 200-day SMA continue to hold. If they break, I will become more cautious, but there is still a bullish count that can simply extend and take a little longer to play out.
And if the low is truly in on Bitcoin, that should be another major tailwind for HOOD.
For now, I am staying focused on the big picture, respecting the key support levels, and letting price tell us what comes next.
HOOD Daily Chart
