75% Tech Crash; Gareth Soloway Reveals Shocking Bottom For Stocks, Gold, Bitcoin

[00:00:00] Speaker 1: The memory trade, the chip trade is starting to crack because of that 12-month forward-looking. I don't think this correction is over. I don't think that we're going to new all-time highs. When you get the analysts getting so emotional that they start throwing out ridiculous price targets after 200% runs, it's likely a top signal, not a, oh my goodness, I got to get in the trade. [00:00:21] Speaker 2: It's Friday, July 17th, and back with us is Gareth Soloway, president of Verified Investing. Now, the tech stocks have been leading the charge downward for quite some time. The S&P 500 is down about 1% today. The Nasdaq is down 1% intraday. Gold is up slightly, up about 72 basis points. Bitcoin is down almost 2%. And we'll talk about all these asset classes and bonds as well. Yields are down as well. Bonds are up. And so we'll be talking about perhaps a great rotation that's happening before our eyes. Gareth, welcome back to the show. Good to see you. [00:00:55] Speaker 1: Good to see you too, David. Thanks for having me back. [00:00:58] Speaker 2: Chip companies have been falling on Friday morning, and they've been falling for quite some time, especially the large semiconductors out of Asia. SK Hynix has been falling, and NVIDIA has been trading sideways. Now, the chip makers have been, a lot of people have been saying, are the backbone of the entire AI trade? And the fact that they're basically hemorrhaging over the last couple of weeks, does that signal to you that perhaps there's slower demand for AI going forward? Or maybe it's just a matter of people taking profits? But it's a lot of profits being taken off the table. What's going on? [00:01:38] Speaker 1: Sure is. Yeah. So I think this is a combination, right? So the first thing we have to understand is that markets are always looking 12 months in advance. And so we have the memory stocks, but we've been hearing that new factories are slowly being built. It might be a little bit more than a year out, but the markets are already starting to look that way. In addition, we've seen that many companies are looking for ways to maximize the memory that they bought because the prices are so high. And so, for instance, Apple's thought about petitioning the U.S. government to allow them to buy memory from a Chinese band company. These are the types of things that start putting a dent in the massive runs that we've seen in some of these memory stocks and these hardware stocks, right, these chip stocks. So if we look at the chart, for instance, Micron has already come back in substantially. We've seen from the high, the all-time high on earnings, mind you, to today's low was a 36% drop. Now, if you see on my chart here, we have support zones. So this is a support zone. I actually started to go long some of the semis just for a bounce over the next week or so because they've corrected so much. And you can see right here, this drop right into this pivot high has gotten me long. So I want to be clear on this. The semis eventually will see downside of as much as 75%. That's what history has told us. This time is not different. It's no different than the AI revolution or again, the internet revolution. They're one in the same in terms of earth changing and game changing technologies. But at the same time, again, bounces will happen. So I am long the semis right here from today's down gap. And I'm looking for upside. But to summarize it, yes, the memory trade, the chip trade is starting to crack because of that 12 month forward looking. Okay. Well, let's take a look at the technicals. [00:03:31] Speaker 2: Can you pull up a chart of, let's start with a broad index, the NASDAQ, IXIC, and then we can take a look at specific companies. If you just take a look at the technicals here, we've got potentially a topping pattern that's in progress. And maybe you can walk us through what this looks like. The history of this chart has shown as many similar topping patterns in the past. And every time it's recovered to varying degrees and different extents. What's different this time? [00:04:07] Speaker 1: So we have the chart of the NASDAQ in front of us, and we have the massive run that took place from March 30th, all the way up to the recent highs in early June. But from that point, notice how we started to put in a lower highs, low high, lower high. And even right here, these highs are lower than the last high. Now, the one missing link to a bigger correction is that we haven't made lower lows. We're basically flatlining, but the pattern here to me, as long as it holds is one of consolidation. Think about this. This was a huge move up of buyers piling in. This was distribution right here. You have the attempt of the market to keep going up. And what we're seeing here is that there's sellers coming in from above, and they're not letting the market go back up. Now, part of that is the semiconductor trade. But what's so fascinating about the semiconductor trade is that we've seen 30% to 40% corrections in those stocks, but the indexes have not fallen that much. And the culprit here is that we had weak stocks like Microsoft and Meta, right? If we look at Microsoft going into it, Microsoft was getting crushed. But as soon as the semiconductors began to fall, we saw Microsoft rallying to the upside. So again, these bigger mega cap Magnificent Seven have very much kind of cushioned the downside for now. The kicker is going to be this. If we start to see any sort of weakening in the economy, that's where we'll see the bigger sell off in the market take place. Until then, I believe it's a rotation of capital going on. And again, it is a bearish pattern. So I think eventually we roll over here, but we need to see those lower lows on the NASDAQ come in. And just lastly, take a look at Apple. Apple is a great example of how a mega cap almost 5 trillion is cushioning the NASDAQ while the sell off in the semis is going on. You can see look at this run in Apple, but look at where Apple is massive resistance, beautiful trend line right there. This rejection, I think Apple starts coming in while you get a semiconductor bounce. After a bounce, semis are going to go lower. And I think Apple goes lower as well. Economy should weaken by year end. [00:06:14] Speaker 2: What happens when we have the Fed raising rates? Let's talk about that for a minute. 2022 was a year that I think we all remember as bad for all asset classes that we track, pretty much all of them, the bigger ones at least. And people are talking about the very strong possibility of raising rates. The Fed's talking about that. And I'll ask you to comment on the degree to which they'll raise raise rates because 2022 saw many rate hikes. This might not be the same. And if it's only one or two and 25 to 50 basis points, maybe we won't see that kind of sell off if we saw in 2022. What do you think? [00:06:54] Speaker 1: So the data that I'm looking at and just knowing how the Federal Reserve operates is they're talking a tough game here. I would at most expect one rate hike the end of this or later in this year, and possibly no rate hikes and even cuts as early as next year. And so I get that you have Kevin Warsh coming out and talking real tough. He obviously has the Fed board that votes on rate hikes and they're still talking tough. But in my humble opinion is he's going to fight rate hikes very harshly because of the Trump appointment. He has to kind of answer to the president as weird as that sounds. I know he's supposed to be independent, but at the same time, Trump was very clear that he was not going to be appointing anyone who was going to raise rates, right? And he always think about what the president says. Anytime we see the stock market selling on good economic news, he has an issue with that. He takes an issue with that because he says, well, this is good. It should make the markets go up. And so it's very unlikely that we will get rate hikes, maybe one this year. But with my analysis showing that we're likely going to see an economic weakness towards the end of the year, it could pivot very quickly towards cuts in 2027. Before we continue with the video, let me tell you about one of your [00:08:09] Speaker 2: most important personal assets, which is your personal privacy online. If you've never Googled your name, do it now. You might be surprised at what comes up. Data broker sites and people search sites are quietly collecting your personal details, such as your name, home address, and phone number, making it very easy to find. Delete Me, today's sponsor, is what I use to fight back against that. After a quick setup, they scan for where your personal information appears, verify those listings, and submit removal requests to hundreds of broker websites. They also continue monitoring over time, since this information can reappear over time. I've personally been using it for over a year now, and it's removed 204 of my listings. And my latest report showed 335 listings were reviewed last month. So if that bothers you as much as it bothers me, then use my link in the description down below, or scan the QR code here. That's joindeleteme.com/DavidLynn and use my code DavidLynn to get 20% off. Take control of your privacy today. When you say rotation, by the way, I'm curious what people are rotating out of and what they're into. And the MAG7 stocks, not all of them have been down all the year. I think three of them, three of the MAG7 stocks are down year to date. Perhaps this is a market where you have to pick your stocks and not just go long or short on an index. I agree with that. What do you think? [00:09:33] Speaker 1: I wholeheartedly agree with that. So when we talk about rotation, the way institutional money works is this, is that institutions, the hedge fund managers, they make $0 if the money is sitting in cash. So they are pushed by their own want of making money to always have money deployed. The only time they sit in cash is if the stock market is collapsing and it's all out panic a la March of January, February, March of 2009, where they were just out of it. They were just like, you know what? This is too dangerous. We're going to step aside. In this environment, they're not going to put money in cash. They've got to deploy it. So when they're pulling money out of semiconductors right now, they're actively saying, well, where can we rotate that capital into? And that's names like Apple, which has made new all time highs. We've seen Microsoft meta bounce. I mean, a lot of the ones that were weaker that we're actually seeing money go out of that was the money was being sold out of Microsoft and meta, and it was rotating into semiconductors. That money is now flooding back into the likes of meta and Microsoft. Now, again, as we bounce, we should see Apple, for instance, come back in a little bit, but for the most part, that's the thought process in this environment where we're not in a bear market, you will see rotation of capital, not as much of just leaving the markets entirely. [00:10:50] Speaker 2: Yeah. Okay. And just to illustrate the point, I'll switch to my screen and I'll switch back to yours. This is the Avanix semiconductor ETF, SMH. All right. A lot of traders are probably going, shake my head, SMH right now. 20%, down 20% since the beginning of June. Well, mid June. So down 20%, 20% down 20% as a bear market. This is not, this sector is not new to pullbacks. If you just go back to the history of this sector, right? Very sharp pullbacks, very sharp recoveries, especially last year in February, you had the sector down 36% before a big rebound. But what's interesting is the magnitude and the speed at which it's been moving down recently. As a trader, you're looking at this kind of a move. Would you be a buyer here? [00:11:44] Speaker 1: So I did buy today. I bought STX for instance. And again, let me just show my chart here so you guys can understand. But I did do a lot of bottom fishing just in the last 24 hours on these semiconductors. So here's SPSTX. If we look at this, you can see again, this is Seagate Technologies. It had an incredible run. When we look at Fibonacci retraces, which is one of my favorite things to do, we can see again that we essentially got down here to our 50% Fib retrace of this bull run. And so I start to look at the 50% and 618 Fibonacci retraces. Those are my buy levels after we have these monumental runs to start accumulating right down here. I bought this already. Believe it or not, I've actually already unloaded it for over a 10% gain just from this morning's early morning buy on STX. But other names out there as well, for instance, NBIS. Look at this one. This was a great runner, but look at the pullback. But where does it go? It goes right back to a major pivot right in here. And there it's getting a bounce today as well. And you could go on and on in a lot of these names. So I did do a lot of bottom fishing. Even the socks, for instance, we look at the socks, you can see it's reversing today after gapping lower. But the key is, I want people to be understanding is that I don't think this correction is over. I don't think that we're going to do all time highs on the semiconductors. I am relatively confident, high probability that the top is in for the cycle of these. And you're already seeing it, right? Taiwan Semi, their margins are coming down. When they reported this past week, they said, "Oh, our margins are going to be a little bit lower than analysts had anticipated." So the trade is already cracking. And remember, their numbers were still amazing, and they will be for the next six, 12 months, but their margins are going to start to contract. It's just the nature of a cyclical business, like the semiconductor and chips. [00:13:36] Speaker 2: Trey Lockerbie: Okay, great. Well, if you think semiconductors are being the subject of a rotation, then what do we think is the subject of a rotation of capital inflow? In other words, what are people buying? [00:13:54] Speaker 1: Trey Lockerbie: So what I do is I look, and again, when I look to buy something, it's usually when everyone else is panicking. So this morning, when we had a massive gap down on the semis, the semis down, you look at this chart on MRVL, for instance, this is one of the ones I'm still holding. It literally retraced 45% drop in the stock back to this basically sideways chop. That tells me there's support, and it's already moved up beautifully on the day. But essentially, that was a fear trade was starting. So I'm looking for a technical bounce. We're probably going to see a move up maybe all the way back to two and a quarter, 200. And then I think we fall lower. Where I'm now looking and I'm starting to concentrate capital is on something like Oracle. Now you might say, well, Oracle, but they have all this debt and all this stuff. I love hearing that because that negativity is where basically the buyers are getting flushed out. And look at what this thing is doing today. It's already up on the day after gapping down. It's starting to push up. Look at the oversold nature. As vertical as Micron was going into earnings and the greed that was there, you have the opposite here, which is fear. So Micron was a shorted extreme greed. It's obviously collapsed back down. Oracle, to me, everyone's so bearish on it. And it's into technical support, two trend lines converging. This to me could bounce back to 150 within days on the charts as well. And I just want to point out one more thing, David, that I think people need to understand. And listen, I've been through the ringer in trading. I've traded for 27 years and I've made every mistake in the book. So no one should feel ashamed of making mistakes. We all do in trading. The markets teach us tough lessons. But remember about three to four weeks ago when Sandisk was getting crazy upgrades like $2,700, $3,000, $3,500 price targets. And remember when we saw Micron getting these ridiculous upgrades as well? That was a topping signal. Remember these for the next time when a bubble occurs, that when you get the analyst getting so emotional that they start throwing out ridiculous price targets after 200% runs, it's likely a top signal, not a, oh my goodness, I got to get in the trade, which ends up being the top. The other thing I'll point out too is SpaceX. I warned on this. Even the last time we talked, I think we talked about SpaceX and how I thought it was a lot of hype and it marks market tops. SpaceX, we all know what's happened to that thing. That thing has come down massively and literally we're now at $124 and that's even below the insider's price of 135. These are top signals when the hype is that great. Just learn them for the next time. [00:16:27] Speaker 2: Yeah. I remember having a conversation, somebody who has nothing to do with finance. A friend of mine asked me, "Hey, should I be buying this SpaceX IPO?" That's when I realized this has reached hysteria levels right before the IPO if people who aren't even investors are talking about this. [00:16:46] Speaker 1: That's the old adage. When I grew up in New York and was hanging out and trading with Wall Street guys, they always said to me, and bagels are big in New York, but they always said when the bagel man is giving you stock tips, that's when you run the other way. In other words, when people that aren't involved in the markets and totally don't pay attention, they start paying attention and they want to get in something or they think it's easy, that's when the top is in. [00:17:09] Speaker 2: I think this person listened to me. I said, "Just wait a few months and then see how the stock does." Well, what are we waiting for right now though, Gareth? What is the turning point in the market for you for this year, for the remainder of 2026? [00:17:22] Speaker 1: Wow. If we go back to the S&P 500, one of the things I'm watching is this. The S&P honestly has held up much, much better than the NASDAQ recently. The reason of that is simply that the S&P has 500 stocks, so it's much more diversified than the NASDAQ 100, for instance, which is very concentrated in the semiconductor trade. But one thing I will say is there's this parallel that we even talked about literally months ago when we did multiple interviews ago. We were watching this parallel. We came up to the high end of it. It's parallel to these lows going back to the COVID low and we broke above it. We broke out. The S&P broke out. There's no doubt about it. I remember talking about it with you. Notice how we broke out and we came back in and we held this line. We then bounced up, we came back in, we held it again, and we're up here. As long as we remain above this trend line, you got to give the S&P the benefit of the doubt. As much as I think the markets will slow later this year, from a technical perspective, the markets are still above this trend line, which is around 73.30 or so. As long as that stays there, technically the market is strong, at least on the S&P 500. If it breaks below that, that's where things start to fall apart and markets likely come down much, much harder and faster. So again, that is the line in the sand for me. As long as we stay above, I think the S&P can hang in there. If we break here, which I unfortunately think eventually we will, that's where you want to get really conservative and move over to a lot of cash. [00:18:51] Speaker 2: How much of this recent volatility you think had to do with the recent reignition of the war on Iran, the ceasefire being over, renewed attacks from the U.S., and oil going back from high 60s, low 70s to now $81 a barrel in a pretty short amount of time? [00:19:10] Speaker 1: So I think a little bit of it. I think for the most part, as we saw, even when oil was up in the hundred plus dollar range, the S&P and the NASDAQ were basically near or at all time highs. And the old thought process was, well, the semis, right? The old adage, another adage is that where the semis go, the markets follow. And I think that's very true right now is that, yes, oil has come way down, which is helpful for inflation and the Fed maybe not having to hike. But now we're seeing oil go back up and now maybe the Fed might be forced to hike anyways. But you still look at the markets and the markets today are down. Why? Is it because oil's up or is it because the semiconductors got hammered early in the day and now semis are bouncing, the market's bouncing. And so I would say that I think there's a point here where the biggest risk for oil is that the price up on oil causes inflation, which eventually causes a recession. And that is the killer. That's the one. When we start to hear that word recession and we see growth slow, when we see jobless claims start to spike, when we see the jobs data start to get in terms of losing jobs worse, that's where the price of oil is going to be scrutinized and mean much more. At this point, I don't think that a lot of this volatility recently is because of oil, just like we didn't see it back when it was a north of 100, having a massive impact on the volatility in the markets. [00:20:31] Speaker 2: What would that change your view on the Fed policy, which we talked about earlier? They're really nice to hike rates more than once if we see oil continue to go higher. [00:20:42] Speaker 1: Yes, I do think so. So there's no doubt about it is that if oil pushes back north of 100 and stays there, that's going to have a longer term impact on inflation and the Fed probably would have to act in that regard. I don't anticipate it. So one of the things here is there's a gap fill right here on the chart at around 67. That's exactly where price went. And then we've gotten this move. I plan to short oil if it gets up to about 87 right here. I still am in the camp that the president is very hyper aware, as we saw by his speech last night, that the midterms are coming up quickly. And he is going to do whatever he has to do to get that oil price down. So if we get to 87, I'm going to short it. I think we come right back in. I do not anticipate oil going back above 100 this year. I would be very, very surprised. And you can hold me to that in our next interview, that if oil goes above, I'd be wrong. But I think it stops at 87 or so. And I think by the midterms, [00:21:38] Speaker 2: we're back to the 60s is that dependent on the situation Iran word is that just looking at the technicals, you think it's very difficult to break above 90 here? Yeah, very, very difficult. So it's [00:21:48] Speaker 1: a combination, right? So so again, it's understanding the box that the president's in because he has to care about the midterms and trying to keep the power in the Senate and the House. So he's not going to escalate to troops on the ground. Or if it is, it's going to be very quick, very in and out types of situation. And also, if we look at the technicals on the chart here, look at how oil kept hammering on this zone right here. On a technical analysis basis, when you hammer this much and then break, it is very hard, like you can go back to that level. But then price, I would say about 80% of the time 75% of the time gets rejected off of that level. So the combination of the two give me a very high probability that oil probably stays below 8788, maybe touches it. And that's where I would short. [00:22:31] Speaker 2: Gareth, let's take a look at gold now. Because of the threat of higher interest rates this year, several institutions have been lowering their forecast on gold. The Bank of America has downgraded its 2026 average gold price forecast by 14% to $4,360 an ounce. Right now, we're at $4,000. Gold's been trading around $4,000 for quite a few days now. And it's been having difficulty breaking below and maintaining above $4,000. And anyway, I'll get your take on gold and why it's been having trouble moving around $4,000. And ultimately, whether or not you agree with some large banks' forecasts that we should be downgrading our outlook for gold, given the potential for higher [00:23:22] Speaker 1: interest rates this year, you know, I think that, you know, in general, I agree that the crazy forecasts for year-end are ludicrous, right? I mean, I've been a bear on gold since it was north of $5,000 for a downside move to basically sub $4,000, which we've now achieved. I still think, based on the chart, that there might be one final flush down to about the $3,500 level. But basically, anything below $4,000, I'm starting to look at it very attractively as a buy. And part of that goes along with the thesis of, if I'm not a believer that there's going to be any rate hikes, or if at all, maybe one, then I think that is starting to make the bull case for gold to start to push up. Now, on a technical basis, when we look at the chart, we have this beautiful wedge pattern, right? So you can see, I mean, amazing how this high starts the formation of the low, low, low, low, and low. And sure enough, where are we? We're right at that same support level, which is holding. It is holding as of now. One of the things to keep in mind is wedge patterns, they start to contract, squeezing price between, which starts to build the explosive ability for gold. Now, the explosive question mark here is, which way does it go, right? Does it break to the downside, or does it explode out to the upside? I, right now, based on a few different metrics, it's telling me there's more of a chance of one final flush out, down to this level, around 3,500 right here. Notice this is the peak from all of these high pivots right along here. And so if we get one flush out there, I think that's where we bottom out. And then looking towards later this decade, over the next couple of years, I think gold is headed much, much higher. And so, you know, this is where you can be a shorter term bearer, but really longer term mega bowl on gold. The government spending, the lack of fiscal control, all of these things play into much, much further upside over the next few years, even though it's washing out a lot of the weekends in this drawdown. [00:25:19] Speaker 2: What happened to the markets earlier last year, and late last year, earlier this year? Gold peaked around the beginning of the year, Bitcoin peaked around the beginning of last year, several tech stocks I've mentioned are down. That's not to say there's been a lot of momentum and squeezing in other areas in the markets, like semiconductors we talked about earlier in the year, but it looks like a lot of the asset classes that had a huge run into 2024, into 2025, slowed down late last year and into this year. Was there a pivotal change that happened in the beginning of the year that we should address? I mean, besides the war on Iran, which obviously changed the calculus for rates. But other than that, what else happened? So I think a couple of things. So number one, [00:26:07] Speaker 1: the run on gold, where we had this next phase of the bull run from October all the way into January, that coincided with Bitcoin topping. So if we remember, and we can quickly look at the Bitcoin chart here, I'm sure we'll go into it in more depth in a little while. But Bitcoin topped back in October, right? And so you did have a certain amount of money exiting Bitcoin and rotating into gold. And I think that's part of the reason. And you can very clearly see this drop on gold on Bitcoin, all the way into basically the end of January, early February, coincided perfectly with the incredible rally in people chasing gold that topped out in early, late January, early February, right? From that point on, Bitcoin has gone down further, but it hasn't gone down with the same velocity and so has gold. And I think a lot of that is because money was rotating out into the semiconductor trade. I mean, think about it from this perspective is that people that rushed into gold in this run from basically 4,000 to 5,600, they were get rich quick investors. They weren't investors that had been in gold for 10 years and were just buying a little bit more. They were get rich quick, right? Bitcoin players in general, if you're in crypto, you're expecting, "Oh, I have an altcoin. Where's my 100x?" Well, guess what? You could make 5x or 10x in semiconductors from October last year into mid this year, right? We saw those incredible runs. And so I think it was a combination here. And the question I would say is, if the semiconductor trade tops, and we've already seen it start to top, does some of this money come back to Bitcoin? And does some of it come back to gold? And I think there's a real case to be made later this year that I do think, as the stock market comes down, which has been the hot play, I think some of this money does rotate back into Bitcoin and gold. And so even if we don't get that flush down to 3,500, I think gold, again, has a lot of positivity [00:28:01] Speaker 2: into year-end. Okay. Well, let's talk about Bitcoin then. Right now, 63,000. And similar to gold, it's been trading range bound here. Is this a bottoming pattern for you, Gareth? [00:28:16] Speaker 1: It is. It is, at least in the near term. And listen, a bottoming pattern can fail if you ever take out this low here, which is the head of an inverse head and shoulders. It's a bullish pattern in technical analysis, then it would negate the pattern. But until then, shoulder, head, shoulder. I like the fact that if we look at Bitcoin, how has Bitcoin performed versus gold, silver, and the stock market over the last week or two? It's actually outperformed. So I'm taking those as breadcrumbs telling me, okay, there's something going on here. There's rotation of capital back into Bitcoin in the near term. And maybe we're due for a run up to about the 71, 72,000 level. And that's actually what the target would be, the calculated target of this inverse head and shoulders. So I am bullish on Bitcoin here, at least in the near term. If it ever takes out the 58,000 level to the downside, then I would have to flip back to being bearish for a move down to 50,000. But right now, [00:29:09] Speaker 2: now, this is a very bullish pattern on Bitcoin. Okay, let's end on key levels for the asset classes that we're talking about. So S&P 500, what are we looking at here for the next key levels, [00:29:22] Speaker 1: Gareth? So the big level, we talked about it just a little while ago, this one right here at 7300, guys, as long as the S&P stays above 7300, I would maintain a bullish bias on the S&P, maybe a little bit more neutral to negative on the NASDAQ because of the tech side of things and the unwind there. But that is your line in the sand. If we break below that, you should head straight to 7000 because that again would be your high pivot from last year. And again, if that breaks, we could be looking at as big of a move down as 6300 and maybe below. But let's start with that 7300 being the key level. Which one do you want to do next? Yeah, NASDAQ as well. NASDAQ composite, let's take a look. So the NASDAQ composite, short term, we very clearly see you have a low pivot right through here at around 25,000. By the way, that's incredible that it's literally at the even number of 25,000. So it's come down to 25 and they've held it above. Come down again, they've held it above. If 25,000 gives way, it's going to act like a dam breaking and you'll see price very quickly decline all the way to 24,000. So about a thousand point drop there on the NASDAQ. So watch 25,000 stays above. There's still hope for further bull market action. If it breaks 25, should be a very quick flush to 24,000. We've already talked about oil. Let's skip that. [00:30:43] Speaker 2: My questions for gold and Bitcoin. Similarly, what would happen if the floor that they're forming right now is broken? So for gold, that's 4,000. And for Bitcoin, that's 60,000. [00:30:56] Speaker 1: Yep. So if you take out this 3,900 to 4,000 level on a breakdown below this wedge trend line, you're going to head all the way down to this support at 3,500. 3,500 for me would be where I start loading up on long-term holds. I already have some long-term holds that I've held for years and years. This would be my buyable opportunity. So watch the 4,000, 3,900 level. If it breaks, goes to 3,500. On the other side, the wedge pattern can break to the upside. If we take out 4,150 or so, you could be headed back towards 5,000 in very quick order. So the wedge pattern, remember, it's like a pressure cooker. It's squeezing price. If it breaks one way or the other, you're going to get a big move in that direction. All right. Excellent. Gareth, [00:31:41] Speaker 2: thank you very much. Good update today. And finally, I want to just get your take on the direction of yields. The 10-year yields have been rising and that's been causing alarm for a lot of people. And let's get your take on where it's headed next. [00:31:54] Speaker 1: Yeah. So the yields for me, I think a lot of this hype about the Fed hiking rates, I don't expect it to happen. Again, maybe run rate hike, but with where the 10-year is already trading around 4.5%, it's already factored in for the most part. So I don't expect it to go much higher. And I think, again, with the economy potentially weakening later this year, it's very likely we could start heading down on yields over the next, let's say, three to six [00:32:19] Speaker 2: months. Very good. Thank you very much, Gareth. Let's put your link down below so people can follow you. Where can we go to follow you? What can we learn? Come over to Verified Investing. It's all [00:32:29] Speaker 1: charts, no BS. In other words, it's all about the data. Every trend line matters. If it has multiple factors, it gives me my entry, my exit levels on trades, whether it's swing trading stocks, ETFs, crypto, or commodities. Again, check it out. Again, if you're into the charts and you want to learn more, verifiedinvesting.com. All right. We'll put the links down below, [00:32:51] Speaker 2: so make sure to follow Gareth there. Thank you so much, Gareth. Have a wonderful weekend, and we'll speak to you again soon. Thank you so much, David. Take care. Thank you for watching. Don't forget to like, subscribe.