Gareth Soloway gives a chart-driven morning market update focused on tech weakness, chip stock divergence, and key levels in indices, rates, metals, energy, and Bitcoin.
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Gareth Soloway opens by framing the session around technical analysis only, then walks through a broad market setup: S&P futures are near the lower end of the recent range, NASDAQ 100 has already confirmed a breakdown below a trend line, and rising 10-year yields remain a major risk for equities. He argues the two-day bounce in stocks has stalled, leaving the market in a 'danger zone' rather than a clearly bullish recovery. He then shifts to single-name and sector action. Intel is down about 12% after earnings, which he says fits an extended move and a prior technical warning that the stock should pull back. He identifies near-term tradable levels around $44 and a deeper bounce zone around $42. …
Near term, the tape looks vulnerable: NASDAQ weakness is already confirmed and the S&P is hovering near a support test, so the immediate risk is a continuation lower if early lows give way. Intel/Broadcom can trade poorly into the open, while gold and silver remain the cleaner momentum longs.
Over the next few weeks, the market likely trades around the tension between elevated yields and attempts at equity stabilization. If the 10-year yield keeps building on its breakout, growth stocks probably stay choppy-to-lower; if yields fade and the broken index trends are reclaimed, the bearish case weakens.
Structurally, the speaker is arguing for a regime where rate pressure and chart breakdowns matter more than narrative optimism in expensive tech. He also sees a durable uptrend in precious metals and a potentially important topping risk in Bitcoin if key support fails.
The market is in a 'danger zone' because the recent two-day bounce in the S&P stalled quickly and failed to recover enough of the prior decline.
He points to the weak follow-through after the bounce and says it only retraced about three quarters of the move.
The NASDAQ 100 has confirmed a breakdown below a trend line that began from the April 2025 low.
He explicitly says the trend line has been broken and confirmed on the NASDAQ 100.
A further rise in the 10-year yield after its breakout would likely pressure equities lower.
He says the yield breakout was successful and that retracements after such breakouts often lead to more upside in yields, which would hurt stocks.
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