Early-session technical analysis & swing trade ideas on QQQ, gold, silver, GDX, US Dollar, Euro, Yen, SPCX, ICE, CME, CBOE, NDAQ, & more.

YouTube link: https://youtu.be/VrsasUl5KFQ

Ticker Symbols Discussed:

/NQ, /ES, QQQ, AAPL, AMZN, META, MSFT, $GOLD, GLD, GDX, $USD, $EUR/USD, $USD/JPY, $NYICDX, UUP, UDN, SPCX, ICE, CME, CBOE, NDAQ

Video Summary & Technical Breakdown

In this market update, Randy Phinney provides technical analysis covering broad market indexes, key commodities, currency pairs, and active swing trade ideas ahead of major big-tech earnings calls.

Market Indexes & Futures Overview

  • Invesco QQQ Trust (QQQ) & Nasdaq-100 Futures (/NQ): 00:25 – Highlighted an active short position on tech futures following a 3% intraday rally. Discussion centered around the bullish falling wedge breakout on the 60-minute chart and key resistance at Target Zone 1 (T1) around 478–481. Expecting potential profit-taking and pullbacks back toward lower target zones (T2, T3, and T4 zone down to ~442) ahead of Apple (AAPL) and Amazon (AMZN) earnings.

Precious Metals & Mining ETFs

  • SPDR Gold Shares (GLD): 04:05 – Examined daily and 60-minute charts showing GLD holding strong support at Target Zone 3 (T3) near $367. Highlights a clean uptrend line coming off past lows, positive divergence on the indicators, and a breakout from a minor bullish falling wedge targeting $388.90 (T1), $396.50 (T2), $407.50 (T3), and $414.00 (T4).
  • VanEck Gold Miners ETF (GDX): 08:09 – Discussed GDX as a higher-beta proxy for gold. GDX recently broke out above a minor bullish falling wedge on the 60-minute chart and is holding key support with strong positive divergence. Upside price targets stand at T1 ($73.50/T1 zone), T2 ($82.00), and T3 ($86.70), offering up to ~20% potential upside.

Currency Markets & US Dollar Analysis

  • US Dollar Index ($NYICDX / $USD) & Invesco DB US Dollar Index Bullish Fund (UUP): 09:48 – Emphasized that gold analysis requires analyzing the dollar. The US Dollar index broke down from its recent uptrend line following negative divergence at T1 resistance (~101.03), back-testing the top of its long-term trading range. UUP also showed a clear breakdown below its primary uptrend line, providing a tailwind for gold and precious metals.
  • US Dollar / Japanese Yen (USD/JPY): 10:40 – Reviewed the sharp breakdown in USD/JPY from a negative divergence top, breaking through trendline support and dropping rapidly to the primary horizontal support near ~154.50.
  • Euro / US Dollar (EUR/USD): 15:23 – The Euro (comprising ~57.6% of $NYICDX) broke out above its downtrend line following positive divergence, reaching T1 resistance near 1.1545.

Active & Recycled Swing Trade Ideas

  • Space Exploration Technologies Corp / ETF (SPCX): 20:08 – Reviewed the active long trade idea in SPCX following a breakout above its daily downtrend line and a bullish engulfing candle setup. Price achieved T2 ($117) and is consolidating with price targets at T3 ($121.00), T4 ($125.00), and T5 zone (~$127.50).
  • Intercontinental Exchange Inc (ICE): 24:25 – Featured as a new short trade idea. ICE has rallied back to retest dual resistance—its primary broken uptrend line and the 200-day moving average near ~$160. Offers an objective short entry with a suggested tight stop above $161, targeting a pullback toward $146.00 (T1), $142.00 (T2), and lower target zones down to $121.00 (T5).
  • CME Group Inc (CME): 30:03 – Highlighted an objective short entry setup as CME rallied back to test key horizontal resistance at $260.50 (former T2 target from a previous long bounce trade) and its 200-day moving average after losing momentum.
  • Cboe Global Markets Inc (CBOE): 33:21 – Similar setup to CME; CBOE completed a 12% profit on previous swing trade bounce off primary trendline support to T2 ($304) before breaking below its 200-day MA. The recent rally back to back-test broken trendline resistance at ~$304 provides an objective short entry zone.
  • Nasdaq Inc (NDAQ): 36:19 – Discussed an objective short setup near $97.95 resistance following a rally back to test its previous breakdown level. Features negative divergence on the daily PPO/RSI, with initial downside targets set at ~$91.00 (~7% drop) and ~$81.00 (~17% drop).