Art of Speculation|Aug 17, 2026 21:43
Technical Update: The market is entering a short-term reset, but the trend remains intact.
Today, the market showed some short-term cooling signals, which I think are normal pullbacks within an uptrend.
#SPY
SPY encountered resistance again near 776 today. On the 1-hour chart, it has broken below the EMA 21 and lost last Friday's low, indicating that the short-term structure is indeed starting to weaken.
For now, watch 767 and the daily EMA 21 below. If the pullback continues, the more critical support lies in the 756-760 range. This area overlaps with previous breakout levels and multiple technical supports. If the price returns here, stabilizes, and reclaims the short-term moving averages, I’ll see it as a better risk/reward opportunity for going long.
#QQQ
QQQ is still relatively stronger than SPY for now, and the 1-hour uptrend structure hasn’t been completely broken yet. In the short term, focus on 726-728. As long as this area holds, it’s still high-level consolidation. If 726 is clearly lost, be cautious of a deeper pullback, with the next key level at the rising daily EMA 21 near 713. The biggest risk right now is the formation of a double top at the hourly high, so I’ll wait for the market to confirm the signal here.
#NVDA
NVDA is still consolidating at high levels, and the trend hasn’t broken down. I won’t chase the highs here because the risk/reward isn’t favorable, nor will I short just because it’s gone up a lot. If you already have decent profits, it’s better to manage your position before earnings. For a new swing entry, you can wait for a pullback to stabilize around the 214-218 support or look for a new structure after earnings.
#AMD
AMD had been suppressed by the daily EMA 21 for a while, but it has now reclaimed above the moving average and started forming higher lows. The daily chart shows potential for an inverse head and shoulders pattern. The real confirmation will be at 530—if it breaks above 530 effectively, it will officially form a higher high. The next stage would target the previous high and then 600. Conversely, if it falls back below 463, this reversal structure will fail.
#PLTR
PLTR is starting to show short-term cooling, with the 1-hour chart breaking below EMA 21 and a possible double top forming. Next, focus on 168.35. If this level is lost, the probability of a pullback to the daily EMA 21 near 154 will increase. However, PLTR’s long-term momentum remains strong, so I’ll wait for the pullback to complete before looking for a new long setup.
#NOW
NOW is relatively straightforward—it’s currently undergoing a normal pullback, with the price approaching the daily EMA 21. Once the price truly reaches this area, I’ll look for reversal candles, higher lows, or stabilization signals.
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