Hello everyone ! Welcome to another market recap from us at True Trade ! It was a nice day with lots of solid upside moves and breakout 👀. Today we will review some of them along with the market lookout for the rest of the week !
The market continued its strongside up move and we aren't looking to stop just yet 👀.
/ES - HOURLY UNTIL 7:30 PM MST -2/2
The chart above depicts /ES futures, and as discussed in yesterday's post 3822 was the next big level. As seen from today's price action we were able to clear the zone, base all day long, and are looking to continue back to the upside. This 3822 will continue to be an important zone , and buyers accumulating here over the next few days will send up blowing past the highs. This time around, we didn't see any sellers at 3822 (compared to the last revisit) , so if you did take a short trade off 3822 , yo would've been stopped out around 8 AM MST at 3824 , a 2 point loss. As always the overnight consolidation gave buyers enough momentum to break , and as mentioned in yesterday's post with "For now you can look to be long off 3750 , around 374.41 on $SPY or on a open above 377.63" . Since there was no clear weakness to short /ES and $SPY opened over the level we decided to take some hot picks and go long, instead of looking for $SPY shorts. (discussed below). I'd assume we get some selling into 3846 , and move sideways for the until the end of the week. Let's see where we open tomorrow , (over or under 3822).
/NQ did the same deal, and we are just inching closer to those highs. Breaking and hold 13552 will get us another leg back to the upside ! The DOW , /YM still a bit under 30925 but is finding its way back up. $VIX sold back off and is finding its way into 20-21 , where i will look again to buy some shares/calls as a hedge for the long term. $XLF and the finicals are still on the lower end , while they sit under 30.5, but had nice support bounce off 28.8. Other than that , nothing new in the market , it's just doing its normal upside continuation. So now to get to the plays of the day ... or the "swings of the day" and give some key levels to watch tomorrow.
I missed quite a few great setups , just by not scanning the market correctly , but was able to get some setups for swings and quick scalps.
Let's get the two that didn't work out of the way first. $ROKU and $UPS , as both immediately sold off from their given levels. "Could you have have shorted them under the levels" you ask? The answer is yes. As both were key over under levels, so if you saw roku unable to hold 418 you could've shorted it to 408 and sme with UPS under 164, which both gave some sweet downside moves 👀.
$SQ - This one gave a quick move off the open, opened right at the 225.5 shot up to 230 , sold a partial just under the first target , and then we had solid rejection back into the gap.
$SQ - 5 MIN- 2/2
We got the entry off open , took some profit, and then kept. stop at the gap . (Yes you could've stopped out 225 and then re-entered), but I decided to just add in size at bottom , and look for a confimtion break back over 225 (which we did). After we broke back over mid day , we just consolidated in a tight range, which is looking for a nice boom boom headed into tomorrow. The most recent support is still 225.5 and then targets into 231.07 , 233.9 and 239.48 😎
$CRM - This wasn't on the morning watchlist but it was on my list for this upcoming week over 231. Today we opened over support and was the main trade of the day.
$CRM - 5 MIIN - 2/2
We got the morning open over the level , went long on (was a bit impatient on initial entry, missed the open so got in closer to 233) . After a quick spike we rejected around 234, came back down , where we were able to add size over 231 and the hold gave us what we needed to expect an upside move. We took some profit on this one into the first target at 236 , where it rejected and held 234 into end of day.
$SNOW - This was a great one for entry , as it opened over the level , and dipped into it to give us the level we wanted to buy !
$SNOW - 5 MIN - 2/2
As stated in the morning list , it opened over 286, dipped right into it the level and gave a nice upside move. It's initial move took it into 304 , where it pulled back to 294 , held and made a move higher.This was a nice lover that showed continued strength through the day , as when it broke a level, it pulled back, based and held.
There, wasn't much else i took for play today , as mentioned earlier missed a few great ones due to not snaccing well enough in the morning, but today we loaded up on some swings , so waiting to see how tomorrow goes for $CRM and $SQ .
A few others you guys want to keep your eyes on are $TTD over 840 and $SHOP over 1230. Especially if the market opens on a gap up, these two will rip ! If you appreciate the post , don't forget to like and follow, as i will have a weekly watchlist post up later tonight !!!
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Hope you all have a wonderful rest of your weekend, and a great upcoming week :)
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