Market Watchlist 1/10 - 1/14
Hello everyone and welcome to another weekly watchlist by True Trade.
The market started the year off with a nice burst of volatility, something most traders generally enjoy. Although volatility is fun , this set of volatility lead to the downside , which is usually a reason of panic amongst many traders, and investors. If the market starts to flip to a down trend , the best thing to do for long term investors is find hedges or even go cash, while for traders , we want to take advantage , because a stock usually falls much quicker than when it goes up. Take a few days to get use to the new market environment (if we do indeed switch back down) , and then start picking up new strategies to play from their. Can even join us with us to help make that transitioning process easier .
Anyways, let's get right into a few names i'm looking at for this upcoming week ! Many of the names are pretty common , mainly because i like to trade high volume movers in volatility , and most of the high volume names are those big name brand companies.
(ALL TIME IS BASED ON MST)
(for all trades below I mention level hold, stop loss, etc, I'm using daily or hourly closes for stop losses or holds, you can trade the levels on an intraday basis !).
1. S&P 500 ETF ($SPY)
$SPY - DAILY UNTIL 1/7
When the market starts to pick up volatility , SPY always comes to the top of the list , mainly due to the liquidity and trading opportunities on it. We saw a pretty sweet selloff from mid last week , sending us down about $15 from the high made to start the week. Will we get an early week bounce or keep flushing thru 464 👀.
470.89 - The most important level for me on the upside this upcoming week. Basically 471 was very important on the left side of the chart (back in November - Early December). We initially saw a $20 sell from this zone back then , and we just got back under this zone last week. Now if we can remain under , sellers will have short term control , and as long as we stay under , I would favor short side. Back over this , long side opens up again for mid 473-474.
466.35 - Buyers held this level for most off 1/6 and for a majority of 1/7 , could be an early week pivot , favoring short side with a hold under ... but not as clear yet. This level isn't as important as that 471 level , but could have some say if we see an early week bounce.
464.42 - Saw a bounce here last week as well , a prior pivot zone , can be seen pretty clearly on an hourly chart , under her we can really get going down into 460's.
460's zone - Hourly zone has had a lot of back and forth/ over under in this location , probably important enough to provide an initial bounce , but if the bounce sells off , that 2nd retest of the zone will likely result in a break , and down we will head towards the 455 gap and perhaps lower.
448.92 & 450.73 - The next solid demand zone , saw our last 2 bounces off this range , call it 450 , I would definitely expect , at least an initial bounce on a retest of this zone , at least for an intraday trade, but don't know how much of a bounce we would produce , as that would depend on market conditions at that given time. Either way , watching this closely , as it it breaks 445 could come quickly.
2. Invesco QQQ Trust ($QQQ)
$QQQ - daily until 1/7
Tech seems to have been the "spark" that helped lead us to the downside least week. Ya it could be stated that we started crashing after FED minutes, but tech has started to pull back much earlier than that , and finished the weakest out of the indices to close last week. We are at some weekly demand zone's, lets see if we hold or flush hard.
386.84 - We had quite of bit of hourly wicks rejecting and consolidation under 387 on 1/6 , seems to be an area where sellers have piled on , if we are to see a QQQ reversal next week , would need to start by getting buyers to hold over 387 , until then , any bounce into this zone , can be a good short opportunity.
377.93 - If this levels gives in ... we would basically fail to hold the "triple bottom" support zone. Ideally yes we would expect buyers in this zone , but they held on 1/6 before dropping down lower to end the week. Lets see how we start early next week. Under good to short , while holding provides bounce plays.
373.57 - Next consolidation zone on the downside if 378 gives in , would be the next zone I'm eyeing for a potential buy opportunity, especially on an intraday basis.
3. AAPL ($AAPL)
$AAPL - daily until 1/7
Apple was one of the few tech names that had shown a sign of a delayed sell off. We even made a new all time high last week with this name , but as SPY started to pull back , apple began to follow. Since the pullback was delayed , would be expecting some extended downside next week to catch up on the downside. Or if we do see a market bounce , we can look for stronger bounce attempts on the upside.
177.09 - Multi-day hold and buy zone for about 2 weeks until the mid week breakdown last week. IDeally , any bounce back into 177 could open up a short opportunity , while recapturing and holding 177 puts the ball back in the buyer's court for new highs again.
174.95 - Had an open gap off 175 mid week , and when we bounced , thats where sellers started to step in. Initially had a zone a bit higher around mid 175 , but as I saw seller's pile on lower moved it down. Easy to see on an hourly chart , but this is another key zone to watch ,getting over can help propel us to 177 , while staying under provides good short trades.
171.56 - Had double day hold off this zone , and it was a prior reversal candle. Break under this opens gates for 169 , which i would expect to hit next week ,especially if tech breaks the 378 zone from the above post. Holding can provide buying opportunities , but favor the downside more at the moment.
169.08 - A breakup candle support from early December. We tested the support once before and it held , so it is likely to provide at least an intraday buying opportunity , but it will be interesting to see if it holds much longer than that. 169 or 167.48 , either one should provide , ina. normal market , an intraday bounce opportunity. If this zone breaks , I'll throw some updated levels on the Instagram stories, but on the downside under 167 their is key areas of interest around 162 and 165.
4. NVIDIA ($NVDA)
$NVDA - DAILY UNTIL 1/7
Back on the list from last week... oh my did the levels work out beautifully last week , can check them here (https://www.truetradellc.com/post/market-watchlist-1-3-22-1-7-22)
With a very poor close to end last week ,NVDA , along with many other tech names look like they could be due for that correction everyone has been waiting for . we closed right into that key 272 support , lets see what happens this time around.
294 - Multi-day support where we broke last week. We have already ran a retest of the zone and rejected , but in case we see buying holding next week over 284 , this would be the ext logical zone
283.74 - Most recent base of sellers , held under this zone the last 2 trading days. As long as sellers step in here we could be looking to consolidate and break lower. If buyers recapture , could see a quick squeeze into 290's again.
272.29 - 272 has been that zone where we could either see that "triple bottom support" or a complete flip of trend on the larger scale. If buyers hold , it's a simple buying opportunity, while if they can't hold , look to be short down towards atl east initially, the gap.
265.98 - Unfilled ga on downside , not necessarily looking to take a long trade off this level , more of a downside take profit zone.
250 - Would be an important area of interest , had a few days of price action develop off this zone on our last run to the upside , there are probably a few more key areas down into this one , but will have a better read on them in real time , as the price action hasn't been as developed down in this zone.
MOST IMPORTANT : 250 , 272 , AND 294
5. ADVANCED MICRO DEVICES ($AMD)
$AMD - DAILY UNTIL 1/7
AMD was also on the list last week , but it's a great volume mover so had to throw it back up their. This chart looks awfully similar to the NVDA chart posted above , and as a result , i have a similar thesis in mind. If buyers hold 132 early in the week , continue to be a buyer, where as if they break , I would not be want to be bag holding , as we could see a significant drop back towards 120.
143.89 - The multi-day support which broke down last week.Since the breakdown , we did run a retest that same day on 1/4 , but failed to hold it sending us back down the next day. If we happen to get some upside over 138 next week , this would be the next key zone of interest.
138.19 - Most recent resistance zone , has held under her the last 2 trading days. If we see an early week pop and sellers continue to step in that can held create some consolidation and momentum for a potential breakdown, while if buyers recapture a move back towards low 140's is likely.
132 - Current support zone , can continue to be a buyer as long as 132 holds. If we start getting under , especially on a daily and hourly basis , there will likely be a nice energy release to the downside.
127.75 - Had a few rejections off 128 late October before eventually breaking over that zone. Has yet to retest that zone since the breakout , so if 131-132 gives in , 128 would be very liekly.
119.13 - Nice consolidation zone on the downside if 128 gives in , would watch here next , and likely look for at minimum an intraday bounce play on a hold.
MOST IMPORTANT : 119.13 , 132 , AND 143.89
EXTRAS: $MSFT - MSFT got the break under 316 support last week , and as per that , i would look to continue being short under this zone. We have some buyer on that gap from 311 (gap was filled last week) , but under 311 we can get going into 307. Back over 316 , still has sellers at 319 , over that we can see 323.
$SNOW - Sellers continue to ste in under 310 , good spot to look short, while buyer step in off 290. Break 290 leads to like 270 area , break 310 can lead to low 320's.
$CRWD - Buyer off 179 area , while sellers have continue to pile on under 194 and around 190.
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That's it for this week's list, if you have any questions don't hesitate to contact us or drop them below. These are just a few stocks im keeping my eye on this week, and as always, do your own due diligence and realize that their will always be risks associated with trading !
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