Hello everyone and welcome to another weekly watchlist by True Trade !
We had a hell of a week last week , market volatility continues to be favorable for us , and it could be for you to , as long as you watch the key areas !
Earnings are starting up again , and that should provide another dose of volatility , so we will start throwing in some ER names for these next few weeks.
Overall , we started last week making a low , before rallying and then rejecting back to the downside. We closed the week with a nice rally along most of the market as well , and now it will be interesting to see whether or not that rally was a dead cat bounce , or a sign of more to come 👀👀👀.
Overall , we started last week making a low , before rallying and then rejecting back to the downside. We closed the week with a nice rally along most of the market as well , and now it will be interesting to see whether or not that rally was a dead cat bounce , or a sign of more to come 👀👀👀
Let's get right into it !!!
(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 ($SPY)
$SPY - DAILY UNTIL 1/14
Back on the list as usual , as market volatility continues, and should continue in the following few weeks. We started off last week making a low into 456 , before seeing an intense $15 + rally in 3 days. After that we saw another move back down of around $13. THis movement on SPY is definitely something that can provide a plethora of trading opportunities one again. We rallied off to close last week , but was that a dead cat bounce or a sign of more upside to come ( as of now Sunday (1/16) , futures markets are down , so let's see if that follows thru into market open on 1/18.)
472.56 - Top side pivot for last week , off the early week bounce we saw a rally back into 473 ( a former breakdown candle) , and we started to see sellers step in off the zone again. In last week's list we were looking for a rejection off 471 , but came a little higher , so shifted this to our key zone a bit. Clearing this zone would likely result in a retest of the highs.
465.23 - Short term resistance , saw sellers step in under 465 in the morning on 1/14 , and then we ourselves in a rally into EOD , closing under this zone. If we can hold over to open next week , could see buying continuation back into 466 and 468 (hourly zone) , and over that back into 471 and 473.
459.87 - 460 was a pivot early in the week as well , when buyers flipped us over 460 on 1/10 , we saw on hell of a relief rally to the upside. In a similar case , we held this zone on 1/14 , which provided us with an EOD rally to. Continue to look for buyers into 460 until the zone gives , braking here would likely result in a lower low.
456.13 - The launchpad we had to start the week , with buyers coming in off 456. If 460 gives in this would likely be the next zone to watch. If 456 fails , would be looking for the gap at 454 and then the demand zone off 450.
2. NETFLIX ($NFLX)
$NFLX - DAILY UNTIL 1/14
NFLX has been following most of the market to the downside these last few weeks , but we did see a news related spike to end trading on 1/14. NFLX planned to hike their prices again , and this ended up rallying the stock back intresistanceitnace where it sold off to end the day. We have earnings coming up this week , and NFLX is one of those bigger moves , so let's see how it pans out.
545.98 - 546 zone was solid support back from our rally in August , but with the break under 2 weeks ago , that seems to e the sweet spot of resistance where sellers have looked to step in, as we consolidated under it a few days before eventually pushing lower.
537.06 - We had 537 area become a breakdown zone with a lower low being made on 1/13 , sellers had a nice flush to the downside , and when we re-tested it on the 1/14 bounce , they did endup stepping in again adding to the validity of the zone.
510.72 - Support zone from our last pivot low back in July , this is where price held and started the rally to new all time highs , buyers came in off the zone last week , and if they continue to hold could be a short term reversal back to the upside (at-least until earnings comes out - which will ultimately dictate the direction we want to go).
505 - 505 was a key pivot back from the summer as well , would want to see how price reacts on a retest , as it has been a while.
OTHER DOWNSIDE AREAS : If we gap down after ER , will also look around 485-486 and 479-480 zones , been a while , but should see some intraday action off these zones as long as we don't gap under them.
3. PROCTER & GAMBLE CO ($PG)
$PG - DAILY UNTIL 1/14
PG made a new ATH just a few weeks ago , and has just recently re-tested a former pivot zone that lead to the new high. Earnings are coming out for this one as well this week , and that should provide some added volatility for some solid trade opportunities. We held support to close the week , lets see if we can recapture 161 and get going back to the upside.
163.44 - Visible better on hourly zone , we had 2 day sideways holds under this area , likely zone where sellers were building up . Hold under this zone is what eventually lead to the downside breakdown, would be looking to stay short on a retest. If we do happen to break , next upside area to watch would be 164.4.
160.21 - Most recent resistance zone , right under 161 , can look to stay short until this zone breaks , could be seting up in a potential "bear flag" formation , with a down mov followed by a few days of sideways consolidation. Breaking and holding above zone would void bear flag and likley lead to buy pressure back in towards 163.
157.77 - Most recent buy zone , basically held this zone all last week , continue to be a buyer into this zone , while break under will begin to show weakness in trend.
156.6 - Lower end of last week's support , this was our last pivot before pushing to new highs. If this gives in , could start getting ugly back to the downside . Would target 155 area first and then 153 if we get a break under 156.6. While if we hold , it continues to be a buy opportunity.
OTHER DOWNSIDE ZONE: In the event we gap down after ER , charts have a few more downside levels pointed out , thy won't be exact as we haven't ran a retest of any of these zones yet , but would be watching price around these zones to see what's going on.
4. APPLE ($AAPL)
$AAPL - DAILY UNTIL 1/14
Apple is back on the list from last week, mainly because the levels have been pretty easy to read and follow. We got our early week bounce back into the 177 breakdown zone , and off that we saw our rejection back to the downside. This time we held a higher low , holding the 171 area , and found ourselves heading back into the 175 pivot. Lets see how we react early next week.
177 - Prior support turned resistance , we ran a retest of this zone last week , and sellers stepped in as expected. Would continue to be resistance on the upside , and can be a zone where shorta are taken. If this zone gives in , we could see a squeeze back into 180.
174.92 - Most recent pivot zone to watch. On the early week spike we broke u and buyers held 175. But when the 175 level was gave up , we saw a $4 + push back to the downside. WOuld want to keep this zone as an early week pivot , looking to stay short under down towards 171 , and then long over into 177.
171.18 - Had a few days of consolidation over this zone 2 weeks ago before gapping down to start this last week. We recaptured the zone to start the week , and in our last sell attempt , buyers stepped in off this zone. WOuld refer to be a buyer until 171 breaks.
168.28 - If 171 does give in , could see a quick rapid drop to the downside , and in that event , would be targeting 168 zone , where we also saw our early week bounce occur.
5. ADVANCED MICRO DEVICES ($AMD)
$AMD - DAILY UNTIL 1/14
The AMD chart looks pretty similar to apple , we open the week on a gap down , capture the 132 zone by close , see a relief rally followed by a rejection , but this time we manage to put in a higher low. 132 continues to be a solid area of support , and as long as that holds , would favor to be a buyer on the longside.
141 - Hourly zone , our pivot rejection from last week. Ideally on last week's rally was looking for a retest into the 143-144 breakdown area , but we stopped short around 141, seems to be where sellers piled in. On a rally next week , this would be a zone to watch closely , as if selles come int , it's a good short spot. But if they break , a rally towards 144 would be likely again.
138.19 - 138 was a former breakup candle , intraday price action has been respecting this zone , ven last week , so would continue to keep a close eye on it , especially as an early week pivot zone. Over long , under short.
132 - The key buy zone , similar to the AAPL chart , buyers held 132 2 weeks ago , before gapping under to start last week. We recaptured the zone , had a rally to the upside , and on the sell last week , buyers continued to step in. Would prefer to stay long until 132 gives in.
129 - After the gap down we had to start the week 129 became our intraday pivot on 1/10 , as we flushed off the open , its were sellers stepped in , and when we recaptured it we held and continued our rally back over 132. Would be next downide zone in mind if 132 breaks , and if 129 does give in , will be looking for a 125 next.
EXTRAS: $MSFT - Looks like we double bottomed of 303 support last week , lets see if buyers can sustain momentum and get going back over 311 into 316 and 319. If sellers hold under 311 we could see a move back towards 307 and 303. Key levels: 303 ,311 , 316 , 319 , 323.
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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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