Market Watchlist 1/24 - 1/28

Hello everyone and welcome to another market watchlist by True Trade !!!'


It's about to be a fun earnings season up ahead , big tech is starting to report for the next few weeks , so you know we are gonna get some nice market movement. Plus market volatility has already been expanded , so adding earnings into the play , should just open the door for some more play potential.


We had a pretty blood week last week , gut feeling says we will have a bounce early next week , of course the bounce doesn't have to be a full on reversal , but more of a potential relief rally before looking to sell off again. The charts on the names below have quite a few areas I want to be watching , but I will only go over thee key zones I will have my eye on , as there are plenty of intraday zones that can be developed for all these names.


So 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 1/21


Back on the board as the volatility continues , we have spy. As you all can see from the chart , the shortened week , last week , was extremely bloody , but will it continue 👀. I would expect an early week bounce , but as always I would like price action to confirm a trend change before I look to go long. When fear starts to creep into the market , we can see more drastic moves than most would expect . Another thing of interest was that the trading volume on Friday was the highest volume traded in the last 52 weeks liquidity is there for some great opportunities.

KEY LEVELS:

448.92/450.5 - Both these zones were prior supports , but on this most recent breakdown , we pretty much just sliced through them like a hot knife thru butter. Not sure what to expect in terms of a retest , but ideally , if we get a rally back towards these zones , will want to keep these zones in mind. They might not act as much , but if anything , could offer some slight resistance , will need a bit more time on the retest to tell. Over these areas we have 454.5 and 458.6 which are more likely to see "resistance" results

458.61 - 460 - Our zone of rejection this past week , we opened with a gap under 460 and then maintained a hold under this zone for the early half of the week. Staying under helped sellers accumulate and they gave us that solid sell. If we see a rally back towards uppside i would want to be aware of this zone , ideally clearing 460 would open the case for a gap fill into 465 , while staying under the 458.6 would help the case for a short trade.

447.19 - Was a open gap from October , we flushed under it to close on 1/20 , and then we re-tested and rejected it on the bounce from 1/21 , this zone will likely remain a key pivot next week. If buyers can get over , the door opens for 450+ , while staying under allows sellers to accumulate.

443.97 - This was the open of the "gap candle" from 10/18 , and it was an intraday zone for 1/21. After the morning pop , sellers took control again and held us under 444 for the remainder of the day. The hold under allowed them to accumulate and that gave us that EOD sell off. Recapturing and holding this would be the start of a potential reversal , but even then 447 would be important to take back and over that we can see 450. While if we stay under , we can continue to favor the short side.

435.67 - 436 produced a lot of price action back in September/October , been a while since we have retesteed that zone. We also have an open gap just above 435 , so would b looking for a hold say around 436 for a potential bounce play back to the upside. Under it wee can drop a few extra dollars towards 433

433.62 - Ideally , unless there is more rampant panic selling and fear mongering , I would be looking for a bounce off this zone at max , 433 similar to the last level was very important from back in September , I would be looking for buyers to put up a fight here to give us a relief rally. But if we can't hold 431 , 428 and 426 would be next.



2. TESLA ($TSLA)

$TSLA - DAILY UNTIL 1/21


The TSLA bulls have been in full force even with the recent market selloff , as this name hadn't seen as quite the drastic sell like the bigger tech names such as AMZN and GOOGL , they were probably trying to keep it a flot for upcoming earnings, which are coming out this following week. Let's see if those bulls continue to hold , or if we flush back under 900.

KEY LEVELS:

1109.49 -This level is a bit up there , but if the earnings reaction is great , don't be surprised seeing an upside rally back towards this zone. Their is a key hourly zone under here along 1050-1052 so keep an eye their as well. Basically the 1110 level was our most pivot rejection where we initially turned from to make the low last week.

1000 - Was solid sport just before we broke under it to end last week . Has yet to retest since the breakdown , likely to see initial resistance here on a retest. Plus is is a nice big psychological number . If buyers can recapture 1000 , could see a squeeze back towards 1025 , 1040 , 1052 . While if we stay under , bears are likely to have short term control and keep pushing us lower.

938.53 - Open gap from late December , got pretty close to touching it this past week , but was able to close above it. Not to sure how crucial this level will be , but will look to potentially use it as an over/under level early in the week.

899.94 - The close of our last pivot low , basically at 900. If we keep heading down next week , will want to keep a close eye off 900 for a potential bounce , even if we get into the zone during earnings , and hold , could provide a great buy opportunity. Breaking under would not be great as it would be a lower low.

OTHER LEVELS ON DOWNSIDE: 851 was a consolidation zone , as was 773. Will be on the lookout for more key levels in real time.


3. APPLE ($AAPL)

$AAPL - DAILY UNTIL 1/21


Apple is back on the board from last week , part of the reason is why it's back is as it also has earnings coming up this week. Similar to most of the market we saw a pretty steep decline putting in a lower low under the last pivot. Will we get a rally after ER , or continue back towards 150 👀

KEY LEVELS:

171.56 - Has been a very important daily zone , had a few days of holding over 2 weeks ago before the flush back under to ignite bearish momentum. We opened the week under , and did not look back , would definitely be a zone to keep an eye on if we get back into it sometime next week. Under this zone 169.75 was also pretty important intraday in case we start seeing a rejection earlier.

167.48 - The last pivot support we had before this last week's breakdown , held it midweek before an EOD flush on 1/19 , and then we held it again on 1/20 before breaking midday to keep pushing lower. Initial retest can likely provide a short trade , although I would rather look for the short at 170 or 171.5.

161.94 - So we do have an unfilled gap here as well from early December , we got pretty close to it into the close but fell short. Not to sure how crucial it will act just yet , but 162 seemed to be pretty important back in November , sowill likely use it as an early week over under zone.

157.65- The next consolidation zone I have back from November. Had a few days of demand build up down here , If we do keep falling early next week , will be watching 157.6 as a potential buying opportunity. Even on an ER ga down , if this zone holds , will look to be a buyer.


4. MICROSOFT ($MSFT)

$MSFT - DAILY UNTIL 1/21


MSFT has been on one hell of a down move , for most of the week it was going sideways between 311 and 304 , as it just bought ATVI , it started to have a bull bear battle going on , aas it was trying to hold up despite the market pulling back. But it did end up breaking to the downside to end the week. MSFT has ER coming up next week as well , and this will definitely be an interesting one , lets see if byers can hold support , or if we have another NFLX type event and fall off the cliff.

KEY LEVELS:

316 - Over 311 , this zone comes in mind next. All the way back from October , this was a former breakup candle, and has , for the most part , been respected on an intraday basis . Over 316 would watch for 319 , 321 and 323.

311 - Resistance for a majority of last week , barring 1 spike over. Sellers have control at 311 for now, if buyers can get back over 304 and start holding , this is likely where they would be looking to target next. Similar way this can provide a short trade on the initial visit , while breaking over would look favorable for bulls , and open the gate for 316 , 320.

303.57 - Support all last week before the breakdown to end the week on Friday. Should be looking for rejections here , at-least on an intraday basis. Getting back over and holding over this zone , would be the first sign of a potential reversal happening back to the upside.

296.21 - This was an open gap until it got filled to close out last week. Would be looking for buyers to step in either here or at that 293 zone sometimes early next week. Under zone can target 293 , while if the zone holds , wana target 300-301 first and then 304.

292.92 - Same as the level above , if zone holds would want to target 300-301 , while breaking under opens the gates for 290 and 286. This was prior consolidation zone back from early October , did have some demand of buyers filling in, lets see if they can hold.

OTHER LEVELS ON DOWNSIDE: If we gaap down after earnings under the zones above , would also want to keep an eye out for buyers looking to hold 282.


5. NVIDIA ($NVDA)

$NVDA - DAILY UNTIL 1/21


NVDA Was one of the names that had a pretty forceful rally to end last week , but with the market making that end of day flush , it to ended up following back to the downside. I would be looking for an early week bounce here as well , off either of those 2 lower zones , while the size of a "reversal" , at-least a short term reversal , would be made clear and hold back over 241.5.

KEY LEVELS:

272.29 - This was a key breakup candle back from early November, buyers held it on our last selloff back from earlier this month , but with the close under 2 weeks ago , bears were looking to have a feast. I wouldn't expect a rally back here this upcoming week , but it's possible off the bounce , as their is now also an open gap present up at this zone.

265.81 - The open of our last pivot low , of course the one before this weeks new low. We started the week with a gap under here , consolidated along it for a few days , and that's where sellers began to pile on to push us to new lows. Would be another upside bounce target.

258.22 - The pivot low (the wick) from our last low , and it was a former breakup candle. THis candle as well provided an over/under trade mid week , as once we broke under , we re-tested the zone , and remained under.

250.67 - basically 250 , provided intraday support on both 1/19 and 1/20 , just a zone to watch in the event of a upside bounce , would even be looking for a potential intraday rejection off this location.

241.5 - The close from 1/20 , and an intraday pivot from 1/21 , buyers heled us under this zone for a majority of the day , and recapturing this would be my first since of a potential relief rally this upcoming week. If buyers can start holding back over this zone , the gates open to a squeeze back into 250 and perhaps much much more.

231.66 - Ideally looking for a bounce around this area early next week , we hit this zone after hours on last week's close , lets see if we see a hold early next week. If this zone does give in I would be looking for 228 next. But i much more favor looking for long trades at these zones, at-least until we get our first "bounce trade"/"relief rally" back to the upside. But of course price action is first , if buyers hold look for the long , if not take a short or stay flat.



 

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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