Market Watchlist 1/31 - 2/4
Hello everyone and welcome to another weekly watchlist by True Trade !
This last week was an interesting week to say the least , we started the week with a gap down and flush , and then around midday on Monday , we had buyers step in full force and forcefully flip us back to the upside. After that we maintained that range for the remainder of the week , apart from a few failed attempts to break to the upside. We closed the week on a good note towards the highs , will that be enough to squeeze us to the upside in the following week 👀.
Earnings season continues , and based on some reports from last week , big tech seems to be doing pretty well in hitting and beating estimates , let's see if that continues in the weeks to follow.
(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 1/28
As mentioned earlier last week was an interesting one , especially the first day of the week which had about $40 worth of movement and a $20 range from high to low , but after that the remaining days stayed within that range. We closed the week on a solid note , and would be looking to expect a gap up to start next week ... 444 could offer some resistance in the overnight weekend session , but over that we have potential to squeeze bit.
KEY LEVELS:
450.73 - Ideally looking for a relief rally back into this zone in the upcoming week, might not get their right away , but as long as theirs not overnight rejection before open tomorrow (1/31) . should see this zone early next week. Was prior demand back in late November , and since the breakdown 2 weeks ago , have yet to revost the zone. Weakness into this zone can provide a short trade opportunity as well.
443.97 - Last week's high , also a key zone from late last year. On the breakdown we had on 1/20 , sellers were able to hold under 444 for the majority of the day , and then the mid week rally we saw also rejected off this zone. Opening and holding over this zone next week is what would help with an initial squeeze to the upside , targeting 447 , and the arond 450.
439.89 - 440 was important this past week , was a pretty good intraday pivot location, if we see selling early next week , 440 and 438 can both be used as intraday pivots , short under , long over
434.7 ish - mid 434 was also pretty important intraday last week , a-lot of back and forth action off this zone (can be seen on 5 min chart) , getting back under likely opens the gates for 429 again.
426.19 - The early week pivot , on our initial drop , buyers cme i off 426 , then they gave it in , giving us a downside flush , and then after the bounce , when we recaptured and held , we took off with an insane $14+ rally. Hasn't tested 426 since Mondy during market hours , but has bounced off it a few times overnight. On any move back down 426 is my line in the sand for support , back under opens the gates for 420's. (429 seemed to be the zone buyers stepped in around during market hours, can keep this i mind as well).
420.85 - The low zone of last week , if 426 gives in watch out for a test of 422-420 once again. Under this zone we have buyers around 417.
2.ADVANCED MICRO DEVICES ($ AMD)
$AMD - DAILY UNTIL 1/28
AMD saw a pretty decent pullback , it was one of the few tech names that broke the early week bounce low , but did see some buying to end the week. Let's see if we can get a little upside boost like we did with AAPL and MSFT off the earnings report.
KEY LEVELS:
119.45 - 120 rea was a former breaku candle that helped ignite a move towards new highs , 2 weeks ago we closed under to end the week , nd have yet to come back and visit , will be an important zone to watch , rejecting provides a short , while holding over opens the gates for 125.
116.53 - The high of the week , had a few days touching and rejecting this spot , will be important , getting over this , will help get a nice relief rally going to the upside back towards 120. Can provide a potential short trade here on a initial touch with stop right over.
111.96- The breakdown candle that got us going back under 109, not really looking for a short up here , but rather just use it as an upside target , back over opens the gte for 116 , while failing to break would likely see some consolidation going on between 112-109.
109.16 -Early week bounce zone , held 109 for a few days before the late week flush, from the bounce we saw to end last week , this would likely be be a pretty good first upside target. Back over 109 opens the gates for 112, while staying under can provide. short trade back towards the lows.
100.45 - Hd a little demand built around here back in September , and it's a nice psychological number , look to be a buyer on holds of 100 in this upcoming week. Getting under this opens the gates for mid 96 and maybe even 91-92.
3. META PLATFORMS ($FB)
$FB - DAILY UNTIL 1/28
Up next we have Meta, similar story as most other names on list , both the high and low of the week were made on Monday , and has been ranging between it since. Looks similar to the SPY bottom pattern , apart from not closing at the highs. Buyers have come in off 294 while sellers sit above around 306.
KEY LEVELS:
317.81 - Key level plus we saw a multi-day hold here before the breakdown , another zone to watch on the upside , as this one can provide a short ona. hold under. Above this we have 321 which has been important intraday and then 325-326.
314.82 - The open of the breakdown candle that got us going to the downsie , baack over this zone we can see 317 , 321 , not really going to use this zone as aa short spot , but more of a upside target.
306.84 - Prior pivot hold , lso our resistance zone this week , the top of the zone, we broke it on the Monday rally , but quickly got back under the following day , baack over this would help ignite a squeeze. back towards 314+ , until the this can be used as a short spot , with stop right above (thoe i would be ;looking for a break next week if markets continue up).
294.56 - For the most part , this seemed to have a lot of price action occur around it on the bottom end , would look to be a continued buyer over the top of this zone , if it starts to hold under look to target a move back towards 290
OTHER DOWNSIDE LEVELS: In case of a FB gap down on earnings , few levels are listed on chart , 290 , 285 , 278.
4. PAYPAL ($PYPL)
$PYPL - DAILY UNTIL 1/28
PYPL hasn't seemed to catch a break since their news on acquiring PINS , and although it looked like a promising bottom at around 180 it broke and kept going. We started to form a new area of demand down here over 150 , lets see if it's enough to get a larger frame reversal.
KEY LEVELS:
179.32- the last "bottom" we had before the break a few weeks ago ,definitely a zone to watch for potential selling especially if we gap up during earnings. Back over opens the gates for 196 , while under provides the short trade.
173.38 - Had 3 days of buying around here before getting a breakdown candle the next day , over 165 we are likely to see a retest of the 171-173 zone , which can provide a short trade opportunity as well.
164.72 - Was a zone back from last June, broke under it 2 weeks ago , and gettin back over would be a good sign of continuing back towards 170 , 179. Underneath can lead to a bull/bear battle where buyers can hold 162 , where sellers will try to control under 165.
162.17 - This was the top range for a majority of the trading week , we closed back over it to end the trading week , and this could help with an upside squeeze if we can sustain buying over this zone. Breaking back under , provides a good short opportunity , maybe even back down into 156.
156.11- The majority of trading around the "low" this week , held 156 for all 5 trading days , buyers were stepping in pretty well , look to be a continued buyer until 156 gives in , break under leads to 152.
5. AMAZON ($AMZN)
$AMZN - DAILY UNTIL 1/28
AMZN was very fun for us 2 weeks ago , we caught that insane downside $200+ drop , and now that it's looking to bottom off , would love to catch some upside movement as well. With earnings coming out this week , can we get a recapture of $3,000 with a positive report , only one way to find out 👀
KEY LEVELS:
3136 - Former pivot low , once this level gave in , is when the flush really started, would definitely be interested in looking at short trades back into this move , while getting back over opens the gates for 3189 and higher.
2999 - The open of the breakdown candle we saw we 2 weeks ago , would be a god upside target if we can see buyers holder the 2890 zone . If we do see a move back into this zone , a hold under can equate a short trade , while a hold over would help get us going into 3033.
2890.88 - The top of last week's range ,maybe a bit higher around 2900 , but basically if we can hold the top of this zone , would look for a continued squeeze back towards 2999 , while staying under opens the gates for a move back towards the lows.
2757.99 - Held the zone all 5 trading days , chart looks very similar to PYPL. Would look to be a continued buyer into this zone , while getting under opens the short opportunites back down into 2700 , where i would look to be a buyer again.
FEW OTHERS: $NVDA - Like to stay long over 223 , looking for a retest of 233 and 240.
$MSFT - Key zones at 296 , 301 and 310-311. Over 311 look for a relief move into 316 and 319.
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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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