Market Watchlist 10/11 - 10/15
Hello everyone and welcome to another weekly watchlist by True Trade. Last week was another favorable one, the levels were respected giving us nice plays throughout the week. I do still expect volatility to be present , even with vix starting to cool off. If buyers hold higher on an early week pullback , we could be gunning for a move back towards the highs, but if they fail and can't hold higher , look out below .
If you want to see last week's results and key zoes , you can check them out here :
Let's get into the list for this week 😯
(ALL TIME IS BASED ON PST)
(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)
$SPY - DAILY UNTIL 10/8
Spy did have a pretty large range for the first half last week , staying between 427-436 . We gapped over 436 and broke towards the upside, but failed to close back over the 440 breakdown candle. Will we reject back under 436 , or stat to base over 436 looking for a test back into 445.
KEY LEVELS:
444.92 - Over the 440 breakdown candle , the next consolidation and breakdown occurred off 445. We did already run a test of this breakdown zone
439.85 - The breakdown candle , on a daily and hourly basis this will be very crucial , we have yet to recapture this level on a daily close , and until we can i will remain cautious on upside continuation, looking for short trades under the zone.We tried to hold over on 10/7 , but failed into close , as we didn't even get an upside gap fill. If we can get back over and hold , maybe we gradually setup for a 445 retest. a few weeks ago , where we sat for 3 days and rejected back to a new low. WIll be interesting to see how we act again if we revisit here. Thee ar a few upside zones to keep an eye on before here , including 441.4 (open 9/24 and resistance 10/7) , 442.64 (close 9/27) and 443.91 (close 9/24).
436.02 - This will be the most crucial intraday pivot zone for me. We gapped over this level on 10/7, but prior to that we had been holding under for 5 trading days. Even a few weeks ago 436 was a crucial pivot , and I expect it to remain so this upcoming week. Since the gap up on 10/7 , we haven't ran a retest of this zone , so I do expect it to come early in the week , and after that we will have a better idea of if we will hold to head up , or break and head back towards 429.
429.27 - Where we held majority of the trading day on 10/6 and got our momentum for this most recent run up. If we get back under 436, it is possible we could run a retest of this 429 level, would also keep a lookout for 431.5 on a down move , as that was a intraday pivot on 10/6 as well
2. APPLE ($AAPL)
$AAPL - DAILY UNTIL 10/8
Apple had a nice rally along with the other tech names , and is starting to form a potential inverse head and shoulder pattern if buyers hold mid 141. But at the same time we ran a retest of the 144.5 sell zone seen with a double sell day, let's see if buyers hold on the dip or the flush us back under.
KEY LEVELS:
144.45 - Upside resistance , had a 3 day base here before flushing 2 weeks ago , we ran a retest to end last week ,and seller have stepped in , but nothing to forceful to the downside yet. Get back over here and a squeeze towards the gap at 145.37 is likely.
141.76 - This level down into 141.5 is the zone , if buyers hold, can result in a possible inverse head and shoulders pattern , which generally leads to a break to the upside. Back under , and we run a test back towards 140. 141.76 as also the open of the breakdown candle to start last week at 10/4 , we did close back over on 10/6 , another reason to keep a close eye on a retest 👀.
139.47 - The breakup candle open , from 10/6 , where we cleared back over 141.76. If we do see a move back towards the downside , an intraday bounce should be likely at mid 139, and then around 138 which has yet to break.
3. NVIDIA ($NVDA)
$NVDA - DAILY UNTIL 10/8
Similar to SPY , NVDA also has a inverse h/s pattern on watch if buyers hold 205. We revisited the breakdown candle off 212 and did see selling into the end of the week .
KEY LEVELS:
212.14 - The breakdown candle resistance , is likely to break on the next rsstees, if we base higher. If we clear look for a quick move towards 216-17.
209.71 - This will act as an intraday pivot , we have had a lot of basing around 210 on the hourly time frame , this zone has been pivot for a large part of the last few trading week, holding over can get momentum built for a 212 break, while basing under can build momentum for a 205 break. Will have a close eye around this zone for sure to give hints of which way w are building up to break.
205.17 - Where the hold is needed if we want to make that inverse h/s pattern. Also a former breakdown level which we recaptured on 10/6. SInce the break back over we have not yet rested this level , so my key pivot for the week , over long , under short back to the ground 😯
199.91 - Was a brakuop candle , we flushed it to start the week on 10/4 , but quickly recaptured and held it the following 2 trading day giving us a $12+ bounce. If we get back under 205 , this is where i have the most likely reactive support to be , 200-201 are, getting under her opens the gates for 190.
4. ADVANCED MICRO DEVICES INC ($AMD)
$AMD - DAILY UNTIL 10/8
Amd rallied nicely off 100 to end the week , but did find itself struggling along the 107 breakdown zone. On a pullback, will be watching 102.9 pivot to see what looks more likely for the upcoming week ad that was an intraday pivot last week.
KEY LEVELS:
108.88 - Next upside breakdown candle if we clear that 107.
106.84 -The breakdown candle , sellers positioned here strongly , if we clear move back towards 109 , while if we stay under , downside is more favorable.
102.9 - This zone was a multiday pivot the last 2 trading weeks, and will be an intraday pivot for me again this week , as when we were under sellers controlled us down towards 100 , but when we broke on 10/6, we had a nice upside squeeze.
100.45 - The breakup candle that started this quick upside rally , 100 has been a very favorable buy location for AMD over the last few weeks, so will be looking again for buy potential here. If we do break , watch out down below , ad we can have a quick flush towards 97.
5. SQUARE ($SQ)
$SQ - DAILY UNTIL 10/8
Very similar setup to AAPL , in the case if we hold 235.5 we could be in store for a potential inverse head and shoulder pattern. We did revisit the initial breakdown candle on SQ at 252 , and sellers did not disappoint , but now we see if the will follow thru, or if buyers will step in again for a release to the upside.
KEY LEVELS:
252.21 - The breakdown candle , we already revisited and rejected to end last week , keep a close here as selles are strongly positioned here , getting back over likely results in a squeeze to gap at 258
245.7 - A pivot for next week also , was a breakdown candle , where we gapped over on 10/7 , ad held. We broke back under on 10/8 , and as a result sellers took control. Holding over or under can help us decide which way we will likely break , holding over can give momentum to break 252, while holding under helps show sellers are in control.
235.61 - If buyers hold here , that could start the formation of a inverse H/S. This was also a reversal spot , we had a breakdown candle which cleared on 10/6. We have had an hourly consolidation along 235 on the 5th , so let's see if buyers can hold on early next week . If we get back under the doors open to revisit the bottom part of the range at 224.
231.97 - Not to sure how we will act down here yet , but this candle had some reversal continuation to the upside for it/ it was a breakup candle. Would favor the 235 holding for calls , but if we have a quick spike down , while holding 235.6 on an hourly , can be a sign that buyers are building again. Undr here nxt would be 226.25 then 223.79
OTHERS: $SNOW - Despite the market pullback snow has been holding relatively nicely , 325 is loaded with sellers as 290 is loaded with buyers. We saw a nice bounce back from the 290 last week back towards 325 into a rejection. Now if we can hold on a bullback into 307 , SNOW can start basing again to look for the 325 break and explode into the end of the year.
$TWLO - We tried to clear the breakdown bar at 326 a few times to eend last week , but both days we failed and closed under. If we can start holding , look out for 332. If we can't back towards 313 we go.
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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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