Market Watchlist 10/18 - 10/22

Hello everyone , and welcome to another weekly watchlist by True Trade !

Last week continued our stretch of volatility ! The market started the week hot , tricked many into a sign of "weakness" and then ripped everyone's face off back to the upside. We have had a pretty impulsive move back to the upside , and I would be looking for a early week pullback , base and continuation backup for this upcoming week.

Earnings season is also starting in these upcoming weeks , so that should definitely add to market movement and help keep the volatility elevated, at least for a select few names.

Now 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 10/15

Spy , and the market in general put one hell of a show last week , initially starting the week on an up move , pushing back down , and then breaking back to close the week on a high. A Lot of people were probably perplexed by this price action , but by sticking to our key levels , we were able to make the most of this situation and placed ourselves in the best situation to profit from it. We have had a very nice bounce from last week , and i would expect a slight pullback , at minimum before looking to break into all time highs.

KEY LEVELS:

448.64 - 448.12 - Ideal short location this upcoming week , would ideally like a quick move into the zone , or a consolidation under the zone , followed by the consolidation break to the downside to short. Back over the zone , and very quickly , we could see new highs.

447.17 - An open gap on the upside , not to convinced that this will be the stop point , but will be looking for short opportunities on weakness between 447 - 448 zone , ideally around 4480 on /ES.

444.92 - Breakdown candle , which we did just clear on 10/15 , will be my early week pivot , if buyers hold we are likely to push towards 448 . We held round 445 for a majority of Friday wishwashing back and forth for the morning before grinding higher.

442.5 - Unfilled gap on downside , likely first target if we do get that initial pullback.

439.85 - Another downside zone to watch it we see a pullback , back at key 440 spot , since the breakout on 10/14 we had a quick explosion up , wouldn't be suprised seeing a retest of 440-439 breakout zone.

436 - gapped over this key location , and that's where we took off from. I don't find it likely to run a test all the way back down into 436 or the gap at 435.2 , but it's just something to be aware of.

2. TESLA ($TSLA)

$TSLA - DAILY UNTIL 10/15

Despite the market pullback the last few weeks, TSLA has remained strong and just started the breakout with a strong week. We closed just shy of resistance , but it looks like TSLA is getting ready to go test its ATH's once again. There was a lot of movement above the 800 zone last time around , so might take a while for the new key levels to be discovered. Over 800 is super bullish for the time being.

KEY LEVELS:

877.02 - The last double top pivot before coming all the way back down into 540. Initial visits into this zone , will likely offer a good short opportunity, especially on a quick move towards here. Apart from here 855 and 863 could be potential important levels , and it would be wise to watch how price reacts on moves back here, but not to sure yet.

843.64 - a breakdown candle from months ago , we closed right into the candle on friday , and this can be an important over under level for the next week. Holding over gives uus momentum towards 870 , while getting under gives us a move back into 820 (we were over this level after hours on 10/15).

818.5 - Gapped the key level , can be a nice buy opportunity on an early week dip , was a prior consolidation breakdown zone in February , and also comes around the open gap from 10/14.

798.15 - Was a multi week resistance before the breakout on 10/12 , and that break lead to this end of week upside momentum. Retests into that 800 zone can be a good buy opportunity on a hold.

3. PAYPAL ($PYPL)

$PYPL - DAILY UNTIL 10/15

PYPL looks ready for a reversal as well , coming off a double bottom pattern , more like a quadruple bottom, it finds itself back at the initial breakdown candle, we weren't able to clear it to end last week , but will be back to start early next week 👀

KEY LEVELS:

273.39 - Open gap on the upside , if we can clear the 270 breakdown candle , this is likely the next upside target. Past the gap things can open up for a quick move into 278 - 280.

269.9 - Breakdown candle that lead to the last pivot low , sellers are sitting up here , if buyer can clear we are likely to see a quick upside move towards 273.

266.04 - Was hourly support on both 10/14 and 10/15, basing over this ll can help create momentum for the 270 break , while getting back under can be a sign of initial weakness back towards 262.

260.06 - The break up candle low , if we see a rejection early in the week, I wouldn't expect a move back under 260-261 , can look for buying opportunities on a dip back towards the breakup zone.

255 - In the case that sellers hold strong off 270 , we could see a move back down , in this case 255 would be key support ,at least on a daily basis , getting back under would be very poor for PYPL.

4. TWILIO ($TWLO)

$TWLO - DAILY UNTIL 10/15

Twlo had one hell of a rally last week, this was added as a special edition on last weeks watchlist where we wanted a 326 break to trigger a boom boom, and that is exactly what happened. We got over the 350 consolidation sell zone , but will we continue to hold for higher of get back unde and run a test of the breakup candle.

KEY LEVELS:

368.45 - Next consolidation resistance zone , we have tried to break here a few times back in august , but had sellers step in pretty forcefully. Would be on watch for TWLO's next up move , as it will be a pivotal pspot in seeing how strong the buyers really are.

358.33 - A breakdown candle that broke a week long 356 support on 9/8 , and it has provided some importance these last 2 trading days. If we can start getting holds over , we could see that 368 again and pretty quickly.

351.16 - The last consolidation sell zone that we just broke out of on 10/14. We held on the retrace on 10/15 , and this will remain as an important intraday pivot for next week , if buyers hold , we could see the momentum needed for upside continuation , meanwhile back under can give us a visit to the gap at 345.

328.75 - The breakup location , if we do see selling early in the week , any more back towards the break up at 330 will initially be a buying opportunity.

5. NVIDIA ($NVDA)

$NVDA - DAILY UNTIL 10/15

Back on the board from last week , NVDA looks set to continue its upward momentum in the week to come. We completed the inverse H/S pattern that was developing for a few weeks , but will it be enough to lead us to new all time highs. Buyers are holding strong off 211 , while sellers have some weight around 220.

KEY LEVELS:

224.82 - Another unfilled gap up here , if we can break 220 , NVDA will be looking for a gradual way to get back towards this location. We have another gap at 220.81 and have a lot of hourly price action round 223 , so those would be a few other areas to keep an eye on. But over 220 , the door is open for the 225 gap.

219.41 - A prior support before the gap and down move. If we can start getting back over 220 , buyers will look to push up back towards the highs. Closest resistance at the moment and we just basd under it all of Friday.

217.11 - This will be an ideal over/under level for me this upcoming week , it was an unfilled gap until breaking it on 10/14 , and after that break it has acted as support. If buyers can hold here we could get the momentum for the 220 break , while getting back under could mean a retest of the breakup around 212.

211- Support on our breakup candle , was the daily close on 10/8 , our last pivot high , before the pullback into 205 for the boom boom to the upside. The candle open on 10/14 comes in at 212.88 , and this can act as support as well on a retest, it doesn't have to com all the way back down into 211. But braking under 211 can lead us back into the gap at 209 and

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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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