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




 

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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