Market Watchlist 10/25 - 10/29

Hello everyone and welcome to a weekly watchlist post by True Trade.


Its earnings week bonanza this upcoming week , big tech is reporting , so there is bound to be some solid movement. Can't cover everything in this list , but will cover some of those big tech names.


At the same time , we did see tech have a hard sell into ed of week , while SPY put in a tail candle , will be interesting to see if we have some downside follow thru, so keep a close eye out for trades 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.MICROSOFT ($MSFT)

$MSFT - DAILY UNTIL 10/22


Msft found itself making new all time highs this past trading week , coming off a strong bounce from 2 weeks ago. Earnings come out on 10/24, will that help propel us to new highs , or are we going to see a pullback back into the breakup candle.


KEY LEVELS:

310.76 - Highest daily close , no other upside level since we are at all time highs.

305.31 - The former ATH resistance , 305 zone was rejected 3x a few months ago before pushing down to 280 followed by a move back towards the highs this last week. We have held the following 4 days after breaking , should be the ideal pivot for the week , if buyers hold , that's great , back under sellers can start sneaking back into play to push us back towards the breakup at 303 if now lower to the next breakup at 300.

303.57 - The breakup candle open that initially gave us a new all time high. Would expect buyers on an initial visit back into this zone. Getting back under could show the potential for a short term top and lead top a more drastic pullback to the downside.


2. ADVANCED MICRO DEVICES ($AMD)

$AMD - DAILY UNTIL 10/22


Like many other names last week , especially in the semiconductor space , AMD took off last week , and it just a slight fraction away from its all time highs. Earnings come out on Tuesday for them , will they break or retrace 👀.


KEY LEVELS:

122.49 - Former ATH , we came pretty close to break it last week , but saw selles pile on into the close . will we be able to clear it next week 👀. Will earnings be good enough for us to gap over and keep going.

116.63 - The former breakdown candle , which we got back over mid last week. The breakup candle from 10/21 cleared it , and should not act as support with buyers. Getting back under could constitute a breakout failure and bring momentum back to the downside. While holding over would build momentum for an upside breakout.

114.49 - A pivot from a month ago , and since we broke on 10/18 , it was acted as support. Watch this level; on downside , getting back under and holding under would add fuel to the downside move. And could get uus setup for a break under 112 if sellers remain under. An initial move into the level can offer a buy opportunity , but be cautious on the buy side if sellers hold under 116.6.

111.9 - Another breakout candle. This one started last week's upward momentum , we have yet to retest this breakout zone, if we see a negative move post earnings , will look at this area as potential support for a buy.


3. APPLE ($AAPL)

$AAPL - DAILY UNTIL 10/22


Like many tech names , apple saw some selling to end last week. But was this selling just a one day thing , or was it an indication for more to come. We did revisit a breakdown candle , and sellers stepped in nicely off 150. Earnings come out on 10/28 , and they can help decide which way we are going to be moving.


KEY LEVELS:

155 - Breakdown candle , if we have a gap into this level after ER , would be interested in potential short trades.

151.83 - On the upside , would be interested in watching out for this zone. We have seen quite a bit of hourly reaction here , but when we flush about a month again this zone didn't matter much. If e start grinding up would keep this as an intermediate level until 155.

150.35 - Prior breakdown candle , we tested it to end last week and the zone was rejected . Holding a few days under this level , which we did to towards the latter half of last week , can create some sell momentum back to the downside. We started to see those sellers, but no will we see follow thru. Getting over 150 can open the gates for ............

147.01 - Breakup candle , no re-test since the breakup , should be support on a initial visit. Getting back under could start the formation of a reversal and it would open the gates for 146.55 and then around 145.

143.45 - Another breakup candle that cleared the 145 resistance from 2 weeks ago. Would be the next downside support location if we do see some steep selling following earnings report.


4. FACEBOOK ($FB)

$FB - DAILY UNTIL 10/22


Facebook took quite a hit after SNAP reported lower than expected ad revenue for the last quarter. With that in place , people are expecting FB to miss on earnings as well. The numbers come out tomorrow , 10/25, so let's see what is in store. We have a lot of gaps in this one , so lets see what zones act the best.


KEY LEVELS:

349.81 - The breakdown location. Upside level to watch on a gap up , can see sellers around 350 , getting over is a positive sign and can grind us up into 353-4.

343.45 - This pivot lead to a move back into 320. Yes it was based on a negative news catalyst , but either way , sellers are positioned up at this level, maybe even slightly lower at the gap at 341.88. Would expect initially selling back into here , but getting over opens the gates for 350.

323.03 - Important on a daily close basis. Was the pivot close that gave us our bounce back to 340+ , and we held this to end last week as well. If we start holding under things can get ugly quickly.

317.23 - The pivo low that lead o the bounce. The 323 was the close, this was the lo , so a lot of buyers were stepping in from 317-318 , under this can open the gates for 308-309.


5. PAYPAL ($PYPL)

$PYPL - DAILY UNTIL 10/22

Doesn't have earnings this week , but is on watch after last week's news catalyst drop. We saw a report of PYPL being interested in buying out PINS , and from there on we proceeded to drop $220+.

(Last week's levels on this worked beautifully , especially on the downside break , check them out here https://www.truetradellc.com/post/market-watchlist-10-18-10-22 )


KEY LEVELS:

273 - Breakdown candle ... was also a gap resistance before we started flushing to the downside. yes it had news catalyst , but in any case , any visit back here should provide a short chance. Don't expect it to come back this upcoming week tho.

258.61 - Another breakdown candle that took out the prior weeks low. Selling here as well

251.59 -- This was the prior weeks low , we respected the level on an intraday basis 10/21 and 10/22 , if we can get back over that would help give momentum for a move back towards 260. Holding under would continue the downtrend.

235 - Where we should likely see PYPL starting to level off and pick up buyers. Was a double bottom low from a few months back , and a lot of volume has been done in that 230-235 range. Anything into 235 especially a few days of hold can get a reversal back to the upside.


6. S&P 500 ($SPY)

$SPY - DAILY UNTIL 10/22


Bonus for the week , im sure a lot of folks are paying attention to this earnings season and with the market being at all time highs again. But will we get a double top and back down , or can we sustain this upward momentum to close the year strong.


The market looks set for a pullback with last weeks close , but will there be follow thru.


KEY LEVELS:

453.32 - This level is back from our last ATH , the close that lead to a pivot move back to the downside. On 10/2 this level as respected on an intraday basis , now the question is , will there be follow thru back down.

451.04 - Until this level is broken , there won't be any follow thru on the downside. It was a prior breakdown candle on our initial move down , and now we have held support for a majority of last week , 3 trading days. If we break a quick move back into 449 looks pretty likely if not lower towards 447.

448.92 - The next downside support , was a breakup candle , and should offer some intraday action. I'm more focused on the 447 zone on the downside , but still want to be aware of this breakup candle as well.

447.19 - A open gap along with a key zone, one of the many unfilled gas that we have , this one should be filled if we see 451 break early in the week. Possible long trade opportunity from here as well.

442.5 - Another unfilled gap to be aware of if selling pressure does increase.



 

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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