Market Watchlist 10/4 - 10/8
Hello everyone and welcome to another weekly watchlist by True Trade !
Last week was epic , with so much movement , it was a pretty smooth time for traders, that is if you knew where to take you trades. It was a nice mix of mid week patience with some great setups to hit on right away. Our main focus last week was SPY , and it followed our plan beautifully :)
This upcoming week should also offer some increased movement , so map out a plan for the week , stick to it , and let the trades come to you i this time of volatility, because being on the wrong side in this environment , without a proper plan , is a quick way to blow your account.
Check out our last week SPY plan and its accuracy in this link below :
(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)
$SPY - DAILY UNTIL 10/1
SPY is back at number 1 for the week. It's volatility and liquidity definitely makes it a favorable trade option for this upcoming week. The market has put in that higher low off the bounce 2 weeks ago , so as mentioned in last week's post, I still greatly favor , sell the bounce scenarios.
KEY LEVELS:
439.85 - If buyers do break the key pivot for the week , back over 437 , this zone is crucial if sellers want to remain in control. It's a breakdown candle , and a nice one at that. If we do get some upside momentum early in the week I will be watching how price action reacts as we get closer to this zone.
436.53 - The most recent seller accumulation zone , after breaking under on 9/28 , seller have held strong under 437 and build some momentum o break the previous weeks lows. Even on the end of week bounce , buyers were not able to recapture this level , and for that reason , it will remain my key pivot for the week , looking to stay short under
433.63 - This will be a key intraday pivot, as buyers were holding this zone all week before breaking on 9/30. Now that we recaptured it to end last week , it will be interesting to see if buyers can hold o create upside momentum , or if they give it up and pull the frug to the downside.
428.87 - 429 was key 2 weeks ago and also t was key to end last week. We closed right on it to end the month on 9//30 , and it was the pivot for 10/1 where we broke early morning and then recaptured to give a relief rally. AN extended hold .daily close under can turn things ugly real quick.
(Remaining downside levels on chart : 427.17 - Hit on 10/1 , 425.9 - was hit before open on 10/1 , both zones likely to act , at least as intraday support. The remaining zons will also be crucial , I do expect the next downsie leg to complete into 420.54)
2. NVIDIA ($NVDA)
$NVDA - DAILY UNTIL 10/1
After the pop 2 weeks ago , NVDA started last week with a gap back under the 219 support, and since then sellers have taken short term control. Buyers did step in off the 202 to end last week , but inil buyers recapture over 210 , I favor the short side.
KEY LEVELS:
213.66 - If we break back over that 210 , 214 would be another key zone on the upside , in the case of a relief rally, watch this zone.
209.71 - My key pivot for the week , as long as we remain under , favor downside continuation. Meanwhile if we do happen to get over ad start holding , its likely to go retest the start of the breakdown from last week off 2214.
205.24 - Have not yet closed a daily candle back under his zone , and we have held on hourly support.We broke the level on 10/1 , but with the market relief rally , we broke back over. This will be my intraday pivot early next week , looking for string push lower if we hold under.
201.88- Did visit this zone last week , and had a rally , so this will remain a downside target , if we break , look out for 200.
3. MICROSOFT ($MSFT)
$MSFT - DALY UNTIL 10/1
Microsoft , like many other tech names last week started to break the uptrend it has had for the course of the year , putting in a lower high. Buyers have picked up last week from the gap at 281.4 , but have yet to recapture the breakdown candle at 290 , which will be my pivot for the week. KEY LEVELS:
294.17 - If we do manage to recapture the breakdown candle , there is a potential chance we go for the gap fll before heading lower , just something to be aware of. So on the upside , will watch 294.
289.8- Breakdown candle , sellers positioned here , definitely favor short side under this area for the week , will also be my key pivot for the week.
287 ish - Have has an hourly bull bear battle here for majority of the week , around 286.8 , will be key on an intraday basis especially early in the week.
281.4 - The gap + we look to have a pretty strong upward move off this zone with a pretty bullish green candle. Byers are likely to step in here again on a move back down , something to be aware of if market does start turning back to upside , MSFT looks like a strong upside candidate.
4. MODERNA ($MRNA)
$MRNA - DAILY UNTIL 10/1
Moderna had some nice movement to end last week, after MRK came out with some new covid treatment pills , MRNA took a pretty nice hit , dropping over 10%. With news comes volatility , so this is definitely one to keep an eye. I this market most stock move anyways , but with a 10% drop like that , some added volume can be useful for finding some nice plays.
KEY LEVELS:
361 - If we see a upside move to start the week , 361 is the key pivot , as long as we don't get back over , stay short under the zone. It's also where we sold off to start 10/1 and a former buy zone. Now that we are under sellers have the ball in there court.
319/323.48 - This zone is likely location for buyers, we have held the upper end of the zone at 323 already , if we break next zone likely comes into play towards 298.
298.51 - Open of a nice bullish candle , still need to see how we are reacting on the way down , but will likely see buyers step in down if the 320 zone fails.
5. FACEBOOK ($FB)
$FB - DAILY UNTIL 10/1
Similar to most tech names out there , strong down move with an eod bounce. FB has seen 3 days of buying into 339 , but will it be enough to make a reversal , or will we just stay week under 345 👀.
KEY LEVELS:
351.24 - If buyer manage to hold 345, next more towards upside should fizzle out into the 351 zone , or into the breakdown candle level around 348. Quick spikes into 348-350 zone should offer
345 ish - Sellers have been holding lower even on the bounce , until they can start holding at least 345, down trend stays in tact , and short side is favored.
338.8 - 3 day buyer hold , very crucial spot . Even though we have seen buyers, we have yet failed to see a reversal , we have continued to bas lower , and perhaps what can become a bear flag formation looking for a break down towards 345.
334.54 - Had a double bounce here a few months back , would be the nxt logical downside target followed by 330.
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If you don't know how to utilize the key levels check out this post below: https://www.truetradellc.com/post/market-outlook-3-15-3-17
^^^here is a snippet of how the levels can be used ^^^
Check out past watchlist @ https://www.truetradellc.com/blog/categories/watchlists to see if any plays are still live or if the levels truly work 👀
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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 !
** THIS IS NOT FINANCIAL ADVICE**
I can do this on and on for every stock , but the best way to get them live is by joining the chat ;) https://www.truetradellc.com/stock-signals-membership
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