Market Watchlist 11/29 - 12/3
Hello everyone and welcome to another weekly watchlist by True Trade !!!
This last week , gave us more movement than I had expected. Plus that new Covid strain definitely helped release a lot of energy to the downside. We closed the week at lowes for all major indices , but now the question comes, will it continue ,. or was this a quick fear sell , that will bounce back very soon ?
In short , no one knows which way we will head , and to be honest , as short term trades we don't care which way it heads, but we do have the key levels to watch to help us decide which trades will provide that best trade opportunities, so let's get into it.
( We still do have earnings coming out , so i will incorporate a few pics into the watchlist ).
(ALL TIME IS BASED ON MST)
(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. SPY - /ES (S&P 500)
/ES - DAILY UNTIL 11/26
$SPY - DAILY UNTIL 11/26
In short , I would need a little more price action develop on this downside move before i can pinpoint where i want to be a buyer, but the charts above do show some potential levels of interest on both the futures and on the SPY ETF.
KEY LEVELS:
465 - Was a breakup candle + we had 2 days of buying occurring here , 11/23 and 11/24 , before the gap under and flush on 11/26. 465 will definitely be a zone to watch on any bounce towards the upside , as a rejection could be very favorable to the bears.
463.32 (Around 4647 /ES) - Early bounce on 11/26 was met with resistance at this level , rejection here lead to a ush under LOD , and boom. WOuld also want to watch here as an upside target especially if we do recapture 461
461.3- The most important short term level , at least from an early week scenario. If we open on a gap up , this will eb the zone to watch. After the flush on 11/26 we remained under this level. Even with the EOD rally , sellers stepped in again off this zone. It is a breakup level from ealy in the month , so do want to be aware. Meanwhile , in the short term , under 461.3 would favor continued selling to the downside.
458.35 - We did see a double bottom here intraday , but i don't expect this to be the low . We broke it in after hours trading on 11/26 so it didn't really do much.
Other levels: 455.46 and 453.32 , ideally I would be looking to be a buyer for a larger bounce at one of these zones. The /ES level equates around 4548 ish , so will look to match that up. If this zone does give in 451 and high 448's would be next on the board.
- We did just flip to a downtrend , so will definitely need a few days to digest and see how this move plays out , only looking to buy dips if we see those buyers step in 👀 -
2. SNOWFLAKE ($SNOW)
$SNOW - DAILY UNTIL 11/26
Looks like SNOW was early to the selloff , as it started the week selling off with a $50+ drop , (hope you caught that from last week ;)) . Due to the extended selloff we did see a midweek bounce back off support, and with earnings coming up this week , it will be interesting to see which way we decide to continue.
KEY LEVELS:
393.4 - The breakdown we had to start this past week. Maybe a slightly lower around 392 , is definitely filled with a ton of sellers. In the case of any gap up after earnings , this would be a key to watch , getting back over 100% over the gates for all time highs.
370.3 - Was a pivot ejection after the flush on 11/22 ( can be seen on an hourly chart) , as we based under here to continue grinding lower.
353.14 - Will be a crucial over under level early in the week , as we have seen multiple touches of it last week , and it has acted as intraday support/resistance on each trading day last week.
330-334 - The last consolidation we had before the move back towards 400 , we re-tested that 334 level this past week , and would like it to continue holding if buyers want to remain in control. Might drop a bit lower into 330 , but anything back under that can get ugly on the bigger picture.
3. CROWDSTRIKE ($CRWD)
$CRWD - DAILY UNTIL 11/16
Crowd is also set to report earnings this upcoming week , we just recently revisited a multi month support off 228 , it held on the daily and intraday time frame last week , now if we can get back over and hold over 240 , buyers can definitely squeeze us back towards 250's.
KEY LEVELS:
253.81 - Breakdown candle , and the next ideal, upside target if buyers can hold 240. If we gap over this thru earnings , then I would want to watch for a hold and continuation towards high 260's - 270.
238.88 - Another pivot from a few months ago , we have held under here for 3 days , and basing under here would favor shorts , if we could get back over , the short term downtrend could flip back to the upside and we could see a squeeze back into the 250's.
228.34 - Very important on a daily basis , have yet to close under this zone on the daily for over 5 months. Can be seen better on an hourly time frame , but buyers do like stepping in off 228. If we break and HOLD under , it can provide a short and flush down into 215. But until it is broken , dip buys look promising.
4. APPLE ($AAPL)
$AAPL - DAILY UNTIL 11/26
Tech stocks seemed to be the most resilient to the sell off last week , but apple was not one of them. We saw a gap and crap right off the open to follow in suite of SPY and QQQ. On the bright side , we could be getting a great buy opportunity soon on a retest and hold off 155, while getting back under that would definitely not be good for the bulls.
KEY LEVELS:
160.55 - The breakdown that started 11/26, we did have 3 daily closes over this zone , but with the gap under on 11/26 , we got the start of a downside flush. If we do turn around next week , this area will definitely be on watch as a 1st target. Before here 159 can also be a upside target , as we did see hourly consolidation along here as well.
157 - Was a breakup zone as well on the rally , as 157 was the former ATH. BUyers were holding here on the sell off to end last week , but they were unable to formulate any momentum to break back to the upside. If markets start to get a turn around , and apple is continuing to hold 157 , can look for longs. On the other hand , breaking and holding under provides a good short setup.
155 - 155 was a breakdown candle back from 9/10 , and breaking it definitely released a lot of energy to the upside (check out a 1-5 minute chat , after 155 broke we shot up $2+ within 10 minutes.) No retest here since breakout , and this would be my prefered hold to stay long.
152.29 - Was our initial breakout area that gave us momentum to new highs. No retest since the breakout , would be looking for potential buyers on a dip back here. But if we do bounce here and remain under 155 , would want to get cautious , as a sideways base could lead to continued downside.
5. DOCUSIGN ($DOCU)
$DOCU - DAILY UNTIL 11/26
Docusign has earnings coming up this week as well. SImilar to CRWD we are retesting a support , an it seems that the covid news helped pop us up a bit before selling off to end the week. If buyers can maintain 245 early in the week , and after earnings come out , 260 will not be that far out of sight.
KEY LEVELS:
262.01 - breakdown candle , sellers located here , would be a target on the upside , plus that 262-263 can offer a short trade on holds under.
246.57 - Pivot close from 10/4. We held here early in the week on 11/22 , before gapping under the next few days. But , we did gap back over it to close the week. The best case for bulls would be a higher hold , so this could be utilized as an intraday pivot as well.
243 - Was a breakup candle from back in june , we have been holding around this level on a daily basis , and with that gap up to end last week , if we can hold on pullbacks , long's would be favored. Back under opens gate for 237.5
237.58 - breaking here is very bad for bulls , we have held here on the hour the last trading week , and it was our base before the breakout in June. Buyers are present here... for now , under here opens the gates for 231 and then gradually towards 215. This will be my daily pivot this week , long over , short under.
EXTRAS:
U - still on watch , even with that market pullback to end the week , U was ale to hold sideways over 174 support. On the upside we still do need to clear 183 if we really want to get climbing back into all time highs. under 175 opens the gates for a 155 retest.
TTD - 99.9 Has acted as support on pullbacks , while on the upside sellers are sitting at 108. If 99 breaks short trades can be taken down towards 97. But I would prefer the hold to take longs back to the upside.
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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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