Market Watchlist 12/6 - 12/10
Hello everyone ! Welcome to another weekly watchlist by True Trade.
As anticipated from last week's list , volatility did indeed continue all week , and it definitely provided a lot of opportunities for all traders who partook in the action.
At the same time , when the market is heading down most people do tend to struggle (hopefully last week's list helped) an at the same time , I hope this upcoming list helps you all get some fresh trae ideas to get next week rolling on the right foot.
1. S&P 500 ETF ($SPY)
$SPY DAILY UNTIL - 12/3
/ES - DAILY UNTIL 12/3
As usual , my favorite trade option in volatile environments , SPY , is back on the board. We saw a lot of selling last week , but was this just the start , or is it time to reverse ? We came into an important breakup zone at 449 to close last week , an saw a very nice rally into close . I would expect some continuation to the upside if we can get over 453.5 , but there will be a lot of time time on 12/5 to reject during futures open (4548 would need to hd to head back up).
KEY LEVELS:
465.12 - Sellers are located from about 463.7 - 465. Any retest here could produce another sell off , so best to be on your toes if we retest this zone. It's definitely a good short zone , if we do break we could squeeze back into all time highs.
458.97 - would be another level to watch on the way up towards 465. Breakdown candle from the fall on 12/3. Also was resistance from 12/2. 4589 on /es shows a more clear picture of this key level.
455.46 - Give or take 456. We held over as support on 12/3 , and once we broke on 12/3 the downside flush began. Another key zone to keep an eye on if we grind up.
453.32 - Held under this zone all day on 12/3 after breaking down. It is a key pivot to keep in mind. If we can capture this early weel the rally to upside will continue. If. not we could be looking back at 451 if not lower , looking to break 449.
448.64 - Crucial support at the moment. As we have seen their is a lot of buy pressure off this zone , the key now is to see if we can get followthru back to the upside. Back under this level , and there is an unfilled gap at 447 with our next consolidation at 444.
443.91 - Was a pivot rejection which then turned into a multi day support. This was our "breakout" that reversed our last downtrend scenario for SPY. Would likely expect buyers again in this zone.
2. MICROSOFT ($MSFT)
$MSFT - DAILY UNTIL 12/3
Microsoft took a few days , but once it broke that 329 level , it was game over , and we saw one hell of a flush to the downside , almost $15 + . We got pretty close to the 316 support , and saw buyers stp in just above pushing us back into close. Under 329 would favor downside , while into 316 would favor a bounce play , lets see which one occurs first.
KEY LEVELS:
329.27 - Had a multiday hold here , when we broke we got a strong flush down. Would be looking to stay short on a retest at this zone , if we do get back over and hold , the gate does open up for a 334 visit.
324.14 - This was a prior breakup candle , we closed under it to close last week , but haven't see to much price action develop around it yet. Not to sure how i would utilize this level yet , but the next 1-2 days could help showcase if this could be a over under pivot. As we did some some buying here on 12/3 before breaking. Good mid level to watch.
316 - Breakup candle , would like to see buyers step in off this zone. If we break here we could go see a move down to that gap at 310.
3. TRADE DESK INC ($ TTD)
$TTD DAILY UNTIL 12/3
Trade Desk had a similar break pattern to microsoft. Gave up the key level at 100 and then continued downside pressure from there. We closed right into support , will be interesting to see if buyers come in early next week , or if we break even lower.
KEY LEVELS:
99.91 - Was a solid support on our last up move , we had buyers base there a few days , before we broke on 12/1. Anny re-test into this zone should induce selling , while getting back over it could get us set for a re-test back into 105 and 108
97.09 - Formeer pivot high , we tried to get buying over on 12/2 , but ultimately failed, Had. ecnt chunk of rice action occurring in this zone , good target on the upside if buyers come in early next week.
93.7 - Breakup candle , we held on 12/2 , broke on 12/3 and found ourselves moving right into the next support , another spot to keep an eye on on a retest. Holing under favors bears , while getting back over could give us a spark towards 97 and maybe even 100.
88.75 - Breakup + consolidation support. Would expect buying here early next week. We held into close , but didn't see an up move like the rest of the market. Definitely one to keep an eye on. If we do break low 80's on deck next.
(82.17 / 84.3 (open of 11/8) ) would be next on watch fo downside levels.
4. TESLA ($TSLA)
$TSLA - DAILY UNTIL 12/3
We saw a strong fall to the downside on the break under 1060 , but we did see ourselves closing into 1000 support. Lets see how early next week goes , as if we do break we could try to go for a gap fill into 900. (there are alot of intraday levels to watch for tsla due to the larger price range , but these key levels will only focus on daily/hourly).
KEY LEVELS:
1173.6 - Big breakdown candle. Very unlikely we see a move back into this zone next week, dut good level to keep on the chart if it visits later. Look for shorts into this zone.
1100.99 - Another area that had a lot of selling stepping on on 12/2 and 12/3. Nice pivot to keep in mind on an intraday basis.
1060.99 - Short location , multi day support before flush on 12/3. Keep an eye here on any move back to the upside , as sellers are likely to step in.
1003.13 - Out last pivot bounce, well the pivot was slightly lower but 1000 has acted as support on moves to the downside. If this gives in , the bears could have an hay day getting us to the downside into 980 pivot and then 950 support.
950.53 - breakup candle , next cler downside support , break here gives us a chance to fill that gap at 910. Until break , good for at least an intraday buy zone.
5. BOEING ($BA)
$BA - DAILY UNTIL 12/3
Been a while since we have had BA on the board. But this setup looks promising , should provide a few good trades. We had a big flush under 194 , before gapping up the next day and holding again. 194 will be crucial this upcoming week.
KEY LEVELS:
211.47- Prior consolidation support , before turning into a resistance , another zone to keep an eye on on the upside , would be a nice target if back gets back over 207.
206-207.46 - Next upside level to watch 206 was a pivot support before gap under weeks ago. BA likes to move weirdly at times , so I would utilize the zone from 206-207 as a upside target , and also as potential short zone. If buyer's hold over gates are open for 210+ , while if they reject , back towards 202 would be likely.
201.87 - most recent upside resistance, held under here all last week , despite trying to break. If take long trade off support , 200-201 definitely a zone to be wary about , and use as a target.
194.19 - key buy zone, don't want to be long it we break this zon , as sellers will likely push us back under 190 if the level gives in. Only "buy area" for me this upcoming week, if we hold go long , if we break , shorts look great. ( pivot support zone back from January)
EXTRAS: $PYPL - Despite the market coming back to new lows on 12/3 , PYPL was able to maintain buyers over 180. if buyers could get going over 190 next week , we could finally be in store for a reversal back to the upside.
$U - 155 pivot , if buyers get back ovr , great for longs, while under we could stay short. We just tested the 140 consolidation zone last week , and buyers made their presence known.
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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