Market Watchlist 2/22 - 2/25

Hello everyone and welcome to another weekly watchlist by True Trade !


This last week was filled with , once again , with a lot of volatility, and hopefully we all were able to execute on it ! More volatility = more trades available , it's the best environment for day traders , but it can get tricky with those who look to hold for a few days , as the volatility can be hard to stomach for a lot. My tip here would be , learn a few new short term trading strategies if you can , as it can help add a new tool to your bag which can be utilized whenever the market starts to move more than normal. (especially in this environment , where it looks like volatility isn't going anywhere anytime soon.).


As I mentioned last week , don't let this volatility make you break you good habits , stay disciplined, be patient , there are alot of trading opportunities available , if you miss one , their is neo need to chase , just wait for the next one.


(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. S&P 500 ($SPY)

$SPY - DAILY UNTIL 2/18


We have SPY back on the board as usual. Some of the levels are starting to getting jumbled up down here , as there's a lot of movement going on and alot of intraday opportunities , especially for scalpers, so their will be a few more key zones. But here are a few of the crucial levels I will be watching in the week to come and areas the can provide some high probability trades.

KEY LEVELS:

446.73 - 447 was around the pivot high for last week. After that midweek bounce this is where sellers piled in and flipped the trend to the downside. If we can start getting back over 442 , 444 , this would be the next key zone to watch.

441.95 - 442 was a key pivot this past week , the week started with a hold under , followed by a gap over and hold. We held over 442 for 2 trading days before breaking right back under , and flushing to the downside as a result of it. If we see. bounce back next week , holding over 440 could lead a rally back towards 442.

439.84 - Was another key pivot last week , but also from back in late January. 440 had back and forth action to start last week on Monday (seen on a 5 min chart) , and then when we had our downside move on 2/17 , we initially held 440 before breaking under and flushing to end the week. On 2/18 , we saw some buying to start the day , but couldn't even make it back up to 440 , as we held under 439 where sellers continued to power through. Would be keeping a close eye on 439-440, back over could help ignite at least a short term reversal. 429 - (same from last week) A lot of trading was done at this zone as well in late Jan , if that 440 zone doesn't hold , It would be possible to come and retest this area , which , at least on the initial touch , would offer. buying opportunity. We could potentially bounce earlier the 435-436 range , but it is much more likely to see. strong bounce in this 429-426 area. Breaking under this would likely led to a break into 420 again if not lower.

426 - Under 429 , we have 426 which was also very important from back in late January , but also a pivot low from back in October 2021. In a normal environment , I would initially look for buyers to step in at this area on an initial touch , but it they fail to hold here , things can get very ugly , and it is likely we will head back towards those January lows, if not lower.


2. COINBASE ($COIN)

$COIN - DAILY UNTIL 2/18


The Crypto market has taken quite a hit in the last few months , and with it , names like coinbase have followed. With earnings coming up this week , it will be interesting to see where COIN ends up landing , will we roeket up , or shot for new all time lows.

KEY LEVELS:

216.92 - The strong upside resistance , basically 215-217 is filled with alot of sellers, we hit the 215 level last week , while rejecting 217 the week prior. Was a very large monthly support zone (was actually around the all time lows) before the breakdown we had on Jan 20th , and now its resistance.

193.48 - Was a pivot bounce zone , but we broke under it on 2/17 , and then held under it on 2/18 to continue sell pressure to the downside. If we do see buying next week , this would be an important upside target , if we stay under , can look for shorts , if we get back over a rally towards 200 - 202 zone (which was also a reversal zone for last week.)

177.87- Was a short term reversal candle , and we have touched it twice on a retest, buyers have came to find this level useful , and it would be used for a buy zone again. Last week we stopped a bit higher at 181 ,so i would be looking at 178-181 would potential buying opportunities, Anything under 178 , and the door is open to run a test back to 169 and then the ll time lows.

169.1 - The open of the candle that put in the all time lows , we dipped down to 162 , before rallying back this same day and flipping back to the upside . Has yet to test this level since the reversal , but will be interesting to watch. Aside from this , it looks like we have double bottomed around the 162 area (1/24 and 1/28) , so we could look for that area for potential buying, anything under that , and there's no telling how low we will go.


3. HOME DEPOT ($HD)

$HD - DAILY UNTIL 2/18


HD looked to form a double top back early this year , and has been in a pretty steep selloff since. Earnings are coming up this week , can buyers save it off its last $20 rally from 343 , or will it break down and keep going towards 320.

KEY LEVELS:

367.18 - This was a breakdown candle , or a gap down candle. We opened on a gap down from 372 , and continued to flush lower. We did come to test this level again after the sell off , and found it to be important with quite of bit of price action occurring around it. We held over it for a few days and tested the 372 gap before rejecting, and once we got back under we gradually made our way back down into 343. 351.56 - Looks to be the most recent key pivot , the last few trading days have been respecting this pivot , 1 day holding over , with 4 days holding under. Will be my pivot early next week , getting back over can open the gates for 360 , while continuing to hold under can lead to aa breakdown under 343.

343.78 - This wasn't necessarily a breakup candle , but at that time looked be be a potential reversal candle. AFter all we did see a $20 rally off this zone in a day. We did see buying off this zone last week , and for now , would look to treat it as support. Breaking under is best for bears , while holding over can give another relief bounce .

340.53 -This was a breakup candle that cleared resistance back in October. Back under 343 , we likely fall into 340. We have yet to retest 340 since the breakout , so not as sure how we will rect, but , definitely will be watching how price acts around here. If it doesn't hold , will look into 330-333 next.


4. NVIDIA ($NVDA)

$NVD - DAILY UNTIL 2/18


NVDA is back on the board after last week. The earnings reaction wasn't that positive , as we opened on a gap down and continued to head in that direction the next 2 days. Then again , it seemed to just be following the rest of the market. We got back down into the reversal candle back down at 232 , where buyers will be able to hold , but let's see how long will that last in the week to come.

KEY LEVELS:

249.49 -A breakup candle from early last week , but then we got under it after the ER report. Buyers initially held 250-251 on the 2/17 morning drop, but once we broke under 250 , we saw a quick flush right into 242. We initially saw a bounce from 242 back to 250 , but once again , that was met with another set of sellers that pushed us back to the lows. If we see ay sort o rally next week back over 242 , 250 will definitely be interesting to watch.

242.67 - Was open gap , until getting filled in the latter half of last week. We initially bounced off this zone back on 2/17 , and then when we broke on 2/18 , we came to test the zone and rejected off it back to the downside. This also proved to be an important intraday pivot, as long as we stay under this i would rather favor the bear case. Back over opens the gates for 250.

235.68 - Another key pivot over the last few weeks , can see price action around this zone pretty clearly on an hourly/5 min chart. Before the breakdown on 2/18 , 236 was support for a few trading days, bounced off it a few times . ALthough we broke under it to end last week , we managed to close back over it to end that day. The level did act important intraday , and will be looked at for potential trade opportunities next week as well. Holding under would likely led to a break under 231, while getting back over could show a bounce into 240/242.

231.l82 - This was a breakup candle that put in a short term reversal for NVDA. We tested the zone last week , and buyer did continue to step in off the zone , so would look to use this as the key support pivot early next week. As long as we hold here , buyers can look to take control , if we break , the door opens to the gap at 228 and 220.

212.88 - Double bottomed off this support about a month ago. 213 has definitely been a zone filled with buyers , if we see the market continue to the downside , the best buy opportunity for NVDA , would likely be off a hold at 213. Under this and we could be looking at 209 , 205.




5. LOWES ($LOW)

$LOW - DAILY UNTIL 2/18


Similar to HD , LOW will also be reporting earnings this upcoming week , it has a similar pattern to HD with a similar double top rejection pattern , and retesting the bullish candle off 220. Lets see if buyers can continue to hold , or if we do end up breaking back down to fill all those open gaps between 200-220.

KEY LEVELS:

240.61 - Had buyers come off this zone 2x after the breakup , before being able to break under it. We even tested it after the breakdown , and sellers continued to hold under. Any move back towards this zone after an ER report can provide a great short opportunity. If buyers manage to hold over this zone , could look for a possible squeeze towards the gap at mid 243.

234.7 - Over the last few trading weeks , for the most part , 235 has seen a lot of price action on the upside. We saw quite a few rejections up here , and when we got over , we held it for a few days before breaking back under and then staying under. Will be good to use for a intraday pivot.

223.93 - Now on the downside of the zone for the last few weeks , we have 224 , as you can see on the daily chart , we have touched it about 9 times over the last 3 weeks. Lots of price action is going on around here as well. If sellers continue to pile on under this level , it will likely lead to a breakdown under 220, but if buyers can get back over , the zone will hold and we could look for a rotation back towards 228 , 231.

220.53 - Similar to that HD candle , at that time looked like a reversal candle , but just ended up being a short term pivot. We have a lot of buyers down at this zone , see from the last reaction , so can look to be a buyer down here , but getting under is very poor , and would put ina. lower low. Under this can see 218 , or one of the many gaps down at 216.45/ 212.12.

202.75 - Key zone back from August 2021 - October 2021, had a lot of buyers continuing to step in , if we do see a gap down after ER , would be looking for potential buying down at this zone. Maybe a bit lower into 199 , but anything under that and it will not be good.



EXTRAS: $TSLA - TESLA has taken quite a beatdown of late. We came back and filled into the open gap last week from 1/28 (846.35). We also managed to remain over 851 level to close last week. If buyers can maintain over 850 next week , would look for a rally back towards 860 , 872 and 881. While if we break under the 846 , would look for. move down into 830 , and then sub 800.

$ETSY - This company also has earings coming up this week . We are pretty close to 2 year lows (just made them earlier this month at 127. Now on the downside i would want to wait to see where price turns as we haven't tested this zones in over 2 years, while on the upside , I would be watching 141.2 and 146.6. Over those 157-158.


 

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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