Hello everyone and welcome to another weekly watchlist by True Trade !
Volatility continues to be our friend , and last week was no different , we saw a pretty drastic drop , followed by an insane 2 day rally. Now the question on most people's mind is , whether or not the low is in ? In short , I don't know , as we did see a pretty insane rally , but with it , we haven't seen any retest of the reversal or any other confirmation of the low being in , or at least I haven't from my end. I would like to give the market another week or two to provide me for more info , to fill in the bigger picture , and solidify if the low is actually in. Personally I don't think it is in yet and we are going try to head back down again , but only time will tell. (If spy can stay over 426 and 421 on dips , then the low is likely in , if it doesn't then we are likely making a new low).
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 , there is no 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 2/25
Spy is back on the board as usual , last week was pretty interesting ,but was it enough to put in the low before new all time highs 👀. In short , I don't know , we still have a bit of work to do , if that really was our low , but in the end it doesn't matter for us short term trades. All we need is the key zones , and then take sweet trades off those zones. We ended last week with a rally back into our last breakdown zone , wouldn't be surprised to see a continued upside squeeze if we can hold over 438.
KEY LEVELS:
443.97 - 444 has also been an important pivot these last few weeks , much like that 426. If buyers can sustain over 440 next week , it's very likely that we are to see 444 , and then 444 will act as the pivot , over long , under short. If they can't sustain up there , then it's not necessary to worry about this number.
437.33 - This was the open of a breakdown candle we had 22 weeks ago. We had a pivot bounce on 2/14 ( the red doji candle at 435.34) , and the candle on 2/18 ended up breaking under that range , thus giving us a breakdown candle. It was resistance for a majority of 2/25 , and will be a zone to watch early next week.. If buyers can start holding over , the squeeze to the upside can keep going towards 439-440 , and then 444. Staying under would help ignite a reversal back towards 432 and the 429.
435.43 - Was a pivot , plus it was where price held over/flagged over for the last few hours of trading on 2/25 , if price can remain under 438 and break back under this 435 zone , that would help solidify reversal , if it flags and stays over , we are more likely to break 438 to the upside.
426.19 - Been a key pivot now for a few weeks , acted as support on 2/22 as well before breaking under the next day. Then was a pivot as well for our rally on 2/24. 426 was important during the January drop , and price action continues to respect it , so will keep using it as a pivot for now.
422.6 - 420.85 - I have a zone between these 2 levels. The 421 level was the low we had back on the January drop , but the 422.6 level was also a pivot from that day , plus it acted sa pivot on the rally we had on 2/24 There was a good amount of price action occurring off that 422.5 so would look to use that moving forward. If we see a pullback this upcoming week , this would be important to watch , holding over could effectively help put in a "higher low" , and set the stage for another rally , while breakin under 421 could offer a quick move into the 415 zone where I would be a potential buyer.
2. ZOOM ($ZM)
$ZM - DAILY UNTIL 2/25
Zoom , as many of you know , has taken quite a beating in the last few months, and with earnings coming up , can it come back to life 👀. I don't have as many downside zones listed , as we are not that far off the pre covid lows from 2 years ago. Lets see if we can muster enough buyers to get a pop.
KEY LEVELS:
164.9 - Over 157 I would look out for 165 , we had about 4 rejections at 165 back in early January before pushing lower. If we can get a hold at 157 , this would be the next best target spot , and other that , the gates up up for mid 170 and then 180.
155.81 - This level was the top of the consolidation we had going on for about 3 weeks. If we can recapture that 137 level , we are likely to try to find our way back towards 156 , gradually at least.
(there are a few levels between 156 and 137 , but these 2 have the most action and importance. A few intermediate zones can come around 148 and mid 152 , both of which can be used as targets on either side.)
136.81 - Held this support location for 3 - 4 trading weeks. Getting back over this can help buyers get rinteresteded in buying , while getting back to it and remaining under , can provide a retest rejection trade back to the downside.
120 - That was a pivot on 2/25 and also the close on 2/23. I don't have as many zones on the downside as price we are close to 52 week lows , but a few other zones would be the low for 2/24 at 115 and then under that at 111 and 105 as potential watch areas.
3. SQUARE ($SQ)
$SQ - DAILY UNTIL 2/25
SQ is coming off a pretty strong ER reaction , many are looking at this as a possible low before heading back towards the highs. A pullback retest and hold at 100 (or a higher low) would add some conviction to this being the low, but it is still a bit early to tell. On the upside , we had a strong close to end the week , but have sellers planning to come in into 128. Over that we can squeeze over the mid 130's.
KEY LEVELS:
127.58 - Over 119 ,we do have an important location at 122.29 , but over that , we could have a free run towards 127.5. Basically if 119 holds next week , be on the lookout for either 122-123 or 127 to be hit before seeing sellers again.
118.65 - Key rejection level a few times , and also was a key zone on 2/25. We were holding under this level for a few hours before mustering enough momentum to break over the zone into close on Friday. If buyers hold , look for followthru , if they give the level up , I would love to take shorts back down towards 116 and then 111.
110.24 - This was our breakdown candle from 2/17 , the one that broke under 106.86 support. On the gap up last week , we ran a retest of this zone , and buyers did come to play. We pivoted off this zone early morning on 2/15 , and then found our way back into the highs on the day.
106.86 - Was an important pivot for a few trading days , had about 5 trading days hold above this zone before breaking on 2/17. Would also be an potential buyer if we hold into a pullback here.
100.88 - This zone acted as multi week support before the breakdown we had on 2/18. We gapped back over this zone after ER report , and have yet to retest it. So in the case we do come down for a retest , I would be an interested buyer into this area.
4. ADVANCED MICRO DEVICES ($AMD)
$AMD - DAILY UNTIL 2/25
AMD has been a favorite ticker of late , well AMD and NVDA , as both have had some pretty easy reads plus theirs good volume on both giving plentiful trade opportunities. We saw a pretty nice bounce off that 105 gap , and we find ourselves at our last pivot rejection. If we can clear , squeeze continues , if not , look for a chance of a pullback.
KEY LEVELS:
126.14 - The breakdown candle from a few weeks ago. Over 121.5 this would be the next key zone i keep an eye out on, and also. zone I would be interested in for a potential short trade. If buyers get over we can see a move towards 129 , 131.
121.47 - Was an open gap , almost got filled by close on 2/25. Will want to keep a close eye on it early next week , if price is unable to clear , could be looking at a potential move back down into 119. While if buyers c get over , a squeeze towards 126 is not out of question.
119 - Key resistance all of last week , broke it early morning on the 25th , and then held the zone on pullbacks before closing around high of day. As long as 119 can hold , would look to favor long sde trades , but when the zone gives in , short trades would be much more favorable.
116.26 - Been a key intraday pivot around 116 now for a few weeks , buyers have held when over , and sellers have held when under. If we break under 119 this would be the first downside target , if this level is broke , would then be on the lookout for 114 and 112. If this level is held cn look for a bounce play back towards 119.
111.99 - Under 116 ,112 has seen a decent amount of price action , it has been a key pivot for a while now , so that is where i would look to come down towards if we see a pullback. Of course we could bounce earlier around 114 , but i do have more importance on either 112 or 110 for a more solidified support zone.
5. SNOWFLAKE ($SNOW)
$SNOW - DAILY UNTIL 2/25
With earnings coming up , it will be interesting to see which way SNOW takes off. This is usually a lower volume mover , so there are quite a few fakeouts with this ticket , but when it does break , it loves to run. We look to have put in a higher low off the most recent bounce , but let's see if that sustains after earnings.
KEY LEVELS:
330 - In the event of a gap up , this would be a short zone candidate. If we do happen to get over , we could quickly squeeze into low 340's - 344.
308.4 -Quite a bit of action done here so far this year. Easy to see the importance on an hourly chart , a lot of touches and a lot of consolidations along this zone. In short a key over/under pivot , especially intraday. If we can hold over , we can look for rallies into 316 , while holding under can push us down to mid 290's.
287.26 - Had a multiday hold here before the breakdown on 2/18. If we see aa move back into this zone , could offer at least a scalp rejection trade. While getting over would likely lead to a retest of the breakdown candle at 290.
275.72 - Was a open gap before getting filled last week. We had back and forth around this level almost everyday last week , so I would look to keep a eye on this zone early in the week , and keep it as a upside pivot breaking and holding over can lead to 287 , while staying under , it can push back to 262.
234.55 - The low back from the late January bounce , was also a support level back from last July. If we see a gap down , would look here for an initial sign of buying. Breaking under 235 would not be good , as we had quite an accumulation here back in July. Under it we can see 226 and 215.
EXTRAS:
$ROKU - We held the 115 zone last week , and almost find ourselves back at the earnings gap at 144. I would be interested in a potential short if there are sellers coming in between 144-146. If we hold the top end at 146 , would look to continue up towards 153 ad then 157.
$TSLA - We saw a ice bounce on the 24th, but didn't see as much followthru the next day. There are sellers sitting above at 815 and 829, while on the downside , buyers have seemed to enjoy the low 780's. Breaking under can lead to 773 and 750 , while gettin over 830 can get us going into 846/856.
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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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