Market Watchlist 2/7 - 2/11

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

Market volatility has continued to be great for day traders , but at the same time , it has been a struggle for a lot of new traders , one of the key pieces of advice I can give for this environment is to be patient. Just because the market is moving a whole lot , doesn't mean you need to catch every single move, it just means there are alot of possible opportunities , and you need to just position yourself for the best one.

Earnings continue for the following week , and so should volatility , so let's get into some picks for the upcoming week !

1. S&P 500 ($SPY)

$SPY - DAILY UNTIL 2/4

Back on the board as usual , we have SPY. Volatility continued last week, pretty much what we expected. We started the week with a rally (if you checked our blog last week , we anticipated this rally getting back over 450+ early in the week , and that's exactly what happened). Mid week we sw a rejection off 458 , same time FB took a massive hit, and then we saw a bounce and rejection to complete the week . Next week will be interesting in terms of which way we would be looking top break , as for now 444 is key support on the downside while 453 is important if we want to get going back on the upside.

KEY LEVELS:

458.13 - The pivot high last week , got into it mid week , and then FB earnings crashed the whole market (or so they say). Will be watching for 458 if we rally back up , while getting over opens the gates for 460+ into 462 and the open gap at 465.

452.95 - 2 rejections here in the later part of last week, will keep this as an upside pivot for ow, Getting over can open the gate for a run towards 454 , and then back over that we can try to test 458. Staying under could help build momentum for a break below 444.

443.97 - Key pivot 2 weeks ago ,and also the key bounce zone this last week (the bottom on Friday). 444 has remained and will remain very important next week , under favors berish momentum , while over would favor bullish momentum. This will be the early week pivot.

439.84 - If we do get going back under 444 , we could see some buying around this area again , it's also where we took off from to start last week. Back under 440 gets us going towards 435 , and under that we see 430.

2. TWILIO ($TWLO)

$TWLO - DAILY UNTIL 2/4

TWLO has taken quite a beating over the last few months , can it finally reverse with a strong earnings 👀 ? We look to have formed a potential higher low on our end of week bounce last week , but until we can get back over 197 and shoot for 215 , sellers will still look to keep price down. 180 has seen some solid buying so will look to keep that as key support to start out the week.

KEY LEVELS:

215.16 - Breakdown zone here from earlier last month , visited it last week , and it's where sellers came in again. Would be the primary upside target if buyers can hold over 197 again. If this zone breaks and holds we will have a higher high and could make a run towards 230 and 240.

197.5 - Important pivot now for a few weeks , rejected it a few times in the last 2 weeks , and when we broke it early last week , we saw a ice upside rally. After the rally we held if for 2 days before getting a break and flush back under. Will be the early week pivot I'm keeping an eye on.

180 - Support to end out last week , also was the open of our candle that started the initial push to the upside. Will be the early week support zone I am eyeing , if we get a break under , could retsest the low at 172 and even try to make a run for 167. If we hold , will continue to look for long trades off a bottoming pattern.

167 - Support from over a year ago , had a breakup candle here back from early last May , has yet to retsets this zone , so will be interested in seeing how price acts down here , has been a while so might not even hold at all. But would keep a eye here if we break that 172 low. Under this zone was have an unfilled gap at 122.4 and the open of a gap at 152.4 , both can deem valuable on the downside as well.

3. AFFIRM ($AFRM)

$AFRM - DAILY UNTIL 2/4

AFRM was on a tear for a few weeks , but has been cold for the last few months , it looks like we are putting in a potential bottoming pattern , and with earnings this week , can we get enough fuel to flip back to the upside. We put in a higher low , and it looks like a bull flag setup , if we can get over 68 , could see a quick move back over 71 if not higher.

KEY LEVELS:

71.3 - A breakdown candle that has yet to be re-tested if we can sustain the current. bull flag pattern and get over 68 , it is very likely that we come and run a test of the 71-72 zone. Getting over this opens the gates for a potential move back towards 80

67.6 - The pivot high from last week , also a breakdown candle. It is likely to see a test of this top zone off the current patten , can look for shorts at this zone if we can't hold , while looking for a breakout trade on the top side if we can.

56.99 -The "higher low" , if buyers can hold this zone we can sustain the higher low, if not we are likely to get going back in thee downside towards 53. Will keep this as an intraday pivot , looking to stay long over , and potentially short under.

48.69 -Double bottomed off this low , would look to be a buyer if we gap down into this zone , but if it gives in , things can get ugly. The all time for AFRM is at 46.5 , no price action is below that , so would be hard to say how low we go if we do break.

4. ADVANCED MICRO DEVICES ($AMD)

$AMD - DAILY UNTIL 2/4

Coming off a strong ER report , we saw. pretty nice rally on AMD. The latter half of last week provided a very nice tradable zone between 120 and 125 , a break either way can ignite another

$3-4 move in that direction , it will be interesting to see which way it breaks , but until then , that zone is more than tradeable 😉.

KEY LEVELS:

128.27 - Over 125 i would be eyeing. retest of this zone , , was a breakdown candle that started the move downwards , and also this zone was respected intraday on the earnings gap up (seene better on 5 min chart) . Back over this zone can lead to a move back into mid 130's.

125 - A lot of selling pressure took place here in the latter part of the week. Currently the top side of the current zone and a favorable short location. Look to be short into this zone , whilee. break over can lead to a quick squeeze towards 126 and then 128.

120.14 - For the most part buyers were holding 120 in the latter part of the week. Yes we saw a few dips under 120 towards 119 , but most of the price action for buyers seemed to consist at 120. SO i would treat that 119-120 as buy opportunities , while breaking under would induce a negative sign.

118.8 - The pivot bounce zone off the gap up that we had after earnings. Hd 2 days of price action visit and hold 118.8. This will be the bull line in the sand , breaking under favors the bears, while holding over favors the bulls. Back under opens the gates for a move back down into 117, while staying over favors a retest into 125.

116.53 - We do have an unfilled gap around this zone , and also it was an important resistance spot when we were down their 2 weeks ago. If 119 gives in , would be eyeing a down move towards this level. Break here though opens the gates for 113 , 111 and then 108.

5. DISNEY ($DIS)

$DIS - DAILY UNTIL 2/4

Been a while since I've looked at Disney , think the last time was back before its last earnings gap down. Like many stocks in the past few weeks , we saw some decent downside momentum followed by multi-day hold and reversal. Now on the pullback last week we were able to maintain the 139 breakout zone , but will we see follow through in the week to come. Earnings are coming up as well , can we get going back towards 150 or will we head back towards 130.

KEY LEVELS:

147.62 - Unfiled gap , getting back over this opens the window for a test of 150+ , while starting under can provide a nice short trade. If we see a gap up following earnings , this zone is likely to be tested.

144.5 - The pivot high from last week , haven't seen a whole lot of price action develop in this zone of late , so not going to put too much emphasis on this zone for the time being , but a good upside target if we can hold over 142.

142.15 - A key pivot from mid November , which broke a few weeks ago on 1/21 , and has remained a key level since. Will be using this as an intraday pivot zone , long over , while eyeing short trades under.

138.86 - Breakup candle we had last week , the zone of resistance 2 weeks ag0 (that range between 132-138) . Back under 138 opens the gates for a move towards 135 or for a retest of 132.

132 - The zone we built demand off a few weeks ago , if we dip toward here after earnings , I will look at it as a potential buy opportunity , while breaking under opens the gates for a flush towards 130 and maybe even back to 127. (there is an open gap down at 127.56 from over a year ago)

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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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