Market Watchlist 3/14 - 3/18
Updated: Mar 13, 2022
Hello everyone and welcome to another weekly watchlist by True Trade !
We started last week with a break to the downside , followed by a few a bounce and then a some more downside to end the week. The market does not look like it is in a ret state , and sellers seme to have full control even on the bounce days , as they aren't being sustained. With the FOMC meeting coming up next week , it will be interesting to see if the market continues in its downward trajectory , or if buyers will try to induce a rally once again.
** As I mentioned in the last few 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 PST)
(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 !).
Levels are meant to be used as trade levels , not necessarily buy and hold levels !
VIDEO VERSION OF WATCHLIST WILL BE POSTED NO LATER THAN 6 PM PST :
1. S&P 500 ($SPY)
$SPY - DAILY UNTIL 3/11
As usual , we will start with SPY. Spy ended up having an inside range for most of the trading week. After the breakdown to start the week , we had some whipsaw action on Tuesday , followed by inside days for the last 3 trading days of the week. 415 will be important to watch again for the upcoming week , breaking under that can cause some real trouble. We have continued to make lower lows on bounces , let's see if that pattern pertains.
429.61 - Saw price reject this location 2x during market hours last week . On the upper end we rejected 432.37 a little more forcefully last week as well , it was our breakdown zone to start the week , and it rejected to put in reversal before market opened on 3/11. I would still want to keep my eye on that 430 for short opportunities , but that mid 432 can provide better results.
426.2 - Has continued to act as an important zone for the past few months , and last week was not much different. WIll continue to use 426 for intraday targets and trade setups.
419.62 - Would likely be best used as an intraday pivot, throughout last week , especially on 3/8 , there was a lot of back and forth occuring at this level. We closed last week right above this level, lets see if the zone respects early next week.
414.92 - Very important on the downside. If buyers do give up this zone , price is going to quickly come towards that 411 low from 2 weeks ago , and likely break thru there as well. Until the zone is broken , it can be utilized for long trade opportunities, but once its given in , I would not wanna be in any longs.
410.85 - The bounce we had a few weeks ago , pretty much started off this zone. If we do give in 415 this upcoming week , we are likely to see 411 very quickly. Under 411 , would want to look at mid 403 for another trade opportunity. If bounce occurs before that , would want to watch mid 405 - 407. While if bounce occurs lower , would want to eye mid 398 , and mid 400.
2. FEDEX ($FDX)
$FDX - DAILY LEVELS UNTIL 3/11
FDX has earnings coming up next week , so would like to keep an eye on its movement , as added ER catalyst , can add to volume and movement potential. A lot of sellers are sitting just under 223 , while for a good portion of last week , price did seem to hold 212.
222.23 - Had a solid sell zone here for a few trading days late in Feb , and off it we put in a new low. If price comes back into this zone on a positive reaction , would be looking to stay short under the zone. If we can get over , wouldn't mind looking at longs into 225 and mid 227.
219.25 - The more short term resistance zone , had a hard rejection off this area to end last week , would want to keep this zone in mind for targets on either trade side. Between 219 and 212 , there was a battle around 216 , would want to utilize that as targets for either side as well, basically as an intraday pivot.
212 - Held this level for the latter half of last week. Will want to keep my eye on this zone , especially early next week. Giving this level up can lead to a quick move towards 209, while holding it can lead to a buyer base , and a potential push back towards 216, 219.
209 - The breakup candle from early last week. We have yet to retest this zone since the short term reversal on 3/9 , but if 212 gives in , ould be looking to target a move down towards 209 initially.
203.99 - Under 209 , we have a open gap from our bounce day , would also look to use this as a downside target. Not necessarily for a long trade , but just as a target. Would rather look into 199-200 zone for a potential bounce trade.
3. APPLE ($APPL)
$AAPL - DAILY UNTIL 3/11
Back on the list from last week. I generally like to trade the higher volume stock movers , as more liquidity allows for faster option fills and tighter spreads, which makes AAPL. a great trading option. So with AAPL , we were trailing the market a bit on the downside until last week , where it looks like we are catching up. We closed last week at the lows , and it looks like there's more downside ready to come.
159.3 - Favor staying short under this level for next week. Any bounce back into this zone , will be treated as a potential short opportunity for me until the level gives in, which is where we can look for long trades over 160 back into 162.
156.83 - Acted as intraday pivot for a majority of trading days last week , even on 3/11 when we had our midday bounce , we bounced into this level before rejecting to new lows. Although this zone acted as a pivot for a majority of last week , it wasn't the cleanest , we had a few consolidation over and under for many 5 minute stretches , so i would look to use this more as a target sott , rather than an entry spot (can be used for entry , but might take a few attempts before pans out).
154.7 - Was the low we had on our bounce from 1/24. Don't want to focus too much on this zone , but it could be utilized as an intraday pivot, We closed last week right on it as well , lets see if we hold to start next week or give it in.
152.57 - The reversal candle from a few weeks ago , took off from this location, Would definitely be interested in potential bounce trades along this zone , initially at last. But i do think we will end up breaking under , and heading towards 151 , 148.
4. NVIDIA ($NVDA)
$NVDA - DAILY UNTIL 3/11
Like AAPL , we have NVDA back on the list this week as well. Mainly due to its liquidity. On top of that , it's pretty normal for NVDA to have 7-8$ + moves a day lately. We closed last week poorly , but we didn't close it at the lows. We have an unfilled gap from that Tuesday reversal , lets see if we test it early next week.
232 - Rejected this location 2 times last week during market hours , on 3/11 we even spiked into the 234 resistance level pre-market before rejecting back down. In short , would like to stay short along this zone on any retest.
226.03 - This area is more of a zone from 215.5 - 216.5 , we had quite a few intraday buy/sell battles here , can be utilized well as intraday targets on either side of the trade.
220.12 - Had multiple buy attempts along this zone last week , but even before that. Will be important to watch early next week , if we can hold , can look for longs back into 222 , 226. While if we break , which I favor , would want to look for a move back into at least the gap at 215.
215.14 - Open gap here from 3/8 , don't necessarily want to take a long trade here , but would love to utilize it as a downside target under the 220. If we do see downside momentum , it's likely this gap will at least be filled.
210.15 - Would look to utilize this as a potential bounce zone , our reversal candle from few weeks ago and it was the pivot on the bounce we had from 3/8. 210 has buyers , if they do give in , would look for 206 next. until then , can be used for at minimum a bounce trade on the initial test.
$MSFT - DAILY UNTIL 3/11
Been a while since we had MSFT on the list , but looks like we are setting up for a larger move after a few days of sideways action , lets see which side we break.
289.85 - The short zone for last week, we opened the week under this level , feel hard , and then rejected it 2 x on the retest, any move back into this 290 zone , would be great for short opportunities, If price holds over , can look for a move towards 293-4. 285 ISH - Middle zone between 280 and 290 that has had bull/bear battle on an intraday basis. around 284.7. Would look to use this as an intraday pivot , and target on either side of the trade.
280.29 - Had price actioncome at this zone every day last week , 4 of the days we held at the zone , while the other day we held over and failed under. In short , would like to treat this zone as the key support for early next week , if price is over, can look to target 282 , 286 . If we are under , which i would prefer , would look to target the gap at 276 ad then mid 272.
275.85 - We have an open gap here from the reversal day , would want to target this zone on the downside if we stay under 280.
272.5 - We had a reversal candle here back from 2/24, would look for potential buying opportunities here. If it breaks here , would look to target the low from 3/8 , around the 269-270 area for a potential bounce , or even use it for a downside target under 272.
$AMD - We tested the 112 breakdown zone last week and rejected back down from it to end the week. Would prefer to stay short under 112 on bounces , while looking for 108.5 or 112 for potential entries. On the downside , we do have buyers at 104.5 , 103 and 100. If we can stay under th 103 , their is a good chance we will end up breaking under 100 shortly after.
$TSLA - We rejected the 856 level a few times last week , and closed the week back under 800. I would continue to favor short side trades under that 856 , but also can look at 815 and 825 for potential entries. If we can get under 795 , would be looking for a move back towards 780 , mid 760's and 750.
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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