Market Watchlist 3/7 - 3/11
Hello everyone , and welcome to another weekly watchlist by True Trade!
Most market indices looked to be range bound last week , we tried an upside break mid week , but couldn't sustain , and found ourselves heading back to the lower end of the rage. Now , lets see if we go test those lows we made 2 weeks ago , or if we can launch pad back for a break over last week's highs.
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 !).
Levels are meant to be used as trade levels , not necessarily buy and hold levels !
1. S&P 500 ($SPY)
$SPY - DAILY UNTIL 3/4
Spy was pretty much range bound all last week , it stayed within 2/25's range all week , apart from that failed breakout on 3/3. We ended the week bouncing strong off that lower end support, so now it will be interesting to see if we get followthru back towards 438-439 , or if we break the 428 range and flush to the downside.
KEY LEVELS:
437.75 - 439 - The 437 was the close of the week ending 2/225 , and it was also resistance for a majority of last week. We has a bit of buying occurring over this level , but even then, sellers stepped in around 439 (seen better on hourly / 5min charts) . for now , i will look to be short into this zone until we can see holds over 439 , if we do , can look to target upside into mid 441 and 442, 444. Until then short into here looks favorable.
428.3 - The support that held all week long , we did see some slight dips under this level in overnight trading , but during market hours , buyers continued to buy into 428. Under 4228 the bloodbath can open , until then , this can be a continued buy zone. Basically if this zone breaks , i don't want to be a buyer anymore.
426.19 - First zone under 428 is 426 , which I would look to utilize as a target , as 426 has been important these last few weeks. I wouldn't be looking to be a buyer here , but just more as a short side initial target. Under 426 , we can run towards 421-422 and then even 415.
421.95 - This was the close of the breakdown candle from 2/23 , if we break the 428 and stay under it , it's likely we do scome run a retest of 421-422. Holding under that can lead to 415 , which is where we based on 2/24 before exploding to the upside.
414.92 - Where we based on 2/24 before exploding to the upside , this level will also be on watch for the downside if we see some strong sell pressure this upcoming week.
2. CROWDSTRIKE ($CRWD)
$CRWD - DAILY UNTIL 3/4
With earnings coming up , lets see if CRWD can spring back to life , or if all the pops will continue to get shorted. We are coming off heavy resistance at 205 , and find ourselves back under that breakup candle from 2/28.
KEY LEVELS:
205 - Key resistance on the upside. Hit this zone 2 times last week , and both times we saw a tail candle rejection back the the downside. Any ER gap into this level would be opportunity for a possible short. If buyers do start holding 205 , can look for 211-213 on the upside.
189.3 - We had a week long sell zone here back in early FEB , we broke over this on 2/28 and then broke back under to close last week. We held it for 2 trading days last week before breaking , would look to stay short under 190 early exit week , if we do get back over this can look for a potential long trade.
180.06 - A buy zone in early FEB as well , we closed last week right under this zone, and under that gap from 2/25. Don't know if i will pay to much attention here next week , at least not yet , want to see a little consolidation or a pop to stay short .
170.63 - We had a break down zone here , and then a reversal once we cleared here on 2/24 , will look to be a potential buyer into this zone.
160.54 - Basically under 170 , 160-161 would be the next key location , can look to be a potential buyer into that zone as well. (other downside zones if ER reaction is terrible - 148-150 and then 141-142 )
3. APPLE ($AAPL)
$AAPL - DAILY UNTIL 3/4
APPL , like spy , had a failed breakout attempt. We had broke the 165.5 resistance, and even held it for 2 days , before closing the week back under it. If price stays under that 165.5 , we would continue to favor shorts, if we recapture , it's time to blast off. Apart from that we also have seen some buyer continuing to come in at 162-mid 162 , will want to watch that for a break as well to flush to the downside.
KEY LEVELS:
165.5 - Would favor to stay short under this zone , at least early in the week. Key level all last trading week , a lot of action , seen well on a 5 min chart.
164.39 - Will use as an early week , intraday pivot. 164.4 was a breakup candle , and we gave it up to close last week. If sellers can keep piling under , could see momentum build up for dowside break under 162. Intraday pivot will be the best use for his for me , in this upcoming week.
162 - 162.7 - Has seen buying this past week , and even before that, breaks 162 and sellers will have full control , probably pushing us down another 2-3$ before buyers start coming in again. Keep a close eye on 162 , don't want to be long if this level breaks.
160.05 - Under 162 , don't have a whole lot of action occurring until mid 159-160 area.This would be an ideal downside target if we play the breakdown under 162. under this , next stop would be 157.
156.81 - Where we based on our reversal day 2/24 , seen well on an hourly chart. Would look for possible buying down here , under this and we might even try 153 again.
4. NVIDIA ($NVDA)
$NVDA - DAILY UNTIL 3/4
NVDA has a nice consolidation pattern going on between 234 and 245 for about 5 trading days. Then boom we broke to the downside under 234 to end last week. That 234 will be a key pivot in the week to come.
KEY LEVELS:
243.85 - The close for 2/28 , also where we continued to reject a majority of last week , baring 1 spike into mid 246. If we do recapture 234 , could see a potential move back towards the top of the zone again.
233.9 - Was a multiday support before the breakdown last week . If we remain under 234 , would look to be short on any retest. If we do manage to recapture it , will be interested in a possible flip long to target the gap at 237 and then 242.
230.35 - Acted as our intraday pivot on 3/4 , and can be used as an early week , intraday pivot for next week. Short if we hold under , possible move back towards 233-234 if we hold over, though i favor short side under 234 still.
225.46 - Where buyers stepped in to end last week , and where we found resistance on our initial move up from 2/24. This would be a short side target for me , any break under here , can also propose a breakdown short trade.
220.12 - Next big target under 225, we have 220 , which was initially support on our 2/24 rally (better seen on an hourly chart).
5. TESLA ($TSLA)
$TSLA - DAILY UNTIL 3/4
Been a while since played TSLA, but it's looking like it wants a large move soon. We started the week on a nice break to the upside , and then went and rejected the 886 zone 3 times. We closed last week in the middle of the range , now we can wait to see if we break 834 , or hold and blast off. Plus TSLA was lagging to the downside to end the week.
KEY LEVELS:
886 - Big sellers positioned p here , hit the zone 3 times before rejecting back down. Would continue to look for short opportunities into this level.
856.98 - Was initially acting as support early last week , buyers were coming in just above 850 , but then it started to act as resistance to end last week. Can use this as an early week pivot , hold under could lead to a breakdown , while getting back over can possibly lead to a momentum buildup to break to the upside.
834.12 -Was a breakdown candle late in FEB , and since the has acted as a nice daily pivot. We saw buying here 2 times to end last week , if we can break here , a quick move to 815 would not be out of question.
815 - The breakup candle. Would be a good downside target level , and provide a possible buy attempt if it holds. If we get back under this breakup candle , the door opens for 800 and then possible 750-760 again.
EXTRA:
$GOOG - We had continued buying at 2660 all last week until the Friday breakdown. Would look to stay short under 2660 for this upcoming week. Would be looking for a move down towards mid 2580 if we do hold under. If we recapture , a move back towards 2706 and 2723 is not out of question.
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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