Market Watchlist 4/11 - 4/15
Hello everyone and welcome to another weekly watchlist from True Trade.
We had some volatility come back this past week, and it provided some great trading opportunities (hope everyone had a great week). Now lets' see if that volatility can carry over into this following week. We saw some downside pressure for a majority of last week , and have not yet seen a sign of market reversal, how much lower can we go 👀. As long as VIX continues up, I would be on the lookout for more downside to come.
(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 !
1. $SPY (S&P 500)
$SPY DAILY UNTIL 4/8
As always , lets start this weeks list off with SPY. Last week's zones respected very well, as we saw a hard rejection off that 458 breakdown candle , and found ourselves all the way back at the 444 support level. That 444 will be the key pivot early next week , if buyers can hold , I would look for long side trades , but if we break , watch out down below. (Keeping in mind , that current short term trend is down under 451)
451.03 - Most important level to watch on the upside early next week. We initially had support in the mid 449-451 zone before this breakdown last week , and since then , we have failed to recapture the level. If we can get back over 451 , and hold , it can open the gate for a squeeze back towards 460+, while if we stay under , it continues to provide short trade opportunities.
446 ish - More of an intermediate zone , we had quite a bit of back and forth action here almost every day last week. Kind of just want to use this as an awareness level , aka if we are holding under 446 for an elongated period of time , we could be looking to break lower under 444 , while if we hold over , we could be looking to break up over 451. Not going to be a level I look to actually trade off , but rather just be aware about.
443.71 - Most crucial support level to watch this upcoming week. If we fail to hold this level , I would not be looking to be a buyer until 441. If we can hold this level , buying would provide the best trade opportunity for a move back towards 446 and then 451.
441.07 - Next downside level to watch. I personally think we will try a break under 444 next week and come back into this level. This level was a pullback level that held late in march (after we recaptured 440 we had a pullback and hold at this level on 3/21.
438 - This was a breakup candle that sent us roaring. This candle on 3/18 along with the 3/17 candle , helped "finish" the downtrend at that time , and gave us a nice continued rally of $20+ to the upside. Since this breakup we have yet to come and retest 438 , which leads me to believe we will be heading towards here this upcoming week. This is another zone I would be on the lookout for a potential buy opportunity.
2. NVDA ($NVDA)
$NVDA - Daily until 4/8
NVDA is back on the list , as this one provided, probably the best trading opportunities off last weeks list. We had a clean breakdown on 4/1 , followed by a retest and rejection early last week , (just like we drew it up on https://www.truetradellc.com/post/market-watchlist-4-4-4-8)
Now we haven't had a green day since Monday , and we find ourselves back at our former breakout zone , lets see if price can flip next week , or if we see more of the same.
247.99 - When we had our gap down mid week , seller started to pile in under that 248 level. 238 was a broker breakup candle , and on this most recent fall , it has turned to resistance. If price does flip next week , this would an upside zone to watch (though it is quite far as of now).
239.17 - This became a breakdown candle on 4/8 to end last week. We had seen an initial bounce at the 235 zone on 4/7 , but then gave it up the very next day. On a move up this level could offer some selling , but nothing has been confirmed as of yet. There is a zone just above here that acted as a pivot on 4/6 and 4/7 at 240 - 241 as well ( an hourly zone).
235 - This was the breakup candle back from mid March , and it was also support turned resistance to end last week. Under 235 early next week would continue to favor downside pressure, but if we can start holding back over, it could help flip trend back to the upside, at least towards 240.
230.22 - We closed right into this zone last week , and if we look on the left side of the chart , it was where we broke out from to begin our move to the upside. We had multiple rejections under this zone back in early may , and since the breakout we have yet to retest it. Will want to watch this level early next week , but I would only look to be a buyer if the market is holding support (aka if spy is holding 444+ or has flipped trend back up). Under 230 we have an hourly zone at 224-225 and under that we have 220 and 214.
213.09 - We double bottomed down here before exploding to the upside , so the demand is clearly present. This would be my next ideal buy zone if 230 fails to hold.
3. $AAPL (APPLE)
$AAPL - DAILY UNTIL 4/8
It's been a while , but lets bring Apple back into the mix. Appl was one of the few tech names that was lagging on the downside last week , with names like NVDA and amd dropping close to 20% , apple has only came back around 6% from the most recent high. I would be on the lookout for this one to accelerate to the downside if tech continues downside trajectory.
MID 173 (zone) and 172.18 - Have an hourly sell zone here , well it rejected the last few times here on 4/6 and 4/7 and it was an hourly support zone in late March. The 172 level was a former support turned resistance , would look to favor short until we can pop that 173 level. mid 173 - 172 , ideal short zone for me next week.
170.21 - 170 was ideally support on the drop last week , but we began to creep under it to end last week. If price holds under 170 early next week , look for that rotation down towards 168.
167.9 - This was a breakup candle that cleared and closed above the pivot high from 3/3 ( rejection spot). Would be expecting to test this level next week if indices break their downside support zones.
165.51 - Another breakup candle level. Under 167 , this would be the next key level to watch. Have yet to come and retest this level since the breakup as well.
4. $U (UNITY)
$U - DAILY UNTIL 4/8
We got U back on the board this upcoming week. It closed the week pretty poorly getting back under that 92 bas support, but the weekly chart kind of looks like an inverse H/S pattern over 90. Personally I wouldn't want to look for longs until we see a trend reversal, as short term trend is still point down.
98.55 - This one here is from our breakdown candle on 4/6, we even came and rejected it the following day to confirm seller presence. If trend does start flipping to the upside , and we can hold over that 95 level , we can look to target 98 on the upside.
95.24 - very important pivot intraday, we rejected it both on 4/7 and 4/8 (seen on hourly frame or smaller) and this can be the pivot level for short/long trades. Looking to favor shorts under , or look for a possible reversal if we get back over and hold.
92 - Was a very important consolidation base support , and since we broke it to finish last week , the trend has favored some continued downside. Would look for short trades under this level early next week , down into the 86 zone. There's a chance we see some buying around 90 , so we can look to use that level as a breakdown trade level or even utilize it as a take profit target .
86 - This was a breakup candle that cleared the 3/7 breakdown candle. I would expect buyers to come in off this zone , at least initially, This will definitely be an area for me to watch for a potential reversal , but if not , it's definitely a short side take profit target.
5. $ AMD (ADVANCED MICRO DEVICES)
$AMD - DAILY UNTIL 4/8
AMD had a pretty drastic move off that rejection. We basically gave up 20% in just a few days, and with it we find ourselves back at that 100 continuous buy zone. One thing to not this time around , is that the last 2-3 times we tested 100-101 for AMD , we had some pretty quick reversals in the opposite direction , but this time we have hung around here for a few days without any quick move , makes me think there is a chance for a break 👀.
110.48 - The breakdown level last week , I don't expect a move back into here next week , but if we do , take profit , and we could look for potential short side trades.
106.82 - It's an open gap , I would still place more emphasis on that 105 zone , but it can be a nice target over mid 105.
105-105.5 ish zone - Upside resistance , rejected this a few times in the later part of last week , and 105 (has been an important pivot we have used in past lists. We can call it the high of 4/6.
100-101 - I would rather use this zone then an exact level down here , just due to the importance of this area. As mentioned above , we have seen a lot of buying down here on the last few attempts , but it definitely does look weaker this go around. The low wick here was 99.35 ( on 1/28) , so I would still be looking for potential buyers here if the zone could hold with stop under say 99.35. Under that things can get ugly ,as we haven't gone under that 99 level since last summer. The 2 downside areas that can offer potential bounces would be 95-96 or 92 , I would need to see price in real time on the way down to see where i would want to be a buyer , but both those zones were either weekly breakout zones or hard resistance.
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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