Market Watchlist 4/18 - 4/22

Hello everyone and welcome to another weekly watchlist By True Trade.


Last week was a bit more boring then I had expected it to be. We started the week on a market gap down , which is exactly what we were looking for , but then we started to consolidate for a majority of the week, seeing price hold the range from the start of the week. With all that sideways , I would be looking for a powerful move sometime early next week.


Short term trend is down , so let's take a look at some of the key SPY levels to see which way we are likely to head early in the week. I favor down off the back 👀.



(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 4/14


And we are back with SPY , as our weekly favorite. Last week was pretty boring to say the least , after that nice gap down to start the week , we pretty much just went sideways for the remainder of the week. Their were some great range trading opportunities , but not much apart from that. Due to the consolidation last week , I would be looking for a larger move this upcoming week , to act as a release of energy, but let's see if that will be up or down , or perhaps even both. I favor down due to current trend.

KEY LEVELS:

444.11 - This was the top of last week's zone , every time we came to the 444-445 area last week sellers decided to come in strong. Until this area can be recaptured , sellers will have short term control.

441 - This was a mid level last week , if we take a look at a smaller time frame , 30 minute , hourly or even a 5 minute , the action around 441 can be clearly seen. It acted as an intraday pivot , with buyers holding over , while sellers putting up pressure under. Expect this to continue early next week as well if we revisit it.

438 - Bottom of last week's consolidation. We bounced off this zone twice last week , but then came and closed the week right into it. If we gap under 438 , would look for short side trades under this zone. (4380 - 4375 is the /ES futures zone , under that favor sellers).

433.58 - The next stop under 438 can be a bit tricky, there are a few zones that could offer temporary buying , but I would like to look for zones where we could see some larger potential trend reversals. I think this 433 could be one of the temporary bounce zones , but i would favor the next number for a larger demand area. This was a breakup candle , so I still do want to watch it, but not sure in terms of a full on reversal area.

429.84 ( ~mid 428) - On the other hand we have just under 430 which was a breakup candle , along with the zone at mid 428 which was our last pivot high back in 3/11 before double bottoming and shooting to the upside. A retest of this breakout area should definitely see some buyers.



2. $NFLX (NETFLIX)

$NFLX - DAILY UNTIL 4/14


Netflix has had a pretty rough stretch ever since its last earnings report. Even on the market bounce we saw a few weeks ago , NFLX didn't get much upside , compared to other big tech names. We closed last week at the lows , and we are getting very close to the 52 week lows. Lets see what this upcoming ER does for it.

KEY LEVELS:

366.29 - As we can see on the chart , for a good part of late March , there was a lot of buy pressure occurring down at that 366 level , buyers kept on piling in. But just a few weeks ago , that level gave in ,

351-352 - This has been a key hourly zone , an an intraday pivot area. The grey zone marked just above the 4/14 open. We have had quite a bit of back and forth going on off 351 - 352 , as long as we remain under , sellers have the control.

336-337- This area offered an hourly pivot on 3/15 before we took off to the upside. We are in a pretty steady and strong downtrend , so it's hard to say that we will reverse here . Would rather look to use it as a downside sell target.

331 - The lowest daily close in the last 52 weeks , the low was 329 , and this level looks like it could be breached , especially if earnings do not go as planned. In terms of how low we can go , under this level ,we could see a move into 290-295 which is another weekly zone.


3. $TSLA (TESLA)

$TSLA - DAILY UNTIL 4/11


TSLA is back on the board with earnings coming up this week. All eyes will be on this name as usual. But will we see a negative or a positive reaction 👀. Along with the rest of the market we seem to have a short term downtrend under that 1025 area , and that will be a key pivot level for me this upcoming week.

KEY LEVELS:

1025 - 1025 was an open gap , that had a rejection mid last week, also it was the high last week. Sellers have shown signs of stepping in up here , and I would favor short trades under this zone. If we get back over , a rally to 1045 or 1060 could be in store quickly.

979.94 - This was support for last week , as it was the low of the week , every single day last week visited this level (either during or in pre/after market hours). If this level gives in , be ready for a quick drop to start the week.

952 - 950 was a zone back from earlier this year , we had a lot of sellers coming in from 940-950 , and then when we saw that market short term bottom in mid march , it gave TSLA enough power to break to the upside and clear this zone. Since then we have yet to come back and revisit it, so I would keep an eye out to see how price acts on the retest.

930 - This was the breakup candle that cleared that 940-950 sell zone. Since the breakup we have yet to revisit this zone as well , So I would like to keep an eye on how we act on a move back down here.

914 - Under 830 we also had a nice consolidation support zone off 914 , that would be the next spot to watch for if we do get quick gap into 914 after earnings. Under that 890 can be in play and then 860.


4. $TTD (TRADE DESK)

$TTD - DAILY UNTIL 4/14


TTD was on watch this past week as well with a very nice head and shoulder pattern in play. It took a few days but the right shoulder was formed last week , and off it was finally began to break to the downside. There are a few lines marked on the chart above , as when we trade a lower volume names we are much more likely to see some quick spikes over and into levels due to lack of liquidity , but these are the mains ones to be focused on.

KEY LEVELS:

70 - Top of the range last week where the right shoulder was formed. Sellers came in early last week and said bye bye. We did have some sellers attempt to coe in a bit earlier around 69 as well , but this zone up here 69-70 is a short sport till we can hold over.

MID 66 - 67 - Intraday hourly zone. We had a lot of back and forth going here , seen better on a smaller time frame. Will use this as an area of interested in the upcoming week , avoring short underneath it. 66.65 will also be a breakdown candle , from the breakdown we had to end last week.

64.78 - This was the support of our left shoulder on late march , and it was support for our right should just until the breakdown to end last week. Since we just broke under it , will look for signs to stay short as long as price holds under 65 early next week.

62 ish - This was an hourly support zone from our breakup candle on 3/17. Would look to utilize this as a downside target for short trades next week.

60.3 - This was an important support on our bounce back in 3/8 and it was also where we started our reversal back to the upside. We have a breakup candle right under at 59.5 , so I would definitely be on the lookout for a potential bounce trade opportunity from 59.5- 60 in this upcoming week.



5. $PG (PROCTER & GAMBLE)

$PG - DAILY UNTIL 4/14


PG is not generally a name i trade , but with earnings next week , that added volatility could provide for some nice trade opportunities. For the most part PG hasn't been hit as hard with the down trend last week , but even then it just went sideways all last week. Would be interested to see which way we break , as their can be a nice energy release either side. Maybe they do it before earnings , or they keep the suspense going until 4/20 (haha , nice).

KEY LEVELS:

160.118 - The top of the resistance zone from last week , we spiked over it a few times , but for the most part , PG is finding it very hard to stay over 160. This can continue to be a short zone till broken.

158.3 -Just like 160 was the resistance , this 158 level was support for last week , Can keep looking to be a buyer down here until it breaks as well. Although it looks like it wants to give in very soon. If it does give in , can look for short side trades under the level as well.

155.12 - 156 - This area here , mainly the 155 level was formerly resistance back from late Feb and early March. We broke over this zone on 4/6 and since the breakout we have not tested the level. COuld see some buying down here on an initial test as well.

152.52 / 151.63 - This also has a zone down here , the lowest daily open within the consolidation was 152 , but we had a few spikes on the downside towards 151.62 as well. Ideally I would be looking for potential buying opportunities down here , at least on an initial visit.

 

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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