Market Watchlist 4/19 - 4/23
Hello everyone and welcome to another weekly watchlist from True Trade !
I didn't get up a weekly outlook post this week , as all the indices are at new highs , as stated last week , market is still in a bullish position, but don't start FOMO'ing now and start chasing , as the higher we go, the more the risk increases. Instead be smart, be patient, and eyeball pullbacks for entries, or look for trend change signals to take short positions. I'll highlight some key support zones for the indices below (Green - most important support zones , Blue - has chance to act as support, but no clear indication if it will until it visits) :
/ES ( $SPY) : - 4098 ( $408.52 ) - The most recent base location last week
- 4050 ($ 405.2 ish) - Has some support sideways consolidation shown here 4/6 - 4/7
-3962 ($ 397.07) - Initial breakout before we got this massive rally , the former ATH
These areas could see some support - primarily intraday :
4162 (415.87)
4114 (410.85)
/NQ ( $QQQ)
- 137865 ($ 336.04) - The most recent base support this past week
-13505 ($ 330.24) - The base before breaking up to new highs
- 13314 (324.13) - The pivot on tech before we got our big upside boom boom
/YM ( $DIA)
- 33425 ($ 335.72) - Most recent base support last week
- 33190 ($ 333.94) - The initial ATH base
These areas could see some support - primarily intraday :
- 33053 (331.66)
VIX:
Would need to start seeing buyers step back in over 17.3 , especially on a daily basis to start then back towards 19, if we are to sell the market start selling off. But as of now 15.5 is around the next buy area.
(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)
Now to get into the weekly watchlist, earnings season is in full blast so each week from now, until earnings ends, I'll highlight at least one earnings stock I have my eyes on (I trade the company AFTER earnings or BEFORE earnings, off the key levels, not swinging into the earnings announcement because of volatility risk and unpredictability.)
1. International Business Machines ($IBM)
$IBM - DAILY UNTIL 4/16
IBM is one of the companies with earnings coming up this week , after hours on 4/19 , and with that it should see some increase volatility giving us some good trading opportunities. It is recently coming off a 52 week high , it has seen buyer continue to step in higher off tat 130 location. Taking earnings factors and results into account here are some key levels to keep you eyes on.
Key levels:
135.73 - Sellers have came in strong from 135.7 - 137 , if IBM blows over this zone after earnings , you can look for a continued move back towards high 139 - 140. Meanwhile if they continue to not break over , takin a short trade off these levels can give a nice r/r trade opportunity.
130.33 - The most recent support and the breakup candle from 3/25. Buyers seems to be holding well off this level in last week's bounce , and it is a small immediate support for continued upside.
127.14 - This area has some consolidation ealy in March with multiple day jhold before the push towards 137. We have yet to revisit this zone since the up move , but with how buyers held earlier last month , I would keep my eye out to buy on hold over that 127 area.
123.37 - This was a pivot on the downside , with almost a two month consolidation under 123 before breaking up on 3/8 . Until we break back under here, looking to buy dips , especially on a positive earnings report/outlook could be a great idea. Gets under here , the next spot buyers step in is around 117 - 118 the base of the lows from January - February.
2. NETFLIX ($NFLX)
$NFLX - DAILY UNTIL 4/16
Netflix also has earnings coming out after close on 4/20 , and similarly to IBM , can offer great trade opportunities. We have had a steady uptrend since double bottoming off 495 , but 557 continues to be a struggle zone. If we can continue the base between 535 - 557 before earnings , and blast thru the 557 after the report, we can see ourselves back at 567 and then the all time highs.
KEY LEVELS:
567 - If we pop 557 the next resistance isn't to far ahead, coming in at 567 , look for seller's off here as well , but if we pop this and hold , we will most likely make a decisive move back towards the all time highs.
557.28 - Continues to be heavy resistance , and unless we gap over this level it is unlikely we break unless earnings goes great. Look to be short off 557 with stop at 557.
535 - The intermediate level , if we hold ere or higher off 540 buyers will step in between the range from 535 back towards 557. We break back under , look for a gradually move back towards 530, 517 and possibly 495 495.5 - Big by area , would definitely be looking to buy any move back into this zone , as long as company outlook doesn't change (ex: NFLX price drops but earnings report and outlook is positive) then I would look for buyers off 495- 500 with stop under 495.
3. SNAP INC ($SNAP)
$SNAP - DAILY UNTIL 4/16
Snap has earnings coming out after close on 4/22. This one as well can offer some good trade opportunities. It may not move as much, but it's a nice cheaper option for smaller accounts. Lots of sellers look to be sitting off 64.5 while the 60 level gap seems to be the current bottom side range. Just some sideways action between those two zones.
Key Levels:
64.4 - The most recent resistance level, I don't expect us to pop this until after ER , if we even get an up move , but until we are under look to be short, if we pop and hold we can make moves back to 67 and then 70 to all time highs.
60.23 - This was the gap level , and it has yet to break , but with the range between 60-64 , you can look to buy off this level keeping a very tight stop under, if we break it's possible we head back to 55.7 where I would look to buy.
55.7 - This was a breakdown candle that broke back up , just a few weeks ago, and after the break buyers stepped in sending us just about $10 higher 3 days later. You can look at this as the intermediate buy/sell level , as we should hold on any revisit back down. Buy over, short under. 49.5 - If we get any gapo down back towards 549, look to be a buyer, (again unless there's any major shift in company outlook post ER report). Lots of buyers are sitting around this level , and it should continue to offer solid support.
4. ROKU ($ROKU)
$ROKU - DAILY UNTIL 4/16
Roku does not have earnings coming up, but does have a nice breakout setup with buyers stepping in from 362 - 369. Netflix earnings could cause some movement in ROKU, but i wouldn't look to much into that. With the pivot breakout , the pivot level has been acting pretty nicely as support, so I will look to be a buyer off it.
KEY LEVELS:
(392-396) -This range has seemed to have quite a bit of sellers recently, this past week , may just be taking some time to cool off for now , so would keep my eye around here for a breakup. I wouldn't necessarily want to be short here, but look for a break to continue back towards 417-420, and then 436 where the short trade would look more promising. 369.5 - Important daily pivot, since breaking back over , buyers have looked to take control, and as long as we hold here , or at max hold 362 , I would look to be a buyer, while if we break back under, the short side trades go back on the table.
344 - If we break back under that 362-369 area , it is likely we see a push back towards 344, the other pivot breakup location , and I would be looking to be a buyer off that area for at least an intraday trade. Although i prefer to be a more heavy buyer if 362 holds.
5. DATADOG ($DDOG)
$DDOG - DAILY UNTIL 4/16
Another nice setup coming into next week, We got the 89 level breakout early in the week , and managed to close the week above it . As long as we can maintain it , we can see a sustained push back towards 96 and then 100.
KEY LEVELS:
99.7 - The upside sell area, we haven't visited it since the breakdown , and sellers have seemed to step in a bit earlier off 96, but similar to ROKU , it seems to just be taking some time to cool off. 89.26 - The key pivot , as long as we hold here on the daily , buyers will continue to step in and get momentum going back to the upside.
85.48 - If we get back under 90 , then we have the 85.5 area where we based before the 90 breakup, and buyers would look to steep in around here , back under here and we visit 81.2.
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( remember the numbers given in watchlist can remain valid later in time but may also change a bit if the number has already been hit a few times , so keep them in mind, and don't hesitate to drop us any questions. Furthermore, go back check out our prior watchlists, see if you see anything at a key level to take for the next week 😯)
https://www.truetradellc.com/blog/categories/watchlists
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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