Market Watchlist 4/4 - 4/8
Hello everyone and welcome to another weekly watchlist by True Trade .
We could sense the volatility dying down this week , and due to that we took a bit easy last week. As volatility does die down , its is easier to start taking swing trades again , and that was more of our focus this week week.
Now in terms of the market overall , not a whole lot changed , vix continues to drop like a rock , and although we saw some pullbacks this past week, it doesn't look like they will sustain for to long , as there was a lot of buy pressure to close out the week. Market up trend remains in tack , for now and I will provide some SPY levels down below that will e important to watch.
(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 4/1
As usually , let's start the list off right with a SPY update. We continued our upside move early last week , before leveling off into a pullback. We tested a breakup zone and held. Lets see if we followthru up into next week.
KEY LEVELS:
464.72 - Gap is still open , if we get over last week's highs , this is my next upside target.
459.74 - Weekly breakdown candle . We held over it for a day , but then couldn't maintain it for to0 long. Sellers came back in and we started to reverse back to the downside.
457.88 - Breakdown candle that got use under "support". Likely to see sellers sitting up here on a retest. Lines up closely with that 458 double top back from lat Jan , early Feb.
449.56 - Our bounce zone to end last week. We had a lot of back and forth action here a few days ago before breaking up. And it is where buyers held support to end last week.
443.71 - Testing this zone before continuing the uptrend wouldn't be out of question. It's a open gap plus a consolidation zone . If we break that 449 , the next big zone I would have my eyes on this right here.
2. $NVDA (NVIDIA)
$NVDA - DAILY UNTIL 4/1
NVDA tested a major supply zone last week , and as the chart shows , we saw quite the rejection off it. We broke the short term uptrend when we gave up that 272 consolidation location, so it will be interesting to see if we can recapture it early next week , or make our way down to the open gap at 256.
KEY LEVELS:
283.04 (282-284 zone) - This was resistance early last week , before the fake breakout over and reversal back to the downside. A former supply zone back from January , we were definitely looking for a rejection here. Can continue to use this as a short zone until price can hold over 284.
272.57 - Was a multiday consolidation before the breakdown to end last week. Would be eyeing this for short opportunities on an initial retest.
270 (not marked) - but 270 was an important intraday pivot on 4/1 and also 2 weeks ago around the 3/18-3/22 frame. Alot of back and forth occured here , so would look to use it as an intraday pivot.
261.66- This was our breakup candle that broke over the 272 resistance level. Can expect some buyers here , as we did see some to end last week as well. I wouldn't look for a reversal back to the upside just quite yet ( not enough info , and short term trend is down and we haven't' put in a lower low or higher high on the hourly yet). Will keep an eye out on this zone , but rather use as a target than a trade level.
256.44 - Open gap , and alst the pivot low before our last move up , would look at this as a possible but the dip scenario. Under this level can get ugly quickly as we can see another $10 drop into 247.
3. TWLO ($TWLO)
$TWLO - DAILY UNTIL 4/1
Back on the list from last week, we saw TWLO with a nice upside breakout. Lets see if the momentum can continue to carry over into this following week. I continue to like the upside over 165.
KEY LEVELS:
175 - Our last daily pivot rejection on the down move we had happened just around 175. We tested the zone again last week , and as expected sellers came to play. Can look for short opportunities into 175 , but if the zone gives in , it can open us up for a quick rocket ride towards the 185 breakdown zone.
165 - The breakout zone from last week, that 164-166 area offered resistance a few weeks ago , but then we gapped over on the 2nd day last week. SInce that we held on the retest to end last week. Would look to be a continued buyer over 165 . If a breaks , a quick move towards the gap can occur .
160.74 - Open gap from last week , if we do see price back under 165 , would be possible to run a quick test before heading back up. More of a level to watch rather than use for taking trades (at least for me).
4. $TTD (THE TRADE DESK)
$TTD - DAILY UNTIL 4/1
Back on the list from last week , Trade Desk provided us a great trading opportunity from last week's watchlist (congrats to those who took it). Off that move , it looks like TTD is starting to from another consolidation base to continue higher.
KEY LEVELS:
75.6 - This was a breakdown candle back from late Feb. We tested it on 4/1 , and turned the other way real quick. Can use as a short zone until we break. If we get over , a quick squeeze to 80+ is very likely.
72.05 - We had 3 days of back and forth action around 72 , would like to utilize this as an intraday pivot this upcoming week , staying over and holding can build steam for an upside break , while staying under can lead to a move towards 65-66.
68.81 - This was resistance before the breakout last week. After the breakout we reset it on 3/31 and 4/1 , and the level held as support. WOuld treat this as the key support level this upcoming week , favoring long side trades until the level gives in.
64.78 - Same reasoning as last week. We had a multiday consolidation occur along this zone , a move back into this area can act as a launchpad back up (on a hold of course). Unless we have the whole market come down next week , I don't expect a move ack down here , as we have formed a higher consolidation.
5. $PYPL ($PAYPAL)
$PYPL - DAILY UNTIL 4/1
PYPL had a nice rally off that 113 support this past week , but we did end up seeing a rejection off that 123 resistance zone. Personally I would favor long side trades on paypal over that 113 level , so I will look to e an active buyer on dips this upcoming week.
KEY LEVELS:
122.98 - Resistance on the upside , if price gets back over 118 , would expect at minimum a retest of this top zone, from 122-123.
118.77 - This was the top of the consolidation range we had on PYPL the past few weeks. We broke over it last week , ut gave it right back and then rejected under it the last 2 days of the week. If you're looking for short opportunities , this is the spot to try it at. If we get back over this level , we should break last week's pivot high at 123 and keep going. If we remain under it for a few days , rejecting forcefully , we could be building up momentum to break to the downside.
116 - This is the middle zone between 113 and 118 , it was an important intraday level last week , with a 4 day period finding resistance here. On the pullback on 4/1 , we did end up seeing some buyers step in from just under this zone , will want to keep this as an early week pivot. If price holds over. , more likely to break 118 to upside , iff holds under , more likely to head towards mid 112.
112.72 - Multi-day consolidation support. Level of support has held for about 2 trading week's , and had a bull flag formation off of it. Until this level gives in I would look for buy opportunities here. If this zone gives in , we could see a quick correction down into 107-108 range.
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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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