Market Watchlist 5/16 - 5/20
Hello everyone, and welcome to another weekly watchlist by True Trade !
Last week went very well , as there was a lot of market movement , and with that movement, there were alot of trading opportunities and we hope you all capitalized. For this upcoming week let's keep it short and jump right into it !
(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 5/13
Let's start the week off with our staple SPY. We saw a pretty nice bound towards the later half of last week , and that low could be a possible short term pivot. WWe saw a nice continuation off that bounce , but the real test will be seeing if we can hold higher or a pullback , or clear and hold over that 405 area. Lets see how it pans out.
KEY LEVELS:
411.34- If we clear that 405 , we do have an open gap above at 411, and if we can hold that 405 area , would definitely be looking for a move back toward 410-411.
405.1 - Most recent supply zone buildup. We had a gap down to start last week , followed with 2 consecutive trading days holding under that 405 level. WOuld look to be short here next week until we can break and hold over.
396.71 - This was our gap up candle to end last week , if we look to the left , we saw that early in the week we did see some buying around 396 , and now that we got back over i would expect buyers to hold here if they want control. Under 396 there's an open gap at 392.34 which would be a downside target is we break down that way.
2. NVDA (NVIDIA)
$NVDA - DAILY UNTIL 5/13
Next up we have NVDA which is back on the list from last week. Similar to the rest of the market we had a very nice late week bounce. We closed the week coming back into resistance so let's see how we act early next week.
KEY LEVELS:
184.15 - This was support before the gap down that started last week, would look for potential sell opportunities on an initial visit back into here.
180.34 - The was our breakdown gap candle that started out last week , the 184 area seems to have more prominence , but would want to keep an eye out at 180 as well.
173.47 - This is another breakdown candle that had put in the low of the week on that given date. Once we got back over it , it acted as hourly support on 5/13. if buyers can hold here next week would look for momentum towards an upside break , if not , a rotation back down towards the gap is likely.
166.3 - Acted as support on the gap up 5/16 , that 166-167 area will be an important pivot on a,move back down. As long as we can hold here , we could have a potential inverse head and shoulder pattern play out with a move to the upside.
161.75 - Under the 166 we do have an open gap at 162 , if we do break down would look at this as a potential target .
3. AMD (ADVANCED MICRO DEVICES)
$AMD - DAILY UNTIL 5/16
Next up we have AMD , this one has been in a pretty say sideways zone over the last few weeks. 84-85 area continues to offer great buy opportunities , while 99- 100 continues to have a lot of sellers.
KEY LEVELS:
98.78 - This was the breakdown candle earlier in April , and it has prove to be a solid sell area. We spiked into it once since then and saw a very hard rejection. 99-100 has sellers present as this was a former demand zone , as long as we can stay under here , shorts can be taken. Over 100 their is an open gap at 101.
92 - 92 has been a very important level these past few weeks , and i intended to use it as a pivot for this upcoming week a well. We have a breakdown candle located at 92.9 , so this area 92-93 will be one where i expect a bull bear battle. If we can hold over 93 would like longs , while under 92 would open the door for shorts again.
88.3 - the 88 level can be important as well (this was the breakup candle from last Friday , and can be utilized for a target on either side.
84.99 - BIG demand zone , until we can see a daily close say under 84 , would look to buy this zone every time we get there. If we do end up breaking then we can look for shorts , but not expecting a break under at least for this upcoming week.
4. HD (HOME DEPOT)
$HD - DAILY UNTIL 5/13
Next up we have HD , which is on the list as earnings are coming up this week. We had a pretty nice buy zone around 300 before the breakdown last week , so will look to use that as a key level this upcoming week.
KEY LEVELS:
311 - Over 300 , their is a breakdown candle located at 311 which would be on watch. Before that their i also an hourly zone located at 302.5-303 that would be important to watch for as a target also.
299.96 - We will say 300 for this . If we look on the left side of the chart , we can see that their was continuous buying present at 300 before the breakdown to start this week. If we stay under look for shorts , if we get back over that opens the door for a rally.
289.95 - This was our gap up candle to end last week , we also have an hourly buy zone around 288 which will be a potential buy point on dips this upcoming week. Under this we could see a test back at the lows around 280.
5. $AAPL (APPLE)
$AAPL - DAILY UNTIL 5/13
Lastly on the list we have AAPL. We saw a forceful buy off that 140 zone , but find ourselves back at a sell area to end the week. Lets see how this pans out for the upcoming week.
KEY LEVELS:
153.5 - Breakdown candle , should have some sellers positioned here.
150.9 - The 151 area was a pivot low from March , that just broke mid last week. On a bounce back into this zone , we could see some nice short opportunities , as it would be. aretsest of the key level we broke under. If we do manage to get back over that can open the gate to test the top of the breakdown candle at 153.5
147.87 - This level was a pivot bounce from 11/11/21 , and we seemed to find sell pressure there on the end of week bounce. Will look to keep this as an important pivot level early in the week.
Mid 144-145 - This is an hourly pivot zone , can look to use it as an over under level for the upcoming week.
139.5 - This area into 140 will be a buy zone until it gives in . Was a weekly demand area back last October.
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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