Market Watchlist 5/23 - 5/27
Hello everyone and welcome to another weekly watchlist from True Trade !
Last week was an interesting and super volatile week for sure, especially that last day where we moved over $20 on SPY from high to low back towards the high. This upcoming week should see some continued volatility, so be ready to take advantage of it.
A question in a lot of people's mind is "is the low in?" . After seeing the end of day rally on Friday , I am leaning more towards the possibility of a short term bottom with the possibility of maybe a nice 10-15% rally on the main market indices. Early next week can offer some important signs of whether or not we are in a bottoming formation , and where we will be looking to head. SO lets get started.
(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 5/20
We saw a very forceful bounce going into market close last week. We had a lot of buy pressure come in and we closed with a pretty long tail candle, staying over 5/19's close. With those few factors , if we hold say over 386 early next week , I would favor buy side opportunities for a rally back towards last week's highs.
KEY LEVELS:
411.34 - This is the original open gap from the breakdown we had on 5/6 to 5/9. ON the bounce early last week , we failed to fill it , which makes me wonder , if we would be looking to fill itt on our next move up. If we clear this gap and hold , we could see a quick move into 415.
403.5 - This was the breakdown candle that cleared that 396 support zone. Would also expect sellers to show up around this area , or slightly higher at that 405-406 area (the original breakdown from 5/9. If we can hold over that 403.5 , their is an open gap in place at 408.3.
396.71 - This was a support early last week , and then it became a breakdown level on 5/18. SInce we broke under it we were unable to recapture it , if we can get back over early next week , this can open the gates for 400 , and 403.
388.62 (hourly zone) - THis zone provided support on 5/19 , and could be possible support early next week as well , keep an eye out on this zone for potential trades.
385.98 - This 386 level held as support for 2 trading days these past few weeks , and although we did break under it on 5/20 , we did get back over it before close. As long as we can hold 386 , would look for some buying oppoortunites. HOlding back under would not be a good sign and it could open the gate for a move back towards the 381 level.
2. $NVDA (NVIDIA)
$NVDA - DAILY UNTIL 5/20
NVDA was one of the few big names that didn't put in a new low on the drop last Friday, instead it looks to have doubled bottomed off hat 159 support zone. With earnings coming up this week , lets see if we can get some momentum going to the upside.
KEY LEVELS:
184.15 - This was a prior support zone before the breakdown a few weeks ago. We even tested this level early last week , before rejecting back to the downside. Can look for sell opportunities here , and if we break and hold , can look for a move towards the 186 gap and then 193.
180.31 - This was the breakdown candle a few weeks ago , we got over it for 1 trading day last week , but quickly found ourselves back under . This level didn't seem to be as important , would look to rather use it as a target , rather than as a zone to take a trade from.
176-7 ish ( hourly zone) - This 177 was also an hourly zone early last week , acted as support on 5/17 and then resistance on 5/18 and 5/19. Will be looking to utilize it as a intraday pivot for the upcoming week.
172 ish (hourly zone) - This zone provided both support and resistance for a few trading days last week. Will look to utilize it as an over under level next week.
166.3 - This was support for a few trading days in the last 2-3 weeks. With us closing back over this level to end last week , if we can hold over early next week , I would look for a long trade to target 172 and then 177. Holding under , could lead back to 162.
161.72 ( not marked) - Didn't mark the level on the chart but this was our lowest daily close , on 5/12. It acted as a pivot on 5/20 when we recaptured it we accelerated that end of day squeeze. Look to utilize as a potential buy on dips. Breaking back under opens the gate for 158-159 again.
3. TWLO (TWILIO)
$TWLO - DAILY UNTIL 5/20
TWLO had a pretty clean setup , we failed to make a new low , and have been consolidating now for about a week. THis looks like we could setup for a nice upside breakout if the market sees buying early next week. TWLO is a lower volume mover so be cautious of fake breakouts , and that's also why for the key levels zones would be more effective.
KEY LEVELS:
112.61 - This was a former support level before the breakdown a few weeks ago, and then it also acted as resistance to the bounce a few weeks ago , if we can hold 106 , would be looking to target this level again. Over this we have the breakdown candle at 115 , and over that 117 and 122.
104.5/106 - The open of the candle is at 104.5 but the wicks of 4 trading days last week all rejected at just under 106 , I'll give the key level to 106. Where seller's have continued to step in , if we can get over and hold , a squeeze towards 110-112 is very likely.
95.99 - The support level all last week , we held every dip we had down their , and until this level gives in , can look to be buying at it.
4. $INTU (INTUIT)
$INTU - DAILY UNTIL 5/20
INTU has earnings coming up this week , and although it is a lower volume mover , the earnings aspect should add some volume and give us a few more playable trades. This setup looks pretty similar to TWLO with support consolidation the last few days , so let's see if we can get a nice pop. Similar to TWLO , since this is a lower volume name , can be more beneficial to use zones.
KEY LEVELS:
386.83 - Over 372 , we have a breakdown candle sitting at just over 386 , and that can be used at a short level. We also have the candle right next to it opening at 381.67 , which could be utilized as an upside target.
371.76 - On the upside , resistance has been coming into play at lets say just under 372. Until this level can be cleared , sellers will look to keep stepping in.
353.89 - The consolidation support for INTU has been coming into play at 354 , with it being bought up all last week. Can look to be a buyer until it breaks.
5. $ZM (ZOOM)
$ZM - DAILY UNTIL 5/20
Lastly on the list we have ZM. This one is up here as earnings are also coming up this week. We had a nice consolidation the last few trading days over 85 , so let's see if that continues to hold .
KEY LEVELS:
105.2 - This area was a very important hourly pivot just a few weeks ago , would look at this for both an upside target if we go that way , and also a potential reversal spot back down. Over 105 their is also 107 and 109 in play.
99.15 - If we clear 96 , i would look to target 99 next , not necessarily a level I want to take a trade at , but would look to use it as target.
95.6 - The resistance for the consolidation zone , can continue to loom for short trades here until it breaks as well. If we can hold over that opens the gates for 98-99.
84.79 - We had multiday buyers down at this zone , similar to TWLO and INTU , if buyers continue to hold 85 , look to stay long , while if they give up , things can get ugly real quick.
EXTRAS:
$AMD - Nice bounce to end last week , important levels to keep in mind . We held that 88.3 breakup candle to end last week , and closed just under the 93.8 level. If we can get over and hold 94 early next week , be on watch for a rally back towards 96, 98.8 and then 103.
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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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