MARKET WATCHLIST 5/31 - 6/3
Hello everyone and welcome to another weekly watchlist by True Trade !
Last week ended with a bang , we had a very nice rally to close out the week , and it was pretty much what we were expecting , as mentioned in last weeks watchlist. We had a lot of sellers become trapped , and once we got the post FED minutes breakout , there was no looking back.
With a shortened week coming up , let's see if this squeeze will continue or if sellers will have something to say.
(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&P500)
$SPY - DAILY UNTIL 5/27
We had a great rally this past week , but the question on everyone mind is , will it sustain. We recaptured that open gap at 411 , and cleared that last pivot high at 408, if we can sustain any pullback back into that area , would expect this rally to continue towards mid 420's or even back into 430.
KEY LEVELS:
424.55 - This was a gap down candle that started our move to break to the downside. Would look to target this as well after 418. Over 424 we have the big supply zone sitting at 428-430. ,which is where I would more than likely look for the next big short opportunity.
418ish - The 418 level as an important pivot back in early May , would be looking to test this on the upside if we hold over 411 next week.
411.34 - This level was an open gap , we cleared it on 5/27 , and we even held above it (slightly higher at 412) , Early next week , if we hold over 4111 would favor long side trades, while getting back under can lead to a rotation towards 408.
(IN BETWEEN LEVELS) - A few levels to keep in mind for targets between 411 and 397 would include the breakup candle at 407.91 , and 403.5
396.92 - Doubt we come back this low in the upcoming week , but if we do see a pullback , this is where we broke out from this past week. Back under say 403 could lead to a retest of this 397 level.
2. $TSLA (TESLA)
$TSLA - DAILY UNTIL 5/27
TSLA had a nice reversal along with the rest of the market , once we got back over that 675 buyers began to pile back in and we saw a nice close to end the week. We came close to that 760 target zone , but I don't see huge supply until around the mid 800's. If we can stay over 700 I would favor long side trades.
KEY LEVELS:
795 and 787.11 - 795 is the breakdown candle that gave us a new low at the time , it broke under the 787 support which will also be another level on watch. This is an area we could see some sellers come int at , and could provide a short opportunity from. Over this their is 819 and then 860 which was a former support zone.
761.61- This level was a area that had seller presence for 2 trading days , we closed last week right into this level. Would look to use this level more so as a target rather than an area to take a trade from .
701 - This level was pior support before the breakdown on 5/20 , and since we recaptured it last week , we have been able to hold it , if we pullback into this zone , I would ideally be looking for a hold of it to remain long. If we get back under it a move towards 675 could be in play.
653 - This is the area we broke out from last week , kind of where the reversal began. This was our breakup candle that recaptured 700 support. We had seen hourly buying at 650 as well , so if we do see a move down there , can look to expect some buying.
3. $NVDA (NVIDIA)
$NVDA - DAILY UNTIL 5/27
Back on the list from last week we have NVDA. NVDA has a pretty eventful ER reaction, first dumping itself under 160, and then the very next day , making a full turnaround getting back over 170. We even closed the week back over the 184 level , and we could be in store for more.
KEY LEVELS:
198.67 - We have an open gap above at 203.3 , but that 199 area looked to over a good amount of sell pressure as well.. Would look at this area for a possible reversal , and
193 ish - THis is an hourly zone on the chart , we had quite a bit of back and forth here back in late April. Would be a zone I would eye for an upside target.
184.15 - This was a pivot low before our breakdown on 5/9 , and we managed to close back above it last trading week. If buyers can continue to hold 184 , a rally can continue towards the mid 190's .
177.05 - This level was an important intraday pivot over the last few trading weeks. If price creeps back under the 184 and 180 zones, a move back towards this level would be very likely. Under 177 we have 171..2 and then 160
4. $CRM (SALESFORCE)
$CRM - DAILY UNTIL 5/30
Been a while since we have played CRM , but with earnings coming up , the added volatility could be useful. We are just coming of 52 week lows , but will earnings continue the upside momentum , or pull us back down.
KEY LEVELS:
Mid 168 - 171 - Have a zone drawn up here , since CRM is a lower volume name , their have been some fake spikes and break either side. But by looking at the daily we can see a lot of rejections under 171 , the lower end of them occurring just under 169. Can look at this zone for a short opportunity. If we can hold over 171 , the gates can open for 180.
160.32 - We consolidated under 160 for almost a week before breaking out on Friday last week Ca look to use 160 as a trade pivot , short under , long over.
155.23 - Multiday buy support was setup at this zone , if we see a dip back here after earnings , can look to buy. If we break under , can look to get short , but don't have enough information on the lower end levels, would need to give. it time to see what develops.
5. TWLO ($TWLO)
$TWLO - DAILY UNTIL 5/27
TWLO is also back on the board from last week. We saw an nice initial pullback into a pop. Since we cleared that 106 level to close the week , I would look to prefer long trades over that 106.
KEY LEVEL:
111.51 - This was a former rejection zone , and before that a former support zone On the rally we had a few weeks ago we did move back to mid 111 , and then found ourselves rejecting back down. If we can sustain 106 , would look to fill that open gap up their at 111. Over 111 we have 115.
106 - The 105 level is marked on the chart , but 106 is where sellers continued to show up , since we got the break over it on Friday , we had an intraday hold , now if buyers can continue to hold over 106 , would look for follow thru back towards 111, 115 , while if we get back under would look for 97-98 and then 92-93.
97.39 - Under 106 , this would be a zone I would look to target , 97 area had a lot of buying and consolidation in early May , before breaking under last week. Now this would be a possible buy level if we get down there.
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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