Market Watchlist 5/9 - 5/13

Hello everyone and welcome to another weekly watchlist from True Trade!


Last week manifested pretty much as expected , as we continued to see a lot of volatility with the fed meeting , and we ultimately put in a new low for the year. Along with that we closed the week in a pretty rough spot , and it looks like the market selling is not done with yet. So let's get with the picks for the week.



1. $SPY (S$P 500)

$SPY - DAILY UNTIL 5/6


To start the list , we will start with the usual , SPY . We saw some decent volatility this past week , but even then the zones worked out beautifully. A lot of people were expecting that fED rally to hold , but had you read the list last week , you would've known that 430 was a big sell zone. AFter the rally we headed back towards the weeks lows. Let's see where we head this upcoming week.

KEY LEVELS:

429.86 - I won't be convinced of a trend reversal , at least for the short term , until we can clear and hold over 430. Can look to sell any rally into this zone until it gives in.

423 - This will also be another intraday hourly level. If we hold over , a move towards 428-430 is likely , while holding under favors a fall back to 420 and then 414-415.

419 - Over 415 their is another zone around 419 ( better seen on hourly chart). This zone had shifted as well from 420 down to here. WOuld use as an intraday pivot if we do see a rally towards here.

414-415 - This was a weekly level for the last few months , and of late it has continued to remain. asan intraday pivot. It seems that the level has shifted down slightly a bit into 414. We rejected under here to close out last week , and as long as we can hold yunder , the 414-415 provides a good short zone.

405.5 - It looks to be we have doubled bottomed at 405 , we bounced off it both to start the week , and also to end the week. Can look to be a potential buyer down here with caution. We are in a strong downtrend , so just keep that in mind. On the other hand we can utilize this as just a downside target zone. Under this things can get ugly again.

403.46 - This is a weekly level from 4/5/2021 , we didn't get into this level this past week , ut we were pretty close. Under 405 , i would keep an eye out for this level next. Under this their is a open weekly gap at 400.6 which will be on watch as well.


2. $U (UNITY)

$U - DAILY UNTIL 5/6


Next up on the list we have Unity. This is a name that we don't trade to often , but earnings is coming up , and we could be in store for a nice move. As of now , we are currently at all time low's , will we get a nice pop or head even lower 👀. The ideal move would be an earnings pop into resistance for a potential short trade.

KEY LEVELS:

70.73 - 70-71 area had a multiday sell consolidation This would be my ideal short spot next week. Any earnings pop back towards that 70-71 zone can provide an influx of sellers back to the downside. If earnings ends up going superb and we do clear and hold over 72 , i would be open to long side trades into towards mid 75 and then 79.

67.52 - This was a breakdown candle formed just a few days ago , a restes into this level can provide a potential short side trade opportunity.

63 ish - This was our most recent sell consolidation zone (seen better on an hourly chart), A move back into here can also provide a short opportunity , while getting a hold over can open the gate for a run towards mid 65 and then mid 67. On the downside we have the all time lows between 55-56 , but nothing else in sight until more price action develops.


3. $NVDA (NVIDIA)

$NVDA - DAILY UNTIL 5/6


Next we have a personal favorite , NVDA . Earnings is still a few week's out on this one, but I'm starting to like the potential bottoming formation being drawn up down here. We have had basically 2 weeks of sideways action as this was one of the leaders on the downside. If we start to see a market reversal sometime next week , NVDA will definitely be one that can have an explosive move to the upside.

KEY LEVELS:

202.03 - This level was another breakdown candle , we can look for short side trades here as well , while also using it for an upside target. Back over 202 opens the gate for a huge potential squeeze , getting into 210+ and then even 225.

199.02 - 199 was a breakdown candle a few weeks ago , and it also was a nice sellside candle on 5/5. This would be utilized as another upside target level , but this is an area that could be looked at for potential short trade opportunity.

193 ISH - This was an hourly zone this past week. If buyers can hold that 184 next week , a gradually move back to 193 would definitely be in play. We hit this zone on Friday to end the week as well , and it's also where sellers decided to step in. This would just be utilized as an upside target.

184.15 - Multi Day support , we dipped under it last week , but ended up getting back over it before the day and week closed. Would look to be a buyer here next week , if the level can hold. If we hold under , would look for a test back down at the lows.

179.15- 179 was a weekly pivot from 7/19/21 , we came pretty close to this level last week , as we slightly dipped under 180. If we can hold under that 184 , would be looking for. amove back down into here.



4. $DIS (DISNEY)

$DIS - DAILY UNTIL 5/6


DIS has been a name that I have not looked at for a while , but with earning coming up mid week , it will definitely be on the watch for a nice volatile move. Lets see if we can turn to the upside with a strong report , or if we end up continuing even lower towards 101.

KEY LEVELS:

120 - This was a breakdown zone a few weeks ago. With how low we have seen DIS get , be on the lookout for a possible earnings pop into a potential short trade opportunity. 120 will be one of those zones to watch.

117 ish - This level is an hourly zone , we haven't hit this level of late , but we do have sellers at this area. WOuld look to keep this area in mind as an upside target for longs. Getting over this and holding could be the first sign a potential squeeze towards 120.

115.43 - This was a multiday sell area. Basically we could use mid 115-117 as a sell location. Until we get over it , can continue to look for short side trades , while getting over would favor buyers.

MID 113 (hourly zone) - An hourly zone to use for intraday pivot. Holding over can provide trades towards 115 and 117 , while holding under favors a move towards 111 - mid 111.

111.71- This was a multiday support zone before the breakdown on 5/6 , if we can get back over would look for a reversal towards 113 , 115 , while if we remain under ,continue to look for short trade opportunities.

108.99 - This was a weekly pivot from 6/22-6/29 (2021). We also visited this late last week , and did see buyers start to step in. Short term trend is still down , so for now this can be used for a short side target level. Under this , the next weekly level I have is around 101-102 , but there is more likely to be more action between those levels. (Will keep you guys updated on IG stories.).


5 . $RBLX (ROBLOX)

$RBLX - DAILY UNTIL 5/6


Lastly on the list we have RBLX , which looks to be in the same position as U , all time lows. Lets see if earnings can help bump it up a bit , or if we are going to see more of the same to the downside.

KEY LEVELS:

35 - This is where we saw some continued selling the last few weeks. Can look for short side trades if we see an earnings pop into 35. If we manage to get over and hold , can look for a move towards breakdown candles at 37.2 , 38.5 and 40.5

MID 32ISH (hourly zone) - Over 30 we have an hourly zone around 32-32.2 , would look to keep this as an intraday pivot and as a target spot.

30.28 - This was a multiday support zone before this breakdown we had to finish off last week. As long as we can hold under 30 , sellers will have dominate control and we can look for short trades under that level. 27.33 is the all time low , similar to U , would have to wait for price action to develop down here to see what levels become important.


EXTRAS:

$AMD - The AMD setup looks pretty great , especially if the market bottoms out next week. We had a nice earnings reaction this past week , as we zoomed back over 92. Now the last.3 trading days , price has held over 92. If we can continue to hold , and breakout over 99-100 we can be instore for a nice pop towards 105. Keep buying 92 till it breaks. (92, 98, 101 gap)


 

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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