Market Watchlist 6/1 - 6/4
Hello everyone, and welcome to another weekly watchlist by True Trade ! This past week was a pretty good one, basically every trade off the watchlist worked around the key levels, and hopefully you guys took the great trading opportunities it gave.
The market as a whole didn't seem to do a whole lot last week, pretty much remaining in a range. There were definitely a select few tickers that took off, especially in the tech sector. With a new month starting , what can we expect moving forward?
Looking again at the big picture , the trend is still up , and the market is in a bullish position. As mentioned last week for the S&P 500 , we noticed the futures hold over 4176.75 all week.
/ES - Daily untill 6/1
https://www.truetradellc.com/post/market-watchlist-5-24-5-28
That will remain my pivot level for long's/shorts (around mid 417 on spy)., basically getting back under the open from 5/24 (417.34) would not be a good sign for bulls, and the market can start to give in quickly from there.
Before getting into the watchlist here are a few thoughts:
I have had bearish sentiment for a few weeks now , but even with that sentiment , or any market sentiment/thesis , it is important to not let it cloud your trading . Let he market tell you what is happening , if you want to be short, but see that buyers continue to hold higher, take the loss and move onto the next trade. If you want to be long , but see that sellers continue to step in hard , get out and wait for buyers to show life before getting back in. As day traders, we have endless opportunities to choose from , pick a few , create a plan with x,y and z variables in place "if x happens do this , if y happens , etc ,etc ). In short, if you take a trade with a specific thesis, but that thesis starts to fall apart "go long over 116, but buyers can't hold 116" get out of the trade and move to the next. You can always come back later if you see your thesis in play again. In the case for S&P , I tried the short , but since we began to hold higher , and sellers started to step away, i began to reduce size, and then step out when the thesis began to fail. Always keep losses to a minimum and that will be a great factor to propel your trading success.
Now to get into some trade ideas for the week :
1. AirBnB ($ABNB)
$ABNB - Daily and hourly until 5/28
AirBnB had quite a spike to nd last week. Looks like buyers began to hold off mid 132-133 , base and get a ripper goin over 138. We closed the week rejecting under 142.7 sell ares, but aBnB looks like it may be loading up for a reversal shortly.
KEY LEVELS:
146.37 - We hit this pre market on 5/28, it's also the last breakout area from January, and a good bull/bear level. For the reversal to be complete ABnB would have to clear here, until them , sellers will continue to step in strong. Long for higher base consolidations for potential clear and squeeze.
142.7 - As see on the hourly chart there was quite a battle here to end last week , and even before than during the week of 5/11. I would utilize this as crucial resistance , but still favor looking for potential reversal signals on the daily. Until 143 can clear AND hold, ABnB won't do much.
132.5-133 - Big demand area off the pivot low, look to be a buyer on any dips back here
2. Canopy Growth Company ($CGC)
$CGC - Daily until 5/28
Canopy has earnings coming out before open tomorrow , and as you can see, there has been increased volume over the last few days. Increased volume will definitely give some good trading opportunities right out the gate to start the week. here has been a pretty weak downtrend, but looks like trend reversal can be in play, finally breaking a priot resitnace after basng for over a week under 23.5.
KEY LEVELS:
27.98- Basically around 28, had almost 2 week consolidation under the level before selling off an additional 20% , should see sellers here on a normal basis, if we rip thru post positive earnings reaction , we can see a squeeze towards 36.
23.64- Breakup of most prior resistance, lotta buyers stepping in on breakup and held for continuation next 3 days. Best case hold for trend reversal to take place , back under and we visit 22 if not lower .
22.12- Seems to be where short term low will be put in , multiday consolidation before move back up. If we fail and get back under 24 and consolidate under for a few days, would look for 22 brak back down to 17.5
3. Zoom ($ZM)
$ZM - DAILY UNTIL 5/28
Zoom has been pretty quiet as of lae. Ever since the drop post ATH, it hasn't done much. Earnings are coming up this week, so we should see an increase in trading volume again for the week. The bigger picture trend seems to be shifting back up off that low. We have started to hold higher over the past week, and are looking to break back over 340.
KEY LEVELS:
339.76 - 340 is loaded with sellers with almost a month long consolidation under, if we spike and fail to hold over, can look to short it back under the level. If we break and begin to hold, would definitely look for long trades.
316.4 - The most recent base support , after the low ried to put in a reversal and we began to hold higher. If we can continue to hold here and push back over 340, we could try for 355. Will definitely want to see where we open the day after earnings.
4. BROADCOM ($AVGO)
$AVGO - DAILY UNTIL 5/31
Been awhile since I've played this one , but as usual , the channels are super clean . Most recent buyers off 456, while 476 and 488 (primarily 488) can offer some good short trades. Earnings comes on 6/3 , so keep your eye out and see if 488 can break for new ATH , or not. If we see a drastic sell , 421 could offer buyers.
KEY LEVELS:
488.88 - Would definitely look to be a seller here, unless very strong positive ER reaction, we clear here, we likely make a new ATH 476.53 - The last breakdown area from 4/19. Should see sellers here, if we gap over, look to be a buyer and target 488.
456.92 - The most clean support level, we probably have higher support areas, but 456 is the highest probability one, and as long as we hold her, it would signal the best trades for longs.
5. ROKU ($ROKU)
$ROKU - DAILY UNTIL 5/28
Roku has seemed to put in a short term reversal, basing higher now. We had an initial break under 300, a quick recapture and a multi day hold (5/12 - 5/20). Off that hold we continued to grind higher, and now look to be consolidating over 340. It is looking like we want to base before ripping towards 374.
KEY LEVELS:
374 - The other breakdown area, held 4 days, and then broke under holding under for 2 weeks, will be much more inclined to be short here rather than at 356. Looking for a long move back into here
349 and 356 - Multi level sell areas, as you can see on multiple days last week we failed to close over the lower end level , and failed to spike the top end. If we can base and hold 350 , momentum can be build to rip thru 356. But for now, 356 offers good short opportunities.
329.55 - The last breakdown area which we broke, and held on retrace, like longs over this area
That's all for this week 👀
A few Notable ones: $TSLA - Brokeback over 600, now 670 was the last true breakdown area, we flushed 670 and 640 both on the same day. Look for sellers around those 2 levels, meanwhile buyers can setup into 600.
$SNOW - Broke 240 on 5/27 ,pulled back to end the week on 5/28. 236.5 will be the key area i use to see if buyers can step in an takke control, with a break of 240 in mind.
(I know i have been slacking posting updates thru the week.. it has been really hectic, but i'll try to keep a Play of day in mind for every morning, so stay tuned)
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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 ! ** THIS IS NOT FINANCIAL ADVICE** I can do this on and on for every stock , but the best way to get them live is by joining the chat ;) https://www.truetradellc.com/stock-signals-membership Email: truetrade1313@gmail.com Instagram: https://www.instagram.com/truetrade_llc/?hl=en Website: https://www.truetradellc.com/ Twitter: https://twitter.com/TrueTradeLLC1
What are you looking to trade 👀