Market Watchlist 6/20 - 6/24

Hello everyone and welcome to another weekly watchlist ! Last week was the first weekly watchlist post I had missed in over a year , had some things come up , but we are looking to get right back on track .


IN short volatility continues to be present in this market , as it seems that we continue to make a new low almost every day. There hasn't been a clear sign of a bottom yet , so until further notice , continue to short the pops !


(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 6/17


From this zoomed out view it doesn't look like their are as may key zones on this chart. AT least from a daily perspective we have had quite a few gaps i the last 2 trading weeks , mixed with a few inside trading days. Due to that , in an effort to avoid chop, it would be safer to take less trades , waiting for more solid zones.

KEY LEVELS:

370.5 - The was our gap down candle in the latter half of the week , if price hols over that 369 , we do have sellers that will likely show up just above it as well.Even this zone can provide a potential short trade back down. Over this zone we could see the gate open up for around 373 which would be the next key zone.

369 - This level acted as resistance after the breakdown on 6/16 and was also resistance on the 6/17 bounce. Would continue to favor shorts under this zone.

362.83 - This was a weekly breakup candle pivot back from 11/30/20 . It seemed to offer some buying on the 6/17 bounce , but unless it can hold on a few more tests , I would not treat the level as a short term low. Rather just as a downside target. Ca also use mid 364 as a downside target ( the low from 6/16).





2. $TSLA (TESLA)

$TSLA - DAILY UNTIL 6/17


Let's get the ball rolling with TSLA. In relation to the rest of the market TSLA , has yet to break the low from the May low (while both SPY and TECH broke well under the lows last week) . We found ourselves back at the 620 support last week , and off it we did see a quick bounce, but the trend is still weak. Would definitely be on the lookout for a breakdown next week if market remains weak.


KEY LEVELS:

675 ish - THis level (grey zone ) was resistance on every trading day last week apart from 6/15 , where a break out over it turned it into support. Over 663,668 this can be another zone to eye , if buyers hold over 675 again , can lead to an upside squeeze.

662.76 - This 663 level was a breakup candle on 6/15 , and after that , it was resistance on both 6/16 and 6/17 , have some sellers up here that I would like to look out for. ( over 663 , we have 668 as the gap down open from 6/16).

639.3 - This was support on 6/17. If price can break and hold back under 639 , it would help support a potential buildup to break to the downsie. While if it hold over , it could lead to a buildup to break over 663.

623.85 - The open of the bounce candle from May. We visited this level last week , and saw a quick bounce , gave us a nice $30 pop , before rejecting again on Friday. If this level gives in , we can see a very quick flush. ( Some possible downside zones under here would include 618 , 600 (round number magnet) and then a weekly level around 581 (5/24/21 weekly open).



3. $FDX (FEDEX)

$FDX - DAILY UNTIL 6/17


Next up we have FDX , a stock that I don't usually trade , but one with upcoming earnings. The added volatility could provide some trading opportunities. The levels on this chart may not be as clean due to lower volume on the chart , but these levels below should hold their importance.


KEY LEVELS:

240 - THis level has heavy sell pressure. It was a big breakdown location back early this year. We tested this level just a few days ago and saw an immediate rejection.. Would look to short any pops into this level. But if we do hold over this level , it can lead to a quick squeeze towards 246, but the short trade under 240 is prefered.



4. $NVDA (NVIDIA)

$NVDA - DAILY UNTIL 6/17


NVDA is back on the weekly list. We just made a 52 week low on Friday , but then saw a quick move off the lows back towards 160. The 160 level will be important one for this upcoming week. Staying under it would favor shorts. It hasn't had a forceful move down like a majority of the market , but if we do keep heading down , be on the lookout for a flush under that 153 low.


KEY LEVEL:

165.27 - This is an open gap from last week. If price starts holding over 160 , this would be a potential upside target. Over 165 we have that gap at 169 which almost got filled , but is still an important zone.

163.5 ish - THis was the high on Monday to start the week , and it was also an important intraday level on 6/15 , would use this as an initial target zone if buyers can sustain pressure over 160.

160 - The most important level I would have for this upcoming week. 160 was a BIG buy area in late May , and then has a very important pivot this past week. We held under to start the week , broke over, and then broke back under and held under to close out the week. Favor shorts under this zone.

Mid 156 - This zone seemed important on both 6/16 and 6/17. On the first day , sellers were strongly holding us under , while on the latter day , buyers were firmly holding us above it. Would look to use this as a possible intraday pivot for the upcoming week.

152.13 & 153.28 - The 152 level was a weekly breakup candle from (5/24/21) , while the 153 level was the 52 week low. Would use this levels as possible downside targets if price does remain under 160



 

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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