Market Watchlist 6/21 - 6/25
Hello everyone , and welcome to another weekly watchlist post by True Trade !
The last week ended in a spectacular fashion with a pretty steep eod selloff to close out the week. With Powell talking about Fed rates last week, we saw the market volatility pick up and oh boy did it. But will this continue for the week to come?
(I will start weekly outlook's again next week if volatility stays up, but for now , I'll throw in some key SPY levels to watch for this upcoming week.)
(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 !)
1. SPY ($SPY)
DAILY $SPY UNTIL - 6/18
DAILY /ES UNTIL - 8 PM 6/20
Volatility began to pick up again after 2 weeks of pretty much nothing. For this upcoming week , be very weary of how big tech, dow and s&p are acting and decide to play stocks that follow their trend (ex: take short trades if market is weak that day , look for stocks at support if we head up that day), chose the path of least resistance and be patient to get good entries. (Don't short a strong sock, while looking to long a weak stock , especially if your swing trading)
Aside from that , currently (8 pm ) futures are down and it looks like we are bound to open lower for tomorrow , so keep that in mind. Some bigger key levels are posted below for spy, more of a market map on where you can look for potential buyers on continued downside, but with many open gaps down there , kinda have to wait and see what plays out best .. the most solid supports come in mid 410 mid 405.
**The overall market trend is still up, (even if the short term trend is down) this could just be a casual pullback, or it could be brewing for something bigger, whatever your plan is, don't let any biases affect your trading plan !**
KEY LEVELS:
417.34: Was a prior daily base consolidation area, we gapped under 6/14, held under the day and had a solid eod flush, can look for short trades back around this area.
411.8: Next clear downside level , comes in close to the /ES 4110 , can look for potentially buyers around here , not sure how we react here , but if we just keep flushing , the open gap comes into play at 410.86 , so ideally would expect some sign of buyers in between 410.5- 411.5.
403.56: 404 to 406 is the next big demand zone, the lower ends it that 403.5 bt likely to see buyers closer to mid 405-406. Using the lower 403.5 level as the "oh no we can see another massive drop level" as it was the gap and hold level from 4/5 resulting in the new highs.
2. TESLA ($TSLA)
$TSLA DAILY UNTIL 6/18
TSLA has been raging for a bit , has some pretty big moves here and there, but pretty sideways apart from that. I would've liked an upside break this upcoming week, but that could be delayed with current market price action , but the short trade could work pretty well intraday at least. There are quite a bit intraday levels , the most recent being mid 611.
KEY LEVELS:
- 623.5/628: The upside resistance zones , 623 was resistance until the break on 6/18 , but that break failed sending us back under 623, so looking to be short at either zone this upcoming week (if the market looks week) can be a good play. If 623 starts to hold buyers, then upside breakout play is back on the table.
- APPROX 611.3: The hourly pivot the last 2 trading days , utilize this as the over under level for the week , eyeing longs over, with shorts under.
- 591.68: This falls at the bottom range of support, buyers can be inclined to step in higher around 594-596 , but as long as that 592 holds , upside potential can be present.
3. FUBO ($FUBO)
$FUBO - DAILY UNTIL 6/18
A short squeeze candidate, FUBO has made quite a recovery off the lows , hitting just above 100%. With the recent consolidation , we could be setting up for another leg up. This may not go next week , but holding over 27 for continued days/weeks, can build the momentum it needs to break to the upside past 32 towards 37, 39.
KEY LEVELS:
32.05: The most recent upside resistance , top side of current consolidation , might even see sellers lower off 30.5 , but once we can start holding 30.5 consistently , another higher consolidation should form IF we want to break to the upside, or else we fail and head back to bottom of current range.
26.97: The daily support zone with 2 weeks + of consolidation, look to be a buyer over 27, until there is a daily close under , that will be the crucial hold if FUBO wants momentum for the upside.
(Upside targets come in the form of 34, 37.5 and 39.3 , while the most probable downside support under 27 comes in at 23.7)
4. FACEBOOK ($FB)
$FB - DAILY UNTIL 6/18
Facebook has been on a tear recently , but is the momentum dying off 😱. We have been ranging for the last 2 weeks between 338 - 330, and with how the market has been looking we could see a downside break for the week to follow. The overall trend for FB will still be up, so I would like to be a buyer when it comes into support, but there is no reason we can't take short side trades intraday on breaks !
KEY LEVELS:
APPROX 338: Current resistance on the upside consolidation area comes in just under 338, could say around 337.7-.8. If we break we get new highs , but with last week's action and constant rejection looks like we get a pullback first before trying to break back to the upside.
329.48: Current support of the consolidation we have been having holding , but looks highly likely that we gapp under the level to open up on 6/21. Can thurn 330- mid 330 as potential short zone on downside if market is falling out of bed. If we hold over 330 can look for continued long trades.
324.6: Next support on downside comes in here, to 325, would be looking for buyers on an intraday trade here
5. AirBnB($ ABNB)
$ABNB - DAILY UNTIL 6/18
Back on the list this week , mainly because the setup is still in tact , and has the potential for that upside breakout. The past week we did get an up move into 155 , rejected and pulled back, but even with that we continued to base and hold which leads me to believe more upside can be in store.
KEY LEVELS:
155 - The upside resistance , already rejected to end the week , but will we get enough power to rip early next week? If we clear here , the next big area comes in play around 163 👀, which is ideally what I am watching for.
148.4 - the daily support has shifted a bit higher with last weeks basing , we did hit 155 on 6/18 but if we can hold higher , or 148.5 on a pullback , look for continuation to upside.
A FEW EXTRAS: - Quite a few setups from last week are still in play including ADBE, which held up post ER. AAPL and CRWD both broke out , while disney failed.
https://www.truetradellc.com/post/market-watchlist-6-14-6-18
- $FDX- Has earnings upcoming this week , but not as clear a setup as I usually like to play. But with post ER move would be interssted for potential buys at 274 and short closer to 302 , maybe even 297. Will be easier to decipher post, ER report, so will post the levels on IG story before market open
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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**
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