Market Watchlist 7/11 - 7/15
Hello everyone and welcome to another weekly watchlist by True Trade !
Last week went pretty well , we were ready and prepared for a rally back towards the 390 zone on SPY , and were able to execute on it ( hope you were also)
We got that 3830 break and hold , and that gave us a very nice upside rally.
Now that. we ended last week with a "bullish" move , the next step is to decipher whether or not we will sustain that or not, and in my humble opinion , I do not currently expect this rally to maintain ( the key zones of interest will be posted down below on SPY).
We are still in a bear market , and should be for another few months at least , and until we do come out of it , look to treat these bounces , as short trade opportunities. Now lets get started.
(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!).
(WORK IN PROGRESS 1-3 DONE , REST STILL TYPING OUT , WILL BE UPDATED AS FINISHED)
1. $SPY (S&P 500)
$SPY - DAILY UNTIL 7/8
As always we start the list off with SPY. Yes we saw a nice market bbounce last week , but that's all it is likely to be , a short term bounce , before eventually heading lower. We came and retested the breakdown candle off 390 last week , and could not get over it . Don't be surprised waking up to a gap down to start this upcoming week ( if we reject strong off 390 this weekend).
KEY LEVELS:
FUTURES LEVELS ( MORE ACCURATE) - 3900 , 3866 , 3851 - 3844 . Back under 3851-3844 can get ugly , and fast . After that 3810.
390.21 - This we a reversal candle from a few weeks back. We came into it to end last week , but failed to clear it both times , seeing some quick rejections. Would love to use 390 as a short spot until we can capture and hold. If we do hold , can look for a push towards 393 and 395.
385.12 - This level was a gap up breakup candle. We gapped up over the previous days high ( making this a breakup candle). We pulled back on 7/8 , and held the area , before making the push towards 390. If you're looking for buy opportunities , I would watch this level , getting back under this would be a very weak showing for the bulls , and would likely lead towards the gap at 383.25 (7/6).
379.48 ISH - This was out intraday bounce zone on 7/6 - before completing an upside breakout over the crucial 381 resistance highlighted last week.
373.85 - Buy pressure here early last week , around the lows for the week , if we do get going back under 385 , there is a chance we restes this zone sometime late next week. Under here could ignite a quick dump towards 370 , and then towards the gap and then new lows.
2. $AMD (ADVANCED MICRO DEVICES)
$AMD - DAILY UNTIL 7/8
After making a new 52 week last week , we saw a nice V-shape bounce back towards the breakdown from the 80. Now we will see whether or not we can recapture and continue this short term rally , or if we will reject right away back towards the lows. That 80 area will be a pivotal spot , keep a eye on it for next week.
KEY LEVELS:
80.76 - Open gap from a few weeks ago , we came close to getting to it last week , but turned away from it quickly , falling 30 cents short. If price can clear the gap , and hold , there is a chance to rally towards 83 area , but until then , I would look to short this area from 79-81.
79.55 - This was a breakdown candle from 2 weeks ago. On our rally last week , we did not close any days back over this zone. Would prefer to stay short until we can clear it. Ideally I like shorts under the gap at 80.76 , but we can look to be a bit more aggressive off the 79.55 zone as well.
78.2 ISH - This is an hourly zone , we had buyers coming in here on both 7/7 and 7/8 on an intraday basis. Under this intraday would favor bears towards 77 , while holding over would favor long till the 80 area.
77.3 - Breakup candle mid last week , we had a gap up followed by a daily hold over the zone. If buyers want to build momentum to break 81 , they ideally would have to hold this breakup zone. If not , look to target the downside gap at 75.35
3. $NVDA (NVIDIA)
$ NVDA - DAILY UNTIL 7/8
The chart pattern on NVDA looks pretty similar to AMD . We saw a new 52 week low last week , followed by a quick V shape bounce back into the breakdown zone. The breakdown candle can be seen as either 6/29 or 6/30 candle ( thoe 6/30 is where we actually closed the day at a new low on the year). Similar to AMD , a retest of the breakdown can provide a great short.
KEY LEVELS:
159.83 - This was an open gapped , we just filled it to close out last week. If price can hold 158 , and make its way over 160 , we could be in store for a quick squeeze towards 165 , and then 167-168 area.
158.16 - This was another "breakdown candle" , as this day did put in a new low for the year ( but did not close at a new low) , we ran a retest of this level 2 days last week , and both times we did see price move away from it pretty quickly. 158 was importance intraday last week , and I expect its importance to continue next week.
155.42 - This was an intraday pivot for 2 trading days last week , can use this as a guide early in the week , when looking for longs or shorts , over or under.
153.61 - This was the 6/30 breakdown candle . As you can see we gapped back over this level late last week , and did maintain buy pressure over this level for the end of the week. Could be looking to buy off 153.5 , but when this level gives in , look to favor the short towards the gap at 151.3 , and then likely see a push towards 149 and 145.
4. $TSLA (TESLA)
$TSLA - DAILY UNTIL 7/8
The chart may look a little messy here , but in the bigger scheme TSLA under 800 will continue to favor shorts on pops. And on the other hand the 620 area will favor buyers until it breaks. That's the expanded range , though we can cap the upside lower around 775. We closed last week over 750 , but I'm on the lookout for a reversal early next week , but wouldn't mind a test at 790 before coming back down either 👀.
KEY LEVELS:
775 - An unfilled gap on the upside. If price can hold 748 , and clear 7/8's highs , this would be the next zone in mind , and then possibly 795.
748.1 - This was a reversal candle a few weeks ago , we cleared over it on 7/8 , and even held it intraday on pullbacks. Will look to use this as a intraday pivot early next week. If price creeps and holds under , can look to favor short side trades towards 735 , while if price hold over, can look to target 765.
733.45 - This level was a breakdown candle from a few weeks ago. We got back over this candle towards the end of last week, and did see a bit of price action occur around this zone. This zone may be off a bit , but there's definitely areas of interest around 735 and 727 on an hourly , and intraday basis , do do keep these in mind. Back under 727 likely leads to a reversal back towards 700 , if not more.
701.76 - This was a break up candle from the middle of last week. IN last week's post we highlighted the 690 level and 697 gap from 6/28. This candle was the one the cleared that 697 gap , and gave some force to a $50 + rally. On a move back down this would be a sweet target. While breaking back under it opens the gates for the 685-690 zone.
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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 !
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