Hello everyone , and welcome back to another weekly watchlist by True Trade! The market picked up with a nice pullback to end the week , but will this just be the start of a further correction to come ? Or will it just be a normal market pullback in the midst of this uptrend.
In short it is a bit early to identify what exactly will occur for the time being , but the price action these past few days has began to present some market weakness, and along with is here are some SPY levels to watch for the upcoming week (posted at #1)
After from the overall market trend , earnings season is approaching , so 🎉🎉🎉 to market volatility, along with some key zones for some stocks that should move significantly 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 !)
$SPY - DAILY UNTIL 7/16
Just from an eye test , we can see , that ellers did make themselves know this past week , but in the overall trend of things , they didn't really break any key levels back to the downside. Just be cautious on either side, seeing where we open tomorrow can tell a larger tale , and put into perspective if we will try to continue back to the downside. Aside from that, here are some key locations to keep in mind. KEY LEVELS:
435.44: Upside resistance occurs here and at 437. 435.45 held as support early in the weak , whee a break under on 7/15 started to see sellers step in. We tried to gap on on 7/16, but we rejected the gap and headed right back under, where once again sellers took control and continued to push us lower , closing the day, and the week at the lows around 431.
428.85 : On a daily basis , this area comes into play quite significantly, as we have not yet closed under to the downside. On our last attempt lower, we ran a support at 427.58 , before making our way back over that 428.85 daily level. I would watch both of these areas this upcoming week, as a break of the lower end would not be good , and an indication of lower prices to come, at least in the short term picture.
425.26: The nxt downside zone comes in the form of another consolidation zone just around 425, if sellers continue to remain strong , a move back into here is likely before we do see some sort of bounce.
(The key /ES area comes to place at 4309.5 on a daily basis , under is definitely favoring downside.)
/ES - DAILY UNTIL 10 PM 7/19
(Overall , Tech is leading to the downside , and if SPY does open tomorrow under 430 , or close to 430 , would favor downside play significantly move, meanwhile, if we we gap down significantly , towards that 425-426 range , i would look for potential, bounce buys. The market volatility can b due to an increase this week , so defiantly do be cautious when looking for dip buys, and as always follow the trend ! )
2.NETFLIX ($ NFLX)
$NFLX - DAILY UNTIL 7/16
Up first we have NFLX , which is set to report earnings after close on 7/20. We closed last week getting a minor eod bounce off that 525 support. Netflix is one of the stocks that generally moves large amounts on ER report, just look at the last move , where it gapped down just over $40. WIll we hit or miss earnings this time around , what are your thoughts 👀.
557 - Seen as upside key resistance, we tried to gap over it on 7/15, where we hit 565+ pre market , before failing and opening under that 557. Sellers made their presence felt, giving us a 2 day push back down into support, if we can gap over post ER , a bigger breakout can be in store eyeing 565, 582 and all time highs
544.43 - The mid level for netflix occurs at that 544 and 537 area , as both have hourly bases , with 544 being a bit more concrete , as it was also the range before breakout (525-544). Keep an eye on these as intraday zones , as since the price action last 2 days have added conviction to the sell side , getting back over 544 would be a strong win for the bulls.
525.7 - Key downside support ,multi day base off this location before making that push towards 560. Saw some buyers here to end last week and should continue to hold , as long as market doesn't continue pushing lower. Under 525 , can eye 514-5 area , as the breakout buyer location.
3. International Business Machines ($IBM)
$IBM - Daily until 7/16
IBM is another stock with earnings this week, coming out after close 7/19. The price acition has been a bit weaker than some other names out there , wit a failure to flip back to the upside over 141 on the most recent bounce. The range is between 137-148 for the time being , where a break under can lead to a gap fill at 133.59/134.59 or a continued push into 130.
141.28 - The most recent rejection location , off the recent bounce , sellers have continued to hold lower on a daily basis , as a break back to the upside has failed. If we can gap over post ER, IBM can flip back to the upside targeting 143 and theen 144.5. While if we fail we could consolidate or break 137 and head lower.
137.07 - Most clear downside support over the course of the last few weeks. The zone has held on the initial bounce , but coming into the area again can constitute a downside break. Back under, not to sure how low we can get , but I'd be watching 134.5 and 133.5 areas as first downside target, with a more extended weak move getting into 131.
4. INTEL CORP ($INTC)
$INTC - DAILY UNTIL 7/16
Intel another ER play on the list for the week. This one has shown some weakness heading into last week breaking the month long support at 55.3. Iff ER goes well , we can flip back to the upside , but if not we can see a significant pullback in the days to come.
KEY LEVELS: 55.36 - That month long support that was broken to the downside to end last week , if we can recapture and hold , great , if not continue to look for a push towards mid 53.
53.59 - The next area of support , didn't have quite as much action as the above level , but held fairly well , would eye buys in this location.
5. SNAPCHAT INC ($SNAP)
$SNAP - DAILY UNTIL 7/16
Last, but not least, we have SNAP, who has earnings coming out after hours on 7/22. Snap made a negative push to end the week , breaking and closing under that 60 daily support which had been holding for close to 2 months. WIll we get a upside move on a strong ER report, or will we continue to fizzle out heading lower over the next few weeks? KEY LEVELS:
60 - Getting back and holding over 60 is a positive sign for bulls, as 7/16's break under would just be a failed break to the downside, but if we continue to hold under 60 , the gates open for a lower move into 57. I would keep a close eye on that 60 level, and if we can get over , to target mid 61.
57.14 - The most apparent downside target to me come in place at 57 , the buy location for the last upside breakout move. WIll be keeping an eye here for buyers, but remaining cautious due to the shorter-term downside trend.
OTHER KEY LEVELS:
$DIS: After its 179 breakout last week , disney started to see selling into 185 , before closing the week on a sell back into , you guessed it , 179. This upcoming week , I would eye buyers to hold either 179 or where the breakout started at for 177. If buyers can hold , I would look for a move back towards 181.5 before looking at a push higher back towards 185. ZIf sellers hold strong under 179, a visit back towards that 172 can eventually take place.
$ROKU: Roku heavily respected that 440 short zone given last week, and now finds itself back at the 395 breakout location. If buyers can start to pick up again here, long trades back towards 407 and 416 are back on the table. While if we continue the weak trend , look for a move lower towards 390, 382.
$TSLA: Similar to Roku , Tsla has see a significantant sell back off its 700 resistance , breaking
back under 665 , heading into 640. If buyers can defend that 640-635 area, especially on a multi-day period, I would eye a move back towards 665, where , if recaptured can build momentum for 700. Meanwhile if we fail, look fo a move down towards 623, if not 598-600.
If you don't know how to utilize the key levels presented this post below: https://www.truetradellc.com/post/market-outlook-3-15-3-17
^^^here is a snippet of how the levels can be used ^^^
Check out past watchlist @ https://www.truetradellc.com/blog/categories/watchlists to see if any plays are still live or if the levels truly work 👀
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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