Market Watchlist 7/5 - 7/8
Hello everyone and welcome to another weekly watchlist by True Trade.
The market has continued to head down over the course of the last few weeks. Yes we have seen some volatile rallies to the upside, but in the end , they come right back down. (As a reminder to those who haven't been paying attention , we are in a bear market , so the best trades in the bigger picture , will still be to the downside.)
Now that we got that out of the way , let's get into some stocks I will have on watch. The first 3 on the list (TSLA,NVDA, SPY) have probably been my 3 main trades over the last month , a majority of the trades have been on SPY due to ease of trade , sprinkled with TSLA and NVDA on range breaks.
(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 7/1
Let's get the list started with a weekly staple , SPY ! We started the week off with a pullback , but then managed to push away from the lows to close the week out. We closed the week on a green day , but will we followthru next week , or come right back down to the bottom of the range.
KEY LEVELS:
FUTURES LEVELS - for those that Trade /ES - 3833 , 3815 , 3800 , 3779 , 3762 , under 3830 would favor the short side , but if we can hold over , a possible squeeze is in place.
381.4 - This was a break up candle , turned into a resistance zone ( once we broke back under it early last week. This level showed sell pressure in the latter half of the week , and with that in mind , I would look to use this level as an early pivot next week. If we stay under , look to continue being short. If we do hold over say 382 , the next upside levels in mind would be around mid 387 , which was a level we broke down from earlier last week. Over that we have the breakdown candle open at 390.
378.06 - I'm not looking to use this necessarily as a trade level , but this was important intraday in the latter half of the week. Because of that , would look to continue to utilize this as an intraday pivot , and a possible target on both longs and shorts.
373.85 - There was buy pressure just under 374 this past week , so would look to use the 374 level as a downside target , if we stay under that 381. This would also be a possible zone of interest for a long trade if we get back down there. If we do break this , be on the lookout for a violent breakdown towards 370.5
2. $TSLA (TESLA)
$TSLA - DAILY UNTIL 7/1
TSLA had delivery numbers come out over the weekend , so it is possible to see a gap on either end by 7/5's open. but ignoring that , the 2 key levels I would have for TESLA in this coming week are 667 , and 691. TSLA followed the major markets this past week , as we had an up day (barley) to close the week out.
KEY LEVELS:
703.4 - This level has acted as a POC (point of control) , or an area with the most volume , for a few times in the last 2 weeks. If price can hold over 692 , this would be the next spot on mind. Holding over this can lead to a squeeze towards 727 , 733.
691.54 - This was a gap down, breakdown candle from mid last week , wwe rejected it on both attempts later in the week as well , and with that , I would look to use these as a key pivot early in the week. If sellers continue to come off that 691 , would look to favor downside trades.
666.82 - This level acted as a nice support in the latter half of last week we did see continuous buying down here , so it is something to keep in mind. It is a potential buy level , where as a break and hold under can lead to the open gap down at 650.
3. $NVDA (NVIDIA)
$NVDA - DAILY UNTIL 7/1
Last week was not a good one for NVDA. We gave up that 153 low , and continued to flush. NVDA was on of the few big tech names that ended up making a new low to end the week , even though , the markets in general were up on that same day. I don't know how much lower we are going to continue from here , as we are already at 52 week lows , but with this recent break to the downside, I will be interested on looking for pops to short.
KEY LEVEL:
155.42 - If we do creep up slightly over mid 153 , we do have some sell pressure sitting at 155.4 as well. It rejected on both 6/29 and 6/30.
153.62 (Mid 153-154) - Mid 153 was the former low where we double bottomed earlier in June. We just broke under that low in the end of last week , soa retest of the zone , should provide some sell pressure. This would be the ideal zone to stay short under.
148.99 - This was another breakdown candle .. This was formed to close the week out, the open on 7/1. In the short term this could also provide some sell pressure early next week. But if we do manage to hold over , a possible move towards the 151.5 gap could be in play.
143.92 - This level was the 52 week low , would look to use this as a downside target , not as a reversal level just yet. Under this low , the next weekly levels I have in play are down in the mid 143 , and 135.
4. $AAPL (APPLE)
$AAPL - DAILY UNTIL 7/1
APPL saw a nice bounce with the market to close out last week , but it did not recapture that gap at 139. If we stay under that gap , would look to favor the downside this upcoming week , so let's see how it pans out.
KEY LEVELS:
139.22 - 139.22 was an open gap , we got close to filling it , but couldn't quite get their last week, if price stays under here , would look to favor downside trades. If we do creep up over , we have seen sellers at 140 as well. Any holds over 140 would turn me a bit more towards the bull side. Until then , i do favor shorts.
( MID LEVEL - 137.3 ) - To be used as a pivot between 139 and 135 , we have seen some intraday action around 137 , so would look to use that as a target on both sides as well.
135.36 - MID 135 - 136 provided solid support back in late June , and was also acting as support to close out last week. WOuld look to use this as a support buy on the downside , while breaking and holding under it would be a sign of extreme bearishness. Under 135 , we have 133.4 on deck which also acted as support last week.
133.4 - This was a reversal breakup candle from a few weeks ago. Under 135 , would use this as the next spot to target.
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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