Market Watchlist 8/29 - 9/2
Hello everyone ! It's been a while , but welcome back to our weekly watchlist ! We will have some slight changes to the weekly list , for one we will be including /ES and SPY together ( easier for level reads and easier to follow for futures and options trades). And then we will do a few stock names that we like as well. So let's 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!).
1. /ES FUTURES & SPY (S&P 500)
WEEKLY VALUE AREAS (8/22- 8/26) : (/ES)
VAH - 4166 POC - 4133 VAL - 4042 As of right now ( Sunday 6PM ) , we are set to open on a gap down Monday. If we were to open at current price (4012), which is under VAL at 4042 (which was similar to last week where we stayed under the weekly VAL at 4220 ), I would greatly favor downside , and would look to short any pop into this 4040 level ( even 4030 which is where we gapped down to on Sunday). If we do get over the 4042 (which I don't find likely , we could see a quick rotation back towards 4060 , and then 4076-4080. While staying under , I would look for a rotation towards the psych 4000, and then 3960-3950.
$SPY - DAILY UNTIL 8/26
A quick rundown of some SPY levels. WWe had a hard rejection off 420 Friday , down over 3%, along with that we broke the consolidation support we had built around 406-407. Would continue to favor the downside under that zone coming into next week.
411.35 - Was pivot support last week before breaking down Friday , I don't expect us to retest this level , but if we do , would like to stay short off this area.
407.58 - 407.5 - was built with buyers earlier in August , and this support eventually lead to a leg higher. Now that we broke this to close out last week , would like to watch it as a potential short zone .
400 ISH - Would like to keep track of 400 on the downside as a big psych level , apart from that , would also use 402.5 ish as another take profit level.
391 - I'm looking for this down leg to reach into 391 before seeing a significant bounce , this area was where we broke out from back in June- July. Since breaking out wwe haven't visited this , but if we do break here , its bye bye and likely leads to new lows ( I am in the camp that new lows will be achieved, but of course , I'll let price action guide me).
Few other levels to keep in mind for targets and potential pivots ( 402.7 , 398.5 , 396 ish ).
2. AMAZON ($AMZN)
WEEKLY VAL AREA CHART :
$AMZN - DAILY UNTIL 8/26
LAST VALUE AREA LEVELS:
VAH - 135.53 POC - 134.19 VAL - 130.5
This is one we have been eyeing for a few week's , and like with the whole market last week , we finally got our reversal. AMZN has quite a bit of run room , even to the former lows , for one , we had a pretty steep gap up after earnings ( almost 10%) and we just broke that gap up level on Friday , and then on the downside the open gap sits at 122 , (with some possible pivots along the way) . Any pops back to 132 are a for sure short ( until max 133.5) .
132-133 - (HAVE A ZONE RIGHT HERE ) , The gap up day (7/29) , our low was 132.4 , which also acted as support on the bounce from 8/24 , and then it was intraday support on 8/26. We got the break under this level to close out last week , and I would greatly favor shorts under this zone.
129.85 - This was a gap down candle from 4/29 , funny this is we didn't test this (well apart from gapping all the way back over it after ER , so we did technically test it after hours on earnings day). Don't think ill use this as a tradable pivo (until i see more price action develop around this zone) , but for sure a good target spot. Plus it's pretty close to that 130 psych number.
126 ISH - Under 130-129 , the next zone of interest for me is around 126 , which was heavy resistance for a few weeks back in May to July. A retest of this area could act as a bounce zone , while flushing right thru likely leads to the 122 gap.
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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