Market Watchlist 9/13 - 9/17
Hello everyone and welcome to another weekly watchlist by True Trade. Last week gave us a nice pullback, but is that all or will there be more ? We will go over some market conditions with the SPY chart as our 1st pick ffo the week .
Last week gave everyone some solid trade opportunities with increased volatility , but now the question is , will this volatility continue , or will it fizzle up again to start next week .
Now to get into this week's list 🚀
(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. S&P 500 ($SPY)
$SPY - DALY UNTIL 9/10
With volatility on the rise , SPY is always a fan favorite due to having multi ncontracts expressions in each week. Last week we saw a nice pullback from the highs , flushing us under a key 447 support, But will we recapture it to start next week , or keep pushing lower 👀. The Chart above has quite a few levels posted , the 3 key ones I will closely watch are 451 , 449 and 447.
KEY LEVELS:
450.97 : This level is where we shifted short term trend at. After braking to the upside 2 weeks ago , buyers were holding 451. After the break on 9/8 with a failed recapture on 9/9 , sellers took control to get us ready for the down move. If we capture this area and hold for a few days , this last sell would just be taken as an ordinary pullback. Meanwhile if we reject off here then we could be in store for a rejection to break lower.
448.91 : Key breakdown location , held on 2 bounces 9/8 and 9/9 , before flushing on 9/10. On the upside if we can hold back over here , buyers could gain momentum back to the upside at 451. If we reject here we likely start a consolidation period between 449 and 447 before we break lower.
446.97 : As of the close on 9/10 we closed back under this level on a flush. It hasn't been seen yet if buyers can actually hold under this level, if we can get back over to start next week would expect an early week bounce at least up to 449.
437.52: If we do indeed head lower , this would be my key buy location. It doesn't mean we get this low , but with a lot of buyers positioned down here , would be a great buy the dip bounce opportunity. Could also see a potential bounce around 441-442 range if 447 doesn't hold early next week
2. NVIDIA ($NVDA)
$NVDA - DAILY UNTIL 9/10
NVDA was a peculiar one last week, it was one of the few stocks that did not follow the sell off last week. With that in mind, if we get an early week bounce , this is one to watch for a potential move to the upside.
KEY LEVELS:
229.5 -230 : Around the all time high , sellers are in control here , could break with a higher base forming at 226 , if we see another rejection with a failure to hold 226, could be a sign of a down move to soon follow.
226 ish : The last few trading days have seen a lower hold from NVDA , under 26 , give or take .10-.20 cents. Sellers have tried to continue the lower hold , while buyers have held the 221 level , putting us into a $5 range. If we can get back over here we could bas to set-up for a new all time high break , while if we hold under , sellers could be accumulating to break us under 221.8.
221.84: Key support on downside , now have had multi-week hold over. If buyers can continue holding here , great news , if not be looking for a break back down towards 217.5
217.53; Thee next buy zone on the downside , had multiday buyer hold here , and would expect at least a bounce on the next visit.
3. SNOWFLAKE ($SNOW)
$SNOW - DAILY UNTIL 9/10
Snow got the upside squeeze we were looking out for last week , but will this be all , or is this just the beginning of the upside wave. 325 has some sellers , but if we can maintain a higher hold , no doubt we could break it.
KEY LEVELS:
324.87 : Upside resistance , likely to see sellers , already from last week giving us the first red day in 6 trading days. Good spot to be short from 324-5 .
318.21 : Has seen a 2 day hourly hold over this level , the current support that , if held will give us momentum for the 325 break. While if we break under it , we could see the start of a potential pullback/reversal to the short side.
315: The resistance breakout level , back under 315 would be a good chance of a reversal to come in store. Back under here and we are likely to head to 311 , 308 and 305 on the downside.
4. PELOTON ($PTON)
$PTON - DAILY UNTIL 9/10
With news arising of PTON launching there own clothing line , w put in a petty solid reversal off the lows. Now the question s to see if we are capable of holding higher on a retrace.
KEY LEVELS:
122.68 : Upside resistance , hd a multi-week seller consolidation at this level before starting the recent down push , is very likely to act as resistance again on this move up. Could see some selling a little earlier around 121 , but this range from 121- 123 look for sellers to try and take control again. If we break eye 127 next.
112.69 and 107.8 : Both are potential areas of support , will have a much better idea once price comes back towards these zones, so for now keeping an eye to see price reaction here. Both could be the pullback bounce zones we are looking at , but not enough information yet for me to be sure. Both offered support/resistance on the initial down move so it would make sense for buyers to show some live her again.
103.01 : the buy zone before the breakdown 2 weeks ago. We kind of just soared right thru this level the last 2 days , but if we see a significant pullback watch here , if buyers hold the reversal off the lows will be complete and we will start gaining traction back to the upside. Over this level I still prefer longside trades.
5. AFFIRM ($AFRM)
$AFRM - DALY UNTIL 9/10
AFRM thas been taking OFF these last few trading weeks 🚀. It seems like not much can go wrong following their partnership with amazon , along with a positive and better than expected sales performance. we have quite a head of steam going for this one , and will definitely look to be dip buyers in the week to continue.
KEY LEVELS:
131: Had a 2 day hold followed be a gap reject and the start of a move to the all time lows. Should see some sellers present up here , but with the recent momentum, would not be shocked if burst right thru here.
117 ish : If buyers are very strong on the upside , buyers could even take control at a higher 117 location which was a former gap. More speculative at this level for the time being , but let's see how we act early next week.
109.64 : The key area we just broke out from to en last week , would be interested to see buyers stepping in again around here again. If we break much lower than 106 , we could be gunning back towards 102.
99.93: This has been the only key area that was tested before the earnings gap and go. A former sell zone , revisited on 8/30 , followed by a rejection. So since it was recently visited , this would be a more ideal buy the dip spot on a hold , but I don't necessarily think we get back down here within this week. If we break , might try to get the gap fill at 92.
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If you don't know how to utilize the key levels check out 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 👀
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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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