Market Watchlist 9/20 - 9/24
Hello everyone and welcome to another watchlist recap by True Trade !!! Last week was absolutely beautiful, the key levels worked like a charm, especially for SPY, as we continued to grind lower. Now this next week should be a fun one , with increased volatility, a fed meeting , and the chance to either continue the strong short term downtrend or begin a reversal back to the upside 👀.
Let's get into the list for 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 !)
1. S&P 500 ($SPY)
$SPY - DAILY UNTIL 9/17
Back on the board for this week , SPY was an absolute beauty last week with its respect to key levels. After the prior weeks close under 449 we remained under it this whole trading week , as a result got the push to the lower identified key levels. We added a few zones to the chart , but for the most part the key levels have remained the same. Nice down trend in motion for now , lets see where we stop  👀
KEY LEVELS:
448.91 - Still the key upside level , might even be a bit lower with last weeks base at 448.2-448.4. After the breakdown on 9/10 , w hel last week undr the level all trading week and continued our push lower. As mentioned earlier bears are in control with this past price action , but if we do see some relief rally in the upcoming week , watch that 448-449 zon to see if sellers do step in again.
443.36 - A former gap became support this past week , we had about 3 bounces off this zone where buyers tried to take control , they did for a bit , but once we broke under on 9/17 , sellers held under to end the week. Watch this as the near term pivot if bears stay in control.
441.02 - We saw an initial bounce on 9/17 off the 441.76 level on SPY , where as the mid-end of day bounces occured. WOuld be looking at a potential early week bounce next week if we open around 441. The bounce would need to recapture 443.4 to put in a potential reversal but until then bears still have short term control.
436.01 - 437.5 : Both of these levels are key on the downside , breaking 436 will but us in bear territory , with that being our last pivot low in this market uptrend , and also the key support for a good 2 week span. Buyers were consistently buying either 436 or 437.5 for 2 weeks , so alot of demand is built up here , any QUICK dip here is currently a buy for me ... at least initially.
KEY intraday levels: A few intraday levels that have been important on the tape :
442.2 , 444, and 446.26.
2. COSTCO ($COST)
$COST - DAILY UNTIL 9/17
COST has earnings coming up next week , and have been a complete juggernaut all year, will that continue 👀. Its hel up pretty well with the recent market pullback with buyers at 456, but let's see how earnings goes and if we get a boom boom to the upside. Looks like we have a mini Head and shoulder pattern which plays out to the downside , but just keeping an eye out for the 456 level to start.
KEY LEVELS:
463.5 - Around 463.5 , we have the shoulder , and short term sellers here , braking and holding here , likely setups up a scenario where we break to new highs
456.52 - Support since the gap up around 2 weeks ago, have seen continued buying here despite market sell off last week. mentioned a possible H/S pattern , would play out to downside if 456.5 breaks and sellers hold under. But until we break can be a buyer.
446.21 - Former gap turned support , 446 is an area of interest for a bounce buy on a dip, had a 3 day hold here before heading to the all time highs , could be a load up zone again on a drop.
439.63 - Multiliday buyer base , if we see a flush after earnings , this is another zone to watch out for this zone to see some potential buyers, we could definitely see some buyers earlier , like around 443 , but as long as 440 holds , it should be give a solid buy chance.
3. PALANTIR TECHNOLOGIES INC ($PLTR)
$PLTR - DAILY UNTIL 9/17
Got a nice breakout towards the end of last week. We had a tightnin range the last few weeks and finally got the break. We played the long side since Wednesday , and we do favor this for a potential dip buy in the week to come.
KEY LEVELS:
30.02 - Thinking it's pretty likely w squeeze towards 30 before seeing some larger selling , although 29 was a pretty important hourly zone before hand, keep an eye on that on as well. Breaking 30 opens the gates for a squeez towards mid 31 or 35. 27.35 - Was a double top resistance before the breakout last week , will definitely be interested on dip buys if buyers can hold
26.79 - The pivot resistance where we broke out from last week as well, if we see a drop back under 27.35 , I will watch this area for the next spot of a potential bounce , holding back under would ignite a breakout failure and we could see a quick fall towards 26.
4. APPLE ($AAPL)
$AAPL - DAILY UNTIL 9/17
A potential bounce candidate for the upcoming week , coming back to a solid buy zone around mid 145, we had a lot of buying going on here before our push to new all time highs , and should likely see some again soon. Trend is down atm , so will play it by the day to see where we can head.
KEY LEVELS:
151.12 - On the upside we had a multiday/hourly hold under here to get our recent ownside push , on the way back up this area should definitely produce some sellers.
149- Another resistance zone on our recent down push , was a former breakout candle , which we broke back under mid week , and have held under since.
145.52 - Large demand zone ,looking on the left we can see a multi-day hold here before the upside breakout to new highs , so a-lot of buyers are built up here. If we are to bounce , thi would be the best immediate zone , so will look to see if buyers can hold early next week. keep in Mind the short term tren is down , and it is possible we initially flush here before holding to move back to the upside, so trade with caution. As long as we can hold , looking to be a buyer.
142 - If we do continue pushing lower , holding under 145.5 , next zone I'd be interested in is 142 , ya we could see some potential buyers at 143.75 , next bigger zone i Like is 142 , have had some consolidation here as well which initially gave us a new ATH on 7/9.
5. ETSY ($ETSY)
$ETSY - DAILY UNTIL 9/17
ETSY is on continued breakout watch for next week , we had a tighter consolidation forming before the upside break to end last week , now to see if we can continue pushing to the upside , or get a pullback hold for an entry.
KEY LEVELS:
238.43 - A gap , along with the wick of a massive breakdown candle (the open was 235.2) , should definitely see an initial wave up sellers if we come back into this zone. 235 or 238 should produce initial selling , the closer we get the more interested I would be for at least an intraday short.
226.89 - Just moved into this resistance to end last week , if buyers are strong , we will likely hold higher , say 227 and continue pushing up. If buyers don't have enough momentum here we will initially reject back down towards 220-221.
220.38 - The short term rage we built before the end of week breakup, if we want to consolidate a bit before grinding up , buyers are likely to step in around 220 , while if we get back under , sellers should try to push us back to 212.
212- The key daily hold we have had for just around 2 trading week's , over 212 buyers have mainited control , and should look to keep control on a hold. Back under opens the gates for 209.
EXTRAS: $ NVDA - Still holding that 217.5 support , look to be a buyer over , but be cautious , and short the break, as we have been holding lower this past trading week. On the upside sellers have stepped in lower around 223.4
$SNOW - Another one of those stocks that hasn't been bothered by the recent sell off. Snow made a new high to close last week , and have been consolidating now for quite a while looking to burst to the upside. We have continued to hold 318 even with some early flushes last week. Now if we can start maintaining the breakout over 325 , the next squeeze should come shortly after.
$ AFRM - We got a upside break last week , after holding 106 support , we began to hold higher off 115. If we can continue to hold and break 118 again , we should see a push back towards 121 , and likely a break for higher back towards 130. Key support should be 115 , break back under would likely be a failure , while on the upside we have sellers coming in around 119 , 121 and then likely 126.
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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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