Hello everyone and welcome to another weekly watchlist by True Trade !
We hope that last weeks list helped you take some profitable trades , and we expect this week to do the same !
Last week , we had quite a large range , 2 days netted over 100 point moves on the /ES , and their will likely be more of these large moves in the following fe weeks. 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 & S&P 500 ($SPY)
DAILY UNTIL 9/2
HOURLY UNTIL 9/5 7PM ISH
WEEKLY VALUE AREAS (9/6 - 9/9) : (/ES)
VAH - 4021
POC - 3988
VAL - 3903
We started the week on a gap down on a slight gap down , came back and tested the 4075-80 zone posted in last week's list and then got the brea lower. After that , we have maintained sell pressure under ( now VAH for last week) at 4021. For this upcoming week , if we test this zone , i would like to continue being short.
The latter half of the week we ranged between that 4200 and 3900, would look for this range to hold AND be tradable ( short the top , long the bottom) until it gives in. If we get that 3900 break , watch out for some panic selling and a fast move back towards around 3840, under that , 3740 likely also gets tested pretty quickly.
(3937-3940) - Another area that was important thru the week , were around 3937-38 (maybe even up to 40) , which was a pivot for last week on multiple days , holding under this could build the momentum to break lower , would look to utilize this as an intraday pivot.
(3955 ) -This was last month's VAL , and also an intraday pivot on the latter half of the week , also be used as an intraday trade zone.
This is just a condensed bird's eye view on SPY , didn't breakdown as many intraday zones , but in current range , 390 is a buy , 402 is a sell. Getting a break under 390 , can lead into mid 386, 383 and then the gap under 378.
I'll make the SPY levels available as the develop on the way back down , /ES will be easier and cleaner to read. KEY LEVELS:
401.88 -- Just under the 402 , key level on the upside. Would look to stay short off the 400-402 range for larger moves down until they give in.
390 ISH - Support for last week , multiple bounces here , and this was prior resistance ( or around prior resistance) back in July before we got our upside breakout. Break and hold under 390 , would look to target 386 and 383 , gradually would look for a move into 370.
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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