Good evening everyone , hope your having an amazing day. n today's recap we will go over the market bounce , highlight some of the market watchlists plays , and then review the trades of the day !
The market had a very nice bounce off that 3660 low from /ES. I was expecting continued downside on a potential rejection around 3716 or 3748 , but with bulls holding the line over 3716, I just decided to wait it out, and we took some other winning trades. As I always state, you have a thesis, but you have to be flexible with it and let price tell you what's most likely to happen.
/ES - HOURLY UNTIL 2/1 - 8:30 MST
As pointed out in the watchlist post their would be a chance that the 3660 level would put in a short term low. As buyers picked up and pushed up back over the 3716-3717 breakdown area and began to base (boxed zone), my short sentiment shifted. We did come into the 3750 area and gave a nice 30+ point reject back into 3717 , but the hold over the level (grey circle) , just showed more consolidation strength by the bulls. Midday we broke back over the 3750 area and are looking back into 3822. Some selling can be seen into that zone , so be careful there, if we close daily, or close multiple hours back over that 3822 zone , we will shortly find ourselves coming back into new highs. If bulls give up earlier, we could see overnight selling off 3788-3795. As always updates will be given as more information is made aware to s by the market. For now you can look to be long off 3750 , around 374.41 on $SPY or on a open above 377.63. While sellers will be stepping in closer to 3822 o 381.26 on $SPY.
Aside from /ES , tech is just back under resistance off of 13375-13400 ,if we start to consolidate within a tight range under we should breakthru and create a new high, as this is our 2nd revisit of this breakdown area.
/NQ - HOURLY UNTIL 2/1 - 8:30 MST
We also had a solid bounce off support for this one, and with some consolidation we can look to head higher. Meanwhile the DOW , /YM is still the weaker of the three, holding 30000 can act as support, where as the big sells would be off 30403 and 30925.
Now to get to today's fun stuff , the watchlist plays + todays play recaps.
If you read the watchlist , two of the plays off the list became valid today. With $SWKS and $FUBO. And those two were the primary plays for today with $FB and $AAPL !
$FUBO - This one had a very nice gap up overnight, showing the strength of buyers at $39. As seen in the posts above , Fubo was set to up right around gap resistance at 46.7, but the pre market action was just some very solid consolidation , which gave s a chance to buy off 44.5 , which we got hehehehehe.
$FUBO - 5MIN - 2/1
The bottom grey boxed zone showed the zone down into 44.5, where we took our initial entry. Notice howe we were holding under the vwap (purple line) and 44.65 for most of the morning, but then boom we get out break, start to hold and find our way into the first target at 49.8. Once we got over , the 49.8 became solid support and gave us an end of day push into a key level.
$FUBO - HOURLY - UNTIL 2/1
Now , even though we closed just under the level, the hourly chart on $FUBO looks very, very , veryyyy good. With the short interest being almost 75% , getting over 52.6 tomorrow at open can push us towards 56-57. If we happen to clear that zone , we will come for new highs. The key support to now hold would be a continued base off 49.8 on the hourly. So the two best buys would be , buy 49.8 with hour stop, or wait for break 52.6 (which i would love and go ham on 😄 )
$SWKS - This was a nice one , it was opening on a gap back over 171 (a key level identified in the watchlist) , and with such a strong open , this was bounce to run.
$SWKS- 5MIN - 2/1
Skyworks didn't want to retrace at all during open , so we took a small size position around 176, and rode it up into 181. Off the initial rejection we stopped out our remainder back under 179 . (We kept a tight trail stop mainly because we didn't get the best entry , which would've been 171, and there was a chance we dipped back into that). As seen above off the initial rejection , we held the open price and then broke back over 179 (the boxed zone). This break and hold back over on the hourly gave us the confirmation we needed to get back in ! We rode $SWKS all day into the new highs , selling some into 184, while holding the remainder for a swing , as we just kept basing and moving higher. Targets for the upcoming week will still be new highs 😯
$FB / $AAPL - Facebook and Apple both had similar setups in the sense that they both were opening back under breakdown zones from 1/29. As a result , both gave those first retrace rejection entries ! $FB was a bit more clear as it remained under 261, so we shorted mid $260 , with our stop at $261 and our targets at 255 and 253.
$FB - 5 MIN 2/1
The highlighted circle indicated the entry, and the boxed zone was our first sell target. In the case of $FB we held the first sell target, sold some , and got stopped out on a trailing stop with the rest. A nice $5 + short 😎. Meanwhile $AAPL popped over 133.8 at open , and then dipped back under going back to a low at just under 131 giving a $2+ short, not as great, but that's why we focused on $FB, the one that held under the number.
$MRNA - Moderna was the one that failed to get over the level we liked. The pre market action started to show weakness off that key 177.6 level indicated on the watchlist, so as a result the play became void. It didn't over over 177.6, however, if you chose to play the bounce off 170, we had buyers step in around 7:33 EST , and 5 minutes later we hit just over 174 , giving a $4 scalp play for those who wanted it. But it was made pretty clear after the open that MRNA looked weak so we focused on the rest.
$ROKU - Roku ws setting up to open over the 391 level we wanted to short, so I took that off the list. Yes we could've been long off the level but their was so many other plays available 😱.
Hope you all caught some of these watchlist alerts 🔥. Hope you all have a killer rest of your week 😎
If you appreciate the post , don't forget to like and follow, as i will have a weekly watchlist post up later tonight !!!
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Hope you all have a wonderful rest of your weekend, and a great upcoming week :)
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