Stock Market recap 8/4 + Watchlist Outlook
Hello everyone, and welcome to another mid week recap .
As usual, we will first start with some plays taken for the day , then finish up with a watchlist outlook for the remainder of the week.
Today was a pretty solid day , filled with a multitude of breakouts on the like such as $ZM, $MRNA, $COIN, along with some great trade opportunities on $FB , $BA and $PYPL.
DAILY PLAYS
One of our trade plans going into today , was looking for BA follow thru on the upside. We put in a trend reversal yesterday (8/3) , after flushing and recapturing 26, and we were expecting buyers to hold that zone once again.
HOURLY CHART UNTIL 8/4
The chart above highlights a zoomed out trend for BA , and what I was ideally looking to take the trade off of, and why I was looking to take the trade.
ONE MIN CHART 8/4
PURPLE ZONE: The purple zone was the 225-226 key zone , and also our buy area for the day. We got an initial morning buy off the zone , giving a quick $2+ pop, followed by a retrace entry again on the hold. We did get a bit lucky with that massive green candle as some positive news came out , and spiked up $6 + , giving us a sweet 100%+ return !!! After we hit the 232 target , we didn't do much, BA fizzled out , and headed back into 226 to end the day.
5 MIN 8/4
Not much, but just a bit zoomed out chart showing ideal short zone (red) + buy zones (green)
Now that the trade of the day is over, let's get to the watchlist plays for the week !
https://www.truetradellc.com/post/market-watchlist-8-1-8-6
^^^ Check out the key levels if you haven't already in the post above ^^^
WATCHLIST OUTLOOK
1. SQUARE ($SQ)
HOURLY UNTIL 8/4
Square has been a great one for this week. We opened the week above the 245 buy level , and oh boy did we take off .
GREEN CIRCES: (Left to Right). The first circle was the opening buy to start the week. We opened above the 245 level , giving the buy signal with the hold , and we just flew. Hit that 261 level, and continue to grind. The latter 2 green circle shows the hold on the retrace , after the 261 breakout , we have held the dips , both giving nice trade chances (on an $11 bounce and $4 bounce) + adding confirmation to the upside breakout.
PURPLE ZONE: This was that 261 resistance zone from the watchlist , now that we have cleared it , it has become soli support , and this can be the pivot for the remainder of the week. As long as buyers hold here , we can look for those long trades that get a potential upside breakout to new highs.
➡️I'm eyeing a continued hold over 261 and a break back over 266, followed by a hold. wit the price action this one is having , a continued hold over 261 can lead to some buyer consolidation getting ready to burst into a new all time high 👀
2. ROKU ($ROKU)
HOURLY UNTIL 8/4
Haven't traded this one this week , got close to the 408 buy area today , but wanted to wait post earnings. Didn't see much action at the 426 mid level breakup area. continued solid downtrend after that 440 breakdown.
➡️As of right now , after hours, Roku gapped down into 380's , which is not ideal for the bull case. I don't like long's under 390. If we recapture and hold 390 by open , that would be great , but if we are under , I prefer short side trades. On the downside , we could eye buyer potential at 363 would be the best case for me.
3. ETSY ($ETSY)
HOURLY UNTIL 8/4
Not to much action on this one , it did hold the 180 buy location and have a pretty nice pre, earnings runup. The 200 break and hold (green zone) also gave a nice trade opportunity. But with earnings come out today , we saw a drop down into the low 170's.
➡️Similar to the ROKU situation, i don't like ETSY long under 180, and prefer the shot side towards 173. SInce we are at 174, will closely watch that 173 level in morning to see if buyers want to take control again, if not i will like that 163 buy location much better.
4. PAYPAL ($PYPL)
HOURLY UNTIL 8/4
We started the week breaking under the 276 level off the watchlist. But since then , it looks the the reversal we were looking for has started to arise. we made a low on the week just above 269, and since then , we have started a higher hold over 271 , the higher hold on the hourly, giving that 1st initiation for the reversal to occur.
RED CIRCLE: The short trade on morning breakdown + retest rejection and hold under 276.
➡️ With the higher hold on pypl to end yesterday and today , it looks like things are flipping back to the upside. We close today just shortt off that 276 level, and if we can continue the up grind, now holding 273, and break 278 , don't be surprised seeing a push on the upside back towards 289.
5. NVIDIA ($NVDA)
HOURLY UNTIL 8/4
Nvidia is getting that upside breakout we were looking for , now the only question is , will we just hit 205 and settle down, or we break and gun for new all time highs !!! We saw a higher hold this week with buyers stepping in at base support off 193 getting that tighter consolidation ready for the boom.
GREEN CIRCLE: There were definitely a few great day trade opportunite on NVDA on the break over 198 this week, like the break on 8/3 giving a run into 202. But today was out first trading day with the trading day opening over the key level, followed by an all day hold.
➡️ With the daily breakout today , i do expect upside continuation. 193 is the lower range support now , while it is more than ideal to hold higher over 198. On the upside the target range is mid 204 - 205, and over that, we wouldn't have anything until the all time high at 208.
If you don't know how to utilize the key levels presented 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 👀
** THIS IS NOT FINANCIAL ADVICE**
I can do this on and on for every stock , but the best way to get them live is by joining the chat ;) https://www.truetradellc.com/stock-signals-membership
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