Stock Market Recap + Watchlist Outlook 11/10
Hello everyone , and welcome to another mid week recap from True Trade !
We saw a nice sweet pullback today , and you KNOWWW we had to play it :)
/ES - HOURLY CHART
Utilized ES chart instead of SPY , makes it easier to see the trade setup 😯.
Basically a triple top rejection , eyeing a break to the downside. Which we got after clearing yesterday's lows, under 58 , and then breaking 50 of 465 on SPY put the cherry on top. Under 50 there was a vacuum to 462 on spy , where we got to. After that buyer stepped in again, and now it will be interesting to see how we act overnight 😁
Exact trade entry , and exit alerts given throughout the day 🚀
(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 !)
WATCHLIST UPDATE:
https://www.truetradellc.com/post/market-watchlist-11-8-11-12
^ If you have not seen the watchlist ^
1. PAYPAL ($PYPL)
15 MIN CHART
Interesting case , the levels worked extremely well , but worked after hours after the earnings report went out. Didn't give as much chance to play the levels , but they worked if someone decided to trade shares off them. :) ➡️ Before earnings , we saw buyers holding support at 225. Even after earnings came out , we saw a quick drop into 225 before catapulting all the way to 243 (green circle) ... a solid $18 + move. The move was quickly rejected off the 243, as we found ourselves back under the 233 key pivot. The hold back under basically sealed the deal for the shorts. Buyers had a false breakout over 233, gave it up , sellers took control and flush we did.
➡️ Holding under 233 , opened the doors for a move back towards 225, and breaking that multi month support , really got the juices flowing on the sell side. Quick drop under 225 , and we are now trading at about $20 lower under 205.
➡️➡️ Continue to favor downside for the time being. Although anything in that 180-200 range is very very intriguing for some long term share buying for me :). Been a while being at this numbers , so not sure about a full on trade gamplan , as I would and more information , or a few more trading days of action until I can make something of this.
2. COINBASE ($COIN)
15 MIN CHART
Coinbase respected the level very nicely , probably gave the most trading opportunities this week off those key levels.
➡️ Started the week off by getting that vacuum over 348-50 as promised on the watchlist. Sellers did step in the next day pushing us back into 348 , but that level did continue to hold.
➡️After earnings we saw a quick drop , buyers did manage to step in around that 305-6 buy zone , and spike us back to the upside. For the majority of 11/10 , 333 and 348 were utilized as the key pivots. The break over 333 (green circle) gave a long trade opportunity , back into 348. While a multi candle hold under 348 (rd candle) gave a sweet short opportunity, as a retest of prior support. AFter the short , we got back to 333 , where a break also initiated another short trade chance.
➡️ ➡️We threw up 324-5 on to the chart as that was a breakup candle from 11/1 and it rejected pre- market , where you can see a double touch rejection , and it also held into close after the 333 break selloff. For the remainder of the week , I do prefer short side trades until 350 is recaptured. 333 can be used an an intermediate pivot , long over , short under. While on the downside , we can use today's low (11/10) as a target and then look for a potential retest around 305-6. If 324 does hold we could see buying pressure accumulate again.
3. SQUARE ($SQ)
1 H CHART
Not much action on this chart. We didn't visit any of the upside resistance levels provided , just the downside 232 level which did fail to hold.
➡️ Didn't trade SQ this week , but a arde opportunity was presented on a hold under 232 , to go with its strong downtrend.
➡️➡️We came close to the next downside support around 224, this level can be used for trade ideas for the remainder of the week. Personally I still like that 232 pivot , short under , or long if we can start to flip back over.
4. UPSTART HOLDINGS ($UPST)
5 MIN CHART
This one provided a few trade opportunities before earnings ,and even a possible one after the gap down. Levels had to be adjusted a bit , instead of 262 it seemed the the open of 9/15 at 268 presented a more crucial pivot. Nonetheless , even with using 262 , short trades were effective on a hold under.
➡️ Before ER , we saw buyer step in off 320 a few times (green circle), but then it broke and buyers stepped in at 307 (green circle). Both levels did offer trade opportunities, followed be a poor ER reaction and a huge gap down.
➡️➡️ With the new 268 identified , I will use that as a pivot for the remainder of the week , and then on the downside 240 and 228 can come into play , both being breakup candles from back in September.
5. AFFIRM HOLDINGS ($AFRM)
5 MIN CHART
AFRM didn't provide much trading opportunity either.
➡️ We gapped down into the 146.7 support level , a hold under was a good short location, where we found ourselves moving back into the next support at 130. We stopped just short bouncing at 132.
➡️➡️ ER came out after hours, I haven't looked into the report , but i see AFRM trading at 170 + , so expecting that the news was good. I will favor long side trades on dips. Maybe on either a 170 hold or a 163 hold. Will have a better idea tomorrow at open.
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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