03/28/2022 Watchlist Chart
Watchlist for Monday, 03/28/2022
$SPY – Pivot is at $449. VIX is showing signs of accumulation, so caution is advised over the next 1-2 weeks as this week is the end of the quarter.
$TSLA – The stock fell 0.32% during market hours. On the 1hr timeframe, TSLA has been trading within a larger bull pennant with 1000 level as a strong support. TSLA was much harder to trade last Friday as it was overall trading within a range despite some strong stocks moving higher with the market. On the daily timeframe, TSLA closed a doji for the past two days so there’s some indecision heading into this week. Keep an eye on the 1020 or backtest 1000 level, as it can break out of this wedge and test 1040 (HOD last Wednesday) to 1050 level resistance. Above that can test 1077 (previous hard resistance) to 1100 level. We will consider puts if TSLA fails to hold above the 1000 level, as it can pull back down to 988 (near 100 DMA) to 978 level support. Below that can drop down to 964 to 945 level support.
Contract Suggestion:
Above 1020 or B/T 1000 level: 1100C 04/01 (7.4K Volume @5.90)
Below 1000 level: 950P 04/01 (12.6K volume @8.70) or 930P 04/01 (1.6K Volume @5.70)
$AMD – The stock fell 0.71% during market hours. On the daily timeframe, AMD broke out of the daily downtrend and consolidated for a week before another move higher last Thursday. It had a low volume pullback during Friday’s trading sessions which means there’s a possibility for a move higher to test that 100DMA (130.47) as the next potential hard resistance. Keep an eye on the 122 or backtest 118 (previous break-out level), as it can test 125 to 130 (near 100DMA) level resistance. We will consider puts if AMD fails to hold above the 118 level, as it can pull back down to 116 (near 50/200DMA) to 114 level support.
Contract Suggestion:
Above 122 or B/T 118 level: 122C 04/01 (10.3K Volume @2.28) or 125C 04/01 (21.2K Volume @1.35)
Below 118 level: 115P 04/01 (9K volume @1.53)
$NFLX – The stock fell 0.50% during market hours. On the 1hr timeframe, NFLX has been trading within a larger wedge and is flagging near the 372 level for a potential wedge break. On the daily timeframe, it’s still trading within an overall range until it can close above 387 for a move back to 400s again. We also continue to see the 380 level (break out level) to be a resistance, so the easier trade would be above 380 with volume. Keep an eye on the 376 level or backtest 372 level, as it can test 377 to 380 level. Above 380 level, it can test 382 to 386 level resistance. Above 386 level, it should test 390 to 392 level resistance. We will consider puts if NFLX fails to hold above the 372 level, as it can pull back down to 369 to 366 level support.
Contract Suggestion:
Above 376 level or B/T 372 level: 390C 04/01 (1.1K Volume @2.35)
Below 372 level: 360P 04/01 (696 Volume @3.15)
$DASH – The stock fell 8.35% during market hours but was up 0.68% after hours. On the weekly timeframe, DASH closed a shooting star pattern (bearish pattern) and would be a prime candidate for puts if the market decides to pull back after a multi-week run. It was also showing relative weakness as it closed a strong bearish candle despite the market moving higher. Keep an eye on the 103 level, if DASH fails to hold above this level, it can pull back down to 100 to 95 level support. We will consider calls if DASH breaks above the 106 level, as it can test 108 to 111 level resistance.
Contract Suggestion:
Above 106 level: 110C 04/01 (159 Volume @2.67)
Below 103 level: 100P 04/01 (327 Volume @2.55) or 95P 04/01 (622 Volume @1.34)
***NEWS TO LOOK OUT FOR THIS WEEK***
- Biden will present the FY23 budget on Monday (03/28), TBD on time
- Consumer Confidence Index for March 2022 on Tuesday (03/29) at 7 am PST/10 am EST
- Multiple feds speaking on Tuesday and Wednesday
- Unemployment Claims data on Thursday (03/31) at 5:30 am PST/8:30 am EST
- Non-farm payroll on Friday (04/01) at 5:30 am PST/8:30 am EST