03/31/2022 Watchlist Chart
Watchlist for Thursday, 03/31/2022
$SPX – Pivot: 4598 | Above: 4627+ | Below: 4567
$TSLA: The stock fell 0.51% during market hours. On the daily timeframe, TSLA has closed a double inside day pattern which sets up a lot of indecision about where TSLA wants to move. It can either move higher or lower depending on the break above or below the mother candle (how to play inside day patterns). Overall, TSLA continues to be difficult to play in terms of momentum after the huge gap up on Monday over the news of a possible stock split with daily RSI well in the overbought zone. The monthly candle is still very bullish as TSLA held its gains after breaking the falling wedge setup. Keep an eye on the 1100 level, if TSLA can break above with volume, it can test 1114 to 1128 level resistance. Above 1128 level, it can test 1150 to 1157 level resistance. We will consider puts if TSLA fails to hold above the 1090 level, as it can pull back down to 1077 (strong support) to 1050 level support. Below that can start to fill the gap down to 1020 to 1000 level support.
Contract Suggestion:
Above 1100 level: 1150C 04/01 (58.1K Volume @3.70)
Below 1090 level: 1050P 04/01 (25.8K Volume @4.90)
$CRWD – The stock traded up 0.87% during market hours. On the daily timeframe, CRWD attempted to break out of the ascending triangle but failed after hitting a hard resistance at the 200DMA (Daily Moving Average) 230.85 level. With more news on cybersecurity, we can see CRWD re-test that 200DMA soon we get some a small pop. Keep watch over this triangle break out as it can send this to the 240s soon. Keep an eye on the 226 level, if CRWD can break above with volume, it can test 230-232 level resistance. Above 232 level, it can test 240 to 247 level resistance. We will consider puts if CRWD fails to hold above the 220 level, as it can pull back down to 216 (9DMA) to 214 level support.
Contract Suggestion:
Above 226 level: 230C 04/01 (6K Volume @1.80)
Below 220 level: 215P 04/01 (667 Volume @0.87)
$NET – The stock fell 4.32% during market hours but was up 0.84% after hours. On the daily timeframe, NET attempted to break out for a leg higher but hit the 129 level (200DMA and 100DMA) as a huge resistance point. Unfortunately, NET closed a somewhat strong bearish candlestick with low volume at the breakout attempt. We would like to see NET pull back down to the 9DMA (118.83) and bounce for another attempt for a push higher. On the weekly, we see the NET double bottom on the 100WMA with the weekly MACD flipping green, and if NET can hold above 118, we can see another breakout attempt next week. Keep an eye on the 127 or backtest 123 level, as it can test 129 to 137 level resistance. We will consider puts if NET fails to hold above the 123 level, as it can pullback down to 120 to 118 level support. (wide spreads)
Contract Suggestion:
Above 127 or B/T 123 level: 130C 04/08 (98 Volume @3.25) or 127C 04/01 (153 Volume @1.92)
Below 123 level: 120P 04/01 (193 Volume @1.54)
$SQ – The stock fell 4.59% during market hours. On the daily timeframe, SQ broke out of the inverse head and shoulder pattern and recently broke out of the bull flag after. Currently, on the daily, we have an inside day pattern again and if SQ holds above 138 level, we can see a re-test of the 100DMA (150.23) again for a move back to 170s. Keep an eye on the 145 or backtest 138 level, as it can test 150 to 158 level resistance. Above 158 level, it can test 160 to 163 level resistance. We will consider puts if SQ fails to hold above the 138 level, as it can pull back down to 131 to 122 level support.
Contract Suggestion:
Above 145 or B/T 138 level: 145C 04/01 (8.2K Volume @1.55) or 147C 04/01 (2K Volume @1.07)
Below 138 level: 135P 04/01 (4.7K Volume @1.45)
***NEWS TO LOOK OUT FOR THIS WEEK***
- 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