04/01/2022 Watchlist Chart

04/01/2022 Watchlist Chart

 

Watchlist for Friday, 04/01/2022

 

$SPX – Pivots – 4532, 4567

 

$SHOP – The stock fell 4.20% during market hours. On the daily timeframe, SHOP broke below the daily moving averages and close near the low of the day showing relative strength. It recently broke out of the bull flag but now fell right back into it again. SHOP is quickly approaching a key support level that must hold or we can see it pull back down to the 600s again. Keep an eye on the 680 level (14DMA), if SHOP can break above with volume, it can test 690 (9DMA) to 700 level resistance. Above 700 level, it can test 714 to 740 (50DMA) level resistance. Above it can test 753 to 777 (break out level) to test 800. We will consider puts if SHOP fails to hold above the 666 level, as it can pull back down to 650 to 636 (20DMA) level support.

Contract Suggestion:
Above 680 level: 700C (1.4K Volume @3.90) or 750C 04/08 (538 Volume @ 7.00)
Below 666 level: 650P 04/01 (3.3K Volume @2.70)

 

 

$RBLX – The stock fell 3.91% during market hours. On the daily timeframe, RBLX currently forming an inverse head and shoulder pattern with a daily gap to be filled from 59 to 70 from their earnings gap down. RBLX currently holding onto the right shoulder of that IHS with the 50DMA (45.87) acting as a support. If this is the bottom of the right shoulder, we can see it re-test the breakout level (53) in the coming weeks. Keep an eye on the 48 levels, if RBLX can break above with volume, it can test 50 to 53 (break out level) resistance. Above 53 levels, it can test 54 (100DMA) to 57 level resistance. We will consider puts if RBLX fails to hold above the 45 (50DMA) level as it can pullback down to 42 to 40 level support.

Contract Suggestion:
Above 48 level: 50C 04/08 (2.4K Volume @0.89) or 50C 04/14 (3.4K Volume @ 1.45)
Below 45 level: 43P 04/08 /(201 Volume @0.83)

 

 

$DE – The stock fell 0.02% during market hours. On the 1hr timeframe, DE has been forming a bearish pennant with the hourly MACD curling downwards and RSI dipping. De was showing some relative strength towards the beginning of the day but quickly sold off with the market flipping to relative weakness. Keep an eye on the 415 level, if DE fails to hold above this level, it can pull back down to 409 (near 100MA) to 400 level support. Below 400 level, it can pull back down to 391 (near 200DMA) level support. We will consider calls if DE breaks above 420 level or backtest 415 level, as it can test 425 (50MA) to 427 level support.

Contract Suggestion:
Above 420 or B/T 415 level: 420C 04/01 (453 Volume @1.80)
Below 415 level: 410P 04/01 (195 Volume @1.30) – Wide spreads

 

 

$ETSY – The stock fell 7.64% during market hours but was up 0.56% after hours. On the daily timeframe, ETSY is close to testing the bottom of the wedge and the daily MACD flipped red. ETSY was showing relative weakness as evidenced by close at low of the day with above-average volume as well. This would be a great entry or put depending on if it breaks it Friday or bounces. Keep an eye on the 124 level, if ETSY fails to hold above this level, it will break the wedge and pull back down to 121 to 117 level support. We will consider calls if ETSY breaks above 129 or bounce at 124 level, as it can test 137 to 140 (50DMA) level support.

Contract suggestion:
Above 129 or B/T 124 level: 130C 04/08 (119 Volume @2.78)
Below 124 level: 122P 04/01 (118 Volume @1.25) – Wide Spreads

 

 

***NEWS TO LOOK OUT FOR THIS WEEK***

  • Non-farm payroll on Friday (04/01) at 5:30 am PST/8:30 am EST

 

 

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