04/29/2022 Watchlist Chart
Watchlist for Friday, 04/29/2022
On Thursday, S&P 500 continued the green streak by rising another 2.53%, closing with a MOC imbalance 1.4B sell-side. Futures are currently flat after recovering from the drop partially caused by AMZN’s earnings.
$ES – Pivot: 4277 | Levels Above: 4305/4360 | Levels Below: 4240/4220/4196
$AAPL – The stock traded up 4.52% during market hours but was down 2.22% after hours. AAPL beat earnings estimates and raised dividends, but cautioned that the resurgence of COVID in China may hinder sales by as much as $8B in the current quarter. If we manage to see a “buy the dip” at open, AAPL would be the one to pop first due to their relative strength. Overall, AAPL continues to trade in a larger flag so the easier trade would be above the 173 level. Based on the after-hours price, keep an eye on the 160 level, if AAPL can break above with volume, it can test 163 to 165 level resistance. Above 165 levels, it can test 167 to 171 levels of resistance. We will consider puts if AAPL fails to hold above the 158 (near 200DMA), it can pull back down to 153 to 150 level support.
Contract Suggestion:
Above 160 level: 165C 04/29 (86.9K Volume @3.50)
Below 158 level: 155P 04/29 (74.8K Volume @ 1.34)
$NVDA – The stock traded up 7.42% during market hours but was down 2.84% after hours. During Thursday’s trading sessions, Semiconductors were holding up well near highs with AMD earnings set to report early next week. There was significant flow into AMD and NVDA for possible ER run-up. With how AMZN earnings went, Friday may post a great opportunity to buy the dip for this ER run-up ahead of AMD earnings. There were lots of flow into the 2000 and 205C for next week’s expiration. On the daily timeframe, we continue to see NVDA basing near the 189 level but continue to find rejection at the 9DMA (200.95). Switching to the weekly, this may be considered a dead cat bounce due to low weekly volume, so must be wary of this. Keep an eye on the 200 level, if NVDA can break above with volume, it can test 205 to 208 level resistance. Above 208 level, it can test 210 to 215 level resistance. We will consider puts if NVDA fails to hold above the 197 level, as it can pull back down to 194 to 189 level support. Below that can drop lower to 180 (100WMA) to 178 level support.
Contract Suggestion:
Above 200 level: 205C 04/29 (12.2K Volume @ 1.14) or 210C 05/06 (8K Volume @3.55)
Below 197 level: 190P 04/29 (19K Volume @ 1.01)
$TSLA – The stock fell 0.45% during market hours and was down 2.62% after hours. TSLA continues to trend lower as Elon Musk continues to sell his share or take a margin loan for his purchase of TWTR. Overall, TSLA is under both the 50DMA (936.06) and 200DMA (902.42) which continues to be a bearish sign for the stock. On the daily timeframe, we continue to see high volume sell with low volume bounce which gives an indication the selling is not yet over with RSI continuing to dip lower. Based on the after-hours price, keep an eye on the 860 level, if TSLA can break above with volume, it can test 900 to 902 (200DMA) level resistance. Above 902 level, it can test 915 to 930 level resistance. We will consider puts if TSLA fails to hold above the 850 level, as it can pull back down to 835 to 820 level support. Below that can drop down to 800 (big psychological support) to 786 (hard support). Below that can see 770 to 750 levels.
Contract Suggestion:
Above 860 level: 900C 04/29 (112.9K Volume @ 5.55) or 1000C 05/06 (20.5K Volume @ 4.55)
Below 850 level: 830P 04/29 (32.4K Volume @2.40) or 800P 04/29 (85.7K Volume @ 0.76)