05/05/2022 Watchlist Chart
Watchlist for Thursday, 05/05/2022
On Wednesday, $SPY rallied +3.05%, after yet again bouncing off that key 413s level support we’ve been talking about. We are noticing more puts coming in (which could be hedged), so caution is advised. Futures are currently flat after hours.
$ES – Pivot: 4303 | Levels Above: 4325/4360 | Levels Below: 4240/4212/4196/4176
$TSLA – The stock traded up 4.77% during market hours but was down 0.48% after hours. Very strong moves by TSLA as it continued to hold above the 200DMA (908.22) and now closing above the 50DMA (939.80) which is a bullish sign for the stock. Based on the end-of-the-day flow, the 1000C strikes were getting premiums pumped into it, with some 940P weeklies also being sprinkled in. Cumulative net premiums are up to +$34.29M. On the weekly timeframe, we still have an inside week, so unless TSLA can clear the 1008 level, it can still consolidate in a larger range. Keep an eye on the 964 or backtest 945 level, as it can test 972-978 (hard resistance, was strong support), 988, and 1000 level resistance. Above 1000 level, it can test 1008 (high of the previous weekly candle) to 1020-1050 level resistance. We will consider puts if TSLA fails to hold above the 945 level, as it can pull back down to 939 (50DMA) to 930 level support. Below that can drop down to 915 to 900 (near 200DMA).
Above 964 or B/T 945 level: 1000C 05/06 (77.4K Volume @ 3.70)
Below 945 level: 900P 05/06 (43.2K Volume @ 3.95)
$NVDA – The stock traded up 3.73% during market hours but was down 0.11% after hours. On the daily timeframe, broke out of the bear flag and closed near the high of the day showing relative strength. NVDA closed a strong pin bar and holding above the 9DMA (198.66) sets up for the possibility of a re-test of the descending triangle break down near the 212 Wednesday trading sessions, there was multiple 210C 5/13 flow getting hit. Cumulative net premiums are up to $37.87M. Keep an eye on the 205 level, if NVDA can break above with volume, it can test 208 to 212 level resistance. Above 212 level, it can test 215 to 220 level resistance. We will consider puts if NVDA fails to hold above the 200 level, as it can pull back down to 197 to 194 level support.
Above 205 level: 210C 05/06 (25.7K Volume @ 1.85)
Below 200 level: 195P 05/06 (8.7K Volume @ 1.73)
$SPOT – The stock traded up 2.79% during market hours and was up 0.31% after hours. On the 4hr timeframe, SPOT has been setting up a rising wedge pattern with very low volume on this move higher. There wasn’t much flow on SPOT other than mainly puts dominating calls for this week, cumulative net premiums are down $1.9M. It managed to fill the gap down from its earnings report and is right at the resistance pre-earnings report at the 114 level. Keep an eye on the 114 level, if SPOT can break above with volume, it can test 120 to 122 level resistance. Above 122 level, it can test 127 to 129 level resistance. We will consider puts if SPOT fails to hold above the 111 level (9DMA), as it can pull back down to 107 to 104 level support. Below that can drop down to 101 to 99 level support. Below that would be 95 support.
Above 114 level: 115C 05/06 (206 Volume @ 1.45)
Below 111 level: 110P 05/06 (106 Volume @ 1.55) or 105P 05/06 (323 Volume @ 0.45 )- Lotto
***NEWS TO LOOK OUT FOR THIS WEEK***
- Unemployment Claims Data on Thursday (05/05) at 5:30 am PST/8:30 am EST
- Non-farm payroll for April 2022 on Friday (05/06) at 5:30 am PST/8:30 am EST