05/24/2022 Watchlist Chart
Watchlist for Tuesday, 05/24/2022
On Monday, $SPY ran up towards the 397-400 range resistance, falling after-hours towards the 392 major support. If it can hold that, look to see recovery a bounce back to 395, then 397-400. Below, support remains 385-387 and 380. Futures are currently down about 1%
$ES (Futures) – Pivot: 3930 | Levels Above: 3950/3971/4000/4040 | Levels Below: 3905/3885/3860
$GS – The stock traded up 3.20% during market hours but was down 0.19% after hours. During Monday’s trading sessions, financials were showing relative strength and was leading the market for the majority of the day. On the daily timeframe, GS found some resistance at the 50DMA (322.41) but the daily moving averages are curling higher. RSI over 50 gives an indication of a short-term bullish move. If financials can show another day of continuation, GS may break above the 50DMA to test the 100DMA (340.70). Keep an eye on the 317 level, if GS can break above with volume, it can test 322 (50DMA) to 330 level resistance. Above 330 level, it can test 335 to 339 (near 100DMA) level resistance. We will consider puts if GS fails to hold above the 314 level, as it can pull back down to 310 to 309 (9DMA). Under that can test 306 to 300 level support.
Contract Suggestion:
Above 317 level: 320C 05/27 (2.1K Volume @ 4.05) or 325C 05/27 (1.2K Volume @ 2.21)
Below 314 level: 310P 05/27 (274 Volume @ 3.20) or 305P 05/27 (290 Volume @ 2.04)
$AAPL – The stock traded up 4.01% during market hours but was down 1.37% after hours. During Monday’s trading sessions, AAPL was holding up very well and was showing relative strength despite the weakness in other large-cap stocks like AMZN for the majority of the day. On the daily timeframe, AAPL continues to find some resistance on the 9DMA (143.97) so it’s not a confirmation of bullishness until that level can be reclaimed. On the weekly timeframe, AAPL has been finding support on the 100WMA (138.58) which is acting as a dynamic support but so far, and inside week being developed. Keep an eye on the 141 level, if AAPL can break above with volume, it can test 145 to 150 level resistance. Above 150 level, it can test 153 to 158 (near 200DMA) level resistance. We will consider puts if AAPL fails to hold above the 138 level (hard support – also 100 weekly MA), it can pull back down to 136 to 132 level support. Below that can test 130.
Contract Suggestion:
Above 141 level: 145C 05/27 (61.4K Volume @ 1.73)
Below 138 level: 136P 05/27 (12.3K Volume @ 0.70) or 135P 05/27 (37.9K Volume @ 0.57)
$FB – The stock traded up 1.39% during market hours but was down 7.08% after hours. FB down huge after-hours from SNAP surprise guidance mid-quarter. SNAP stated they have lowered their guidance and stated the macroeconomic environment has deteriorated further. On the daily timeframe, FB filled the earnings gap up from the after-hours drop and currently still holding within a falling wedge set up. Because of SNAP, FB may either dip and rip during on Tuesday, or gap down and continue dropping depending on how volume is open. Based on the after-hours price, keep an eye on the 182 level, if FB fails to hold above this level, it can test 175 to 168 level support. Below that can test 160 to 156 level support. We would consider calls if FB can break above 190 or backtest 182 level, as it can test 194 to 200 level resistance. Above that can test 207 (5ODMA) to 215 level resistance.
Contract Suggestion:
Above 190 or B/T 182 level: 195C 05/27 (15.4K Volume @ 5.20) – Will be lower at open due to AH drop
Below 182 level: 175P 05/27 (2.9K Volume @ 0.31) – Will spike at open
***NEWS TO LOOK OUT FOR THIS WEEK***
- Jerome Powell will speak at the NA Development Conference on Tuesday (05/24) at 9:20 pm PST/12:20 pm EST
- FOMC minutes on Wednesday (05/25) at 11 am PST/2 pm EST
- Unemployment Claims Data on Thursday 05/26) at 5:30 am PST/8:30 am EST
- Core PCE inflation for April 2022 on Friday (05/27) at 5:30 am PST/8:30 am EST