06/22/2022 Watchlist Chart

06/22/2022 Watchlist Chart

 

Watchlist for Wednesday, 06/22/2022

On Tuesday, $SPY bounced right back up to the 373 that we are anticipating. If we can’t hold that, 369.53 is the gap-fill below, while 365 remains the level below, with 359-358 below that. Futures are currently down -0.85% after hours.

 

$META

Levels Above 160: 166, 169 (9 DMA), 175, 182
Levels Below 160: 156, 151, 146, 142-140

Contract Suggestion:
Above 160 level: 165C 06/24 (21.9K Volume @ 1.12)
Below 156 or 160 rejection: 155P 06/24 (19.1K Volume @ 3.10) or 150P 06/24 (22.2K Volume @ 1.59)

Analysis
META was showing relative weakness compared to the overall market as it closed near the low of the day, hitting a new 52-week low that can be set for a leg lower if it is unable to reclaim 160. On the weekly timeframe, the trend-line support is sitting below at around 154.

 

 

$CRWD

Levels Above 166: 171-173 (Gap Fill), 178 (50 DMA), 181
Levels Below 163: 160, 158, 153, 148, 144

Contract Suggestion:
Above 166 level: 170C 06/24 (1K Volume @ 2.35)
Below 163-162 level: 160P 06/24 (295 Volume @ 2.72)

Analysis
On the daily timeframe, CRWD almost closed a gravestone doji after a hard rejection from the top trend-line of the wedge. Overall, CRWD is in a tight coil that can set up for a larger move this week either up or down depending on this wedge break. Net premiums are starting to decline, going from +$2.33M -> +$2.12M with more puts entering the market. If the market is able to go higher, there’s still a small gap to be filled for CRWD from 171-173 from June 9th’s gap down.

 

 

$GOOGL

Levels Above 2235: 2255-2265, 2280, 2300, 2315, 2325 (50 DMA)
Levels below 2220: 2200 (9 DMA), 2188, 2170, 2156

Contract Suggestion:
Above 2235 level: 2300C 06/24 (4.3K Volume @ 8.00) or 2350C 06/24 (794 Volume @ 2.400) – LOTTO
Below 2220 level: 2150P 06/24 (3.2K Volume @ 8.50)

Analysis
GOOGL was one of the stocks that were showing relative strength compared to the overall market and was making new highs intraday until the late-day pullback. On the daily timeframe, GOOGL broke out of the falling wedge pattern and closed a strong bullish candle with volume. The daily MACD moving averages are close to crossing above and RSI nearing 50. If the market is able to reverse higher and hold the gap up over the 3-day weekend, GOOGL would be a candidate for calls due to its relative strength.

 

 

$MSFT

Levels Above 255: 258, 261, 263, 266
Levels Below 250: 246, 241, 237, 233

Contract Suggestion:
Above 255 level: 257.5C 06/24 (4.9K Volume @ 1.76) or 260C 06/24 (8.5K Volume @ 1.03)
Below 250 level: 245P 06/24 (3.1K Volume @ 0.96)

Analysis
MSFT hit nicely on Tuesday, just about reaching the 255 level. Like GOOGL, MSFT was showing relative strength compared to the overall market and closed near the high of the day. MSFT would be another candidate for calls if a market is able to hold this gap up and move higher into this week. On the daily timeframe, MSFT broke out of the wedge and managed to close above the 9DMA (253.03) which signals a short-term reversal as long as it can hold above that moving average. 255 remains the big level for MSFT to break and close above to set up for a move back to the 266 again.

 

 

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

 

  • Jerome Powell will be testifying on monetary policy at Senate Banking Committee on Wednesday (06/22) at 6:30 am PST/9:30 am EST
  • Biden will speak about gas prices on Wednesday (06/22) at 11 am PST/2 pm EST
  • Unemployment Claims Data on Thursday (06/23) at 5:30 am PST/8:30 am EST
  • Jerome Powell testifies on monetary policy at the House Financials services Committee on Thursday (06/23) at 7am PST/10 am EST

 

 

 

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