06/29/2022 Watchlist Chart
Watchlist for Wednesday, 06/29/2022
On Tuesday, $SPY failed to hold above the 390 resistance and broke below the 383 support as well as the daily trend-line support. 378.83 is the gap below that has yet to be filled from last week. Again, the flow remains bearish. Futures are currently up +0.26% after hours.
$OXY
Levels Above 62: 65, 70, 74
Levels Below 60: 56-64, 51
Contract Suggestion
Above 62 level: 63C 07/01 (5.6K Volume @ 1.01) or 70C 08/19 (5K Volume @ 3.10)
Below 60 level: 57.5P 07/15 (734 Volume @ 1.64)
Analysis
The energy sector was one of the few that closed green in a sea of red during Tuesday’s trading sessions and was showing relative strength. Currently, OXY is hitting a key resistance at the 50DMA (62.06) and OXY needs to break above to break out and re-test the 70 to 74 range. With the start of summer traveling, demand may stay up. OXY has been receiving bullish flow with some 70C 8/19 being bought up during Tuesday’s trading sessions. Net premiums remain to be on the rise.
$AAPL
Levels Above 138: 141, 145, 148 (50DMA), 150
Levels Below 136: 132, 130, 128
Contract Suggestion
Above 138 level: 140C 07/08 (3.8K Volume @ 1.99)
Below 136 level: 134P 07/08 (3.8K Volume @ 1.80)
Analysis
AAPL sold off intraday when the courts rejected AAPL claims for QCOM chips and sold off heavily with the market. Vice Versa, QCOM received a pop from that decision but lost the majority of its gains from the market sell-off. AAPL was showing relative weakness compared to the overall market as evidenced by its close near the low of the day. If AAPL is able to close above 141 on the weekly, it can form a potential dark cloud cover and can set up for a leg lower into next week.
$TSLA
Levels Above 700: 714, 730, 744, 752, 770, 786, 800
Levels Below 700: 686, 675, 660, 644, 630
Contract Suggestion
Above 700 level: 730C 07/01 (18.3K Volume @ 7.45) or 740C 07/01 (20.9K Volume @ 5.35)
Below 686 or 700 Rejection: 680P 07/01 (17.7K Volume @ 12.05) or 650P 07/01 (18.5K Volume @ 4.95)
Analysis
On the weekly timeframe, like AAPL, TSLA is forming a dark cloud cover pattern if it is unable to close above 744 level resistance. Towards the end of the day, there were multiple ITM 700P weekly flows that were bought up for a larger potential sell-off if TSLA remains below the 700 level (strong support). So far on the daily, TSLA closed a dark cloud cover and is set up to re-test 660 level (Strong support), if 700 breaks.
$AMD
Levels Above 81: 85, 88
Levels Below 81: 79, 76, 72, 70
Contract Suggestion
Above 81 level: 83C 07/01 (7.9K Volume @ 1.10)
Below 79 or 81 rejection: 80P 07/01 (19.3K Volume @ 1.63)
Analysis
The semiconductor sector was one of the hardest-hit sectors other than QCOM due to the news. On the daily timeframe, AMD is right back at the critical support of 80 levels which has bounced there three times. If AMD takes out the 79 level, which was the LOW on June 17th, it can set up for a larger leg lower as it would form a lower low on the daily timeframe. Currently, the flow is hitting the 83P weeklies and 81P next week that came in near the end of the day.
***NEWS TO LOOK OUT FOR THIS WEEK***
- GDP Data on Wednesday (06/29) at 5:30 am PST/8:30 am EST
- Unemployment Claims Data on Thursday (06/30) at 5:30 am PST/8:30 am EST
- Quarterly expiration on Thursday (6/30)