07/19/2022 Watchlist Chart
Tuesday Watchlist – July 19th
On Monday, $SPY ran up to test that key 390 zones as expected but was quickly rejected, collapsing back to test the 380-383 support zone. Net premiums are on the decline, last -$103.83M, so market participants may be expecting a breakdown, securing profits after that 390 zones run up, or simply hedging. A hold of 380-383 remains bullish. Futures are currently up +0.20% after hours
$ES (Futures) – Pivot: 3869 | Levels Above: 3879, 3885, 3896 | Levels Below: 3852, 3832, 3821, 3812
Levels Above 145: 150, 153 (100DMA), 158 (200DMA)
Levels Below 145: 143 (50DMA), 141, 138, 136, 132
Above 150 or B/T 145 level: 150C 07/22 (74.7K Volume @ 0.98)
Below 145 level: 144P 07/22 (12K Volume @ 1.12) or 140P 07/29 (10.3K Volume @ 2.12)
During Monday’s trading sessions, AAPL announced that they will also be slowing their hiring process which triggered a cascade of selling intraday into the end of the day. On the daily timeframe, AAPL attempted to break above the key 150 resistance but failed hard. The daily candle closed a bearish engulfing candlestick pattern which can set up for a 50DMA (143.37) in the short term. AAPL is set to report their earnings on Thursday (07/28) after the market closes and with NFLX and TSLA earnings this week, it can highly influence if we break this range or not before FOMC next week.
Levels Above 169: 172, 175 (Gap Fill), 178-179.4 (trend-line + 50DMA), 182
Levels Below 164 (9DMA): 159, 156, 151, 142
Above 169 level: 170C 07/22 (23K Volume @ 3.20)
Below 164 level: 160P 07/22 (11.2K Volume @ 1.83)
On the daily timeframe, META continues to trade in a range between 154 to 172 levels within an overall falling wedge pattern. META was showing relative strength at open but lost the majority of its gains near the end of the day despite it closing somewhat bullish. The easier trade would be above 172 level to fill the gap up towards 175. META has been trading in a coil and is setting up for a big explosive move, possibly depending on NFLX and TSLA earnings reports. Algos show some bearish divergence, so caution is advised.
Levels Above 81: 85, 88 (50DMA), 90, 94, 97 (100DMA)
Levels Below 81: 79, 76, 72
Above 85 or B/T 81 level: 86C 07/22 (15.2K Volume @ 0.43) or 83C 07/22 (22.8K Volume @ 1.27)
Below 81 level: 80P 07/22 (15.7K Volume @ 1.35)
The semiconductor sector was showing relative weakness after the AAPL news. On the daily timeframe, AMD back tested near the 85 levels (neckline of the head and shoulder pattern), and closed almost an inverted hammer near the low of the day. If we see a larger pullback in the market, AMD, it can set for a re-test of 72 levels which can form a double bottom.
Levels Above 142: 150, 154-155, 160, 164, 172-174
Levels Below 150: 142, 139 (50DMA), 137, 132, 126
Above 150 or B/T 142 level: 155C 07/22 (1.4K Volume @ 1.60)
Below 142 or 150 rejection: 140P 07/22 (913 Volume @ 2.15)
On the daily timeframe, SNOW has been trading in a tight range between 137 and 164 levels, but has found dynamic support off of the 50DMA (139.05). If SNOW can continue to hold above the 50DMA, it has a chance to test the 100DMA (174.88) if it can clear that 164 (hard resistance). So far, we have a double inside week on SNOW and may see chop until NFLX and or TSLA ER that has a high chance of moving the market.
***NEWS TO LOOK OUT FOR THIS WEEK***
- Unemployment Claims data on Thursday (07/21) at 5:30 am PST/8:30 am EST
- Multiple Fed speakers this week