07/21/2022 Watchlist Chart
Thursday Watchlist – July 21st
On Wednesday, $SPY managed to successfully defend the 390-393 support zone. Interestingly enough, algos still seem to show some bearish divergence with net premiums down, last -$142.12M. Futures are currently down -0.10% after hours.
Levels Above 182: 184, 190, 194 (100DMA), 200, 207
Levels Below 182: 178 (50DMA), 169, 159
Above 184 or B/T 182 level: 185C 07/22 (20.9K Volume @ 2.78)
Below 182 level: 180P 07/22 (11.1K Volume @ 2.40)
SNAP is set to report its quarterly earnings on Thursday (07/21) after the market closes and META would be that sympathy play for that ER without the crazy IV. On the daily timeframe, META is attempting to break out of the month-long falling wedge pattern and in the short term, break out of the flag consolidation. The weekly timeframe also confirms this attempt at breaking out of the falling wedge, so as long as META can close above the 182 level this week, it can set up for a bullish move next week. The current resistance zone it must hold is 181.8-183 (0.618 and 1.618 pocket). Some caution is advised, as net premiums are on the decline, last -$114.27M.
Levels Above 39: 40, 41, 47 (100DMA)
Levels Below 37: 34.8 (50DMA), 30
Above 39 level: 40C 07/22 (8.3K Volume @ 0.55) or 40C 08/19 (8.8K Volume @ 3.20)
Below 37 level: 36P 07/22 (3.5K Volume @ 0.35) or 35P 08/19 (622 Volume @ 2.30)
During Wednesday’s trading sessions, SHOP was showing relative strength as evidenced by closing near the high of the day. It hit the 1.272 level (38.66) and was rejected. On the daily timeframe, SHOP broke out of the descending triangle pattern and closed a big-bodied bullish candlestick with a strong daily volume. The money was flowing into the 38C and 40C 8/19 expiration and is setting up for a big leg up as long as this breakout holds. 38.6
Levels Above 78: 81.5, 84-85, 86, 90, 100-102
Levels Below 75: 73, 70, 68 (50DMA), 64
Above 78 level: 80C 07/22 (798 Volume @ 1.12)
Below 75 level: 73P 07/22 (157 Volume @ 0.74)
During Wednesday’s trading sessions, DASH was showing relative strength and is attempting to break out of this month’s consolidation flag with the daily RSI primed for a break-out attempt. With the support of the 50DMA (68.64), it’s setting up to test the 100DMA (83.78) if DASH is able to break out of this consolidation.
Levels Above 124: 126, 130, 135, 143
Levels Below 120: 118, 116, 114, 112 (50DMA)
Above 124 level: 125C 07/22 (31.3K Volume @ 0.74) or 130C 07/29 (12.2K Volume @ 1.83)
Below 120 level: 119P 07/22 (11.5K Volume @ 0.51) or 118P 07/29 (2.6K Volume @ 2.79)
On the daily timeframe, AMZN continues to trade in a range between 101 to 130 level as the bulls continue to defend the 101 strong support from the previous head and shoulder pattern. On the weekly timeframe, it looks like AMZN has started to form some sort of a bottom with the weekly MACD flipping green but the only thing is lacking volume. AMZN was also showing relative strength right at open and this is evidenced by closing near the high of the day. The easier trade would be above 130 for calls and puts under 101.
***NEWS TO LOOK OUT FOR THIS WEEK***
- Euro Central Bank (ECB) bank interest announcement on Thursday (07/21) at 5:15 am PST/8:15 am EST
- Unemployment Claims data on Thursday (07/21) at 5:30 am PST/8:30 am EST
- Multiple Fed speakers this week