Top watch👀

1. $NFLX: Daily consolidation

NFLX is still within a tight daily consolidation range of 425-440. if NFLX fails to hold 425 Then it has the 420 and 414 support levels next up. NFLX failed to get through the key 440 level this week and is setting up for a larger move here soon. For puts under 425, I want to see SPY breaking the 444 support and QQQ to break down the 368 support. If these levels fail then puts on NFLX can be a strong setup.

I am watching the 8/11 420p under 425 for a lotto, or the 8/18 420p if I’m looking to size up more on it.

2. $BABA: post earnings/key level reclaim

BABA had a strong breakout following earnings but couldn't get through the key 102.50 level. For tomorrow, if BABA can reclaim 100 with some market strength then we may see another push into 102-102.50. Over 102.50 BABA can set up for a push into 105+. Under 97 can start to pull back towards the next support levels at 96.65, 92.

Im watching the 8/11 100c over 100 or the 8/18 102c.

3. $DIS: post-earnings continuation

DIS was finally able to get through the 90-91 range today following earnings. As long as DIS holds over 90 then we should be set up for a move into 94+. Calls can work over 92.50 tomorrow for a day two continuation play. I would have liked DIS to close near HOD to add conviction on a continuation play so let's see where we are at after PPI data tomorrow.

Im watching the 8/11 92 over 92.50 or the 8/18 95c over 92.50

4. $META: inside day

Today, META printed an inside day and failed to reclaim the 310/309 resistance range. If META fails under 305 tomorrow then it should be set up for a drop back into 300 and if it fails 300 then it can set up for a drop into 295. If META can reclaim the 310 level and sustain this level then calls can work but I would need to see more market strength to focus on calls. Under 310 is bearish.

Im watching the 8/11 305p under 305 or the 8/18 300p.

$SPY $QQQ Analysis

Today, SPY and QQQ had another volatile day following CPI. QQQ popped all the way into 376 and failed here and SPY got close to 452 but sold off. So we saw both key levels get tested and we reversed from these levels and sold off into the lows. So what does this tell you? It tells you bears are in control. Another factor to view is the volume. How does the volume look from the period of July 20th - present? The buy volume doesn't compare to the sell volume at the highs. Also tells me the bears are in control (for now). This type of price action/volume tells me to be cautious with the longs and more focused on selling the pops. It’s a different environment from 2-3 months ago. Patience is what pays in these types of environments as we can see false breakouts until the bulls reclaim control. It is possible for SPY to build a base at the 444 support but it needs more time to confirm this. Once the market setups up for a bounce there will be clear signs and we will be ready for it.

Today’s Recap: $BABA 100c $DIS 90c