Game Plan for Tuesday 8/15/23

$GOOGL: daily consolidation

GOOGL has been holding well in the range of 130/132 with today showing signs of strength. GOOGL needs over 132 to run towards 133.60-135 and if it gets through with volume we should be in store for a fun move. Ideally, GOOGL has a catalyst or market support to get it through this key level. Puts can work but only if we see a break of 128 to the downside.

I am watching the 132c over 132.

$CVX: daily consolidation

CVX is still one of my favorites for upside as it trades right at the key 164-165 range. CVX ended up failing at 164 today but was able to find strong support on the pullbacks and it gravitated towards 164 the rest of the session. Seeing this type of price action shows that a breakout can come since the buyers are snatching up supply under 164. Once the buyers reclaim this level, we can see a push toward 165.60 - 167.30

I am watching the 165c over 165

$AMZN: key level reclaim

Today, AMZN was able to break a multi-day downtrend and closed near HOD. The main level for AMZN to reclaim today was 139.30 which it was able to hold above. I want to see AMZN hold over the 140 level next. Today we saw some weakness near 140 as buyers didn’t have the strength to hold until later in the day. If AMZN holds 140 and gets through 141, it can set up for a push towards 142.50-145. Under 140 it can get choppy again.

I am watching the 142c over 141.

$SPY $QQQ analysis

Today, SPY and QQQ were able to hold the key levels of 444 and 365. They both were able to rally with every dip getting bought which shows significant strength and a possible change of tune from the last few weeks. As long as QQQ holds 368 and SPY can hold over the range of 446-444 then calls can be in play for a bounce. We still have some key levels to get a reclaim of which are 450-452 on SPY and 372-376 on QQQ. The market is still in a very tight consolidation/downtrend phase so we can see still false breakouts/breakdowns. Continue to be patient and let the setups come to you.

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