Top watch👀

1. $AMZN: relative strength

Today, AMZN was able to show some significant relative strength and was one of the leaders in the market today. I like how AMZN broke the low from Friday, held 140 and printed a hammer candle on the daily. Seeing the previous LOD break but an immediate reclaim is very bullish. Decent volume of buyers on the pullback as well. I want to see SPY holding at least 450 (ideally 452) and QQQ holding over 376 to support this breakout. If we don’t see SPY QQQ holding these levels it can be a trickier trade.

Im watching the 143c > 142.50.

Chart: daily and hourly

2. $MSFT: inside day/relative weakness

Today, MSFT was showing weakness as it had a very hard time getting the reclaim of the psych level of 330. We played puts off of this level for a gain of 31% because of the rejection of 330. MSFT is still one of my favorite downside plays but it needs under 326.50 to take an entry on puts. Under 326.50 we can see 325 and under 325 can trigger another 2-3 point drop. Obviously, I won’t be looking to go short if we are still holding 326.50. Calls can work over 336.

Im watching the 325p< 326.50 and the 340c > 336.

Chart: daily

3. NFLX: daily consolidation

Today, NFLX was able to hold over the 430 support again and closed above 440. This is one of my favorites for upside continuation as NFLX has been holding well post-earnings. If NFLX holds over 440 tomorrow then we have room into 442-445. If we start with a gap-up, I would look for calls over 442 instead of 440. We will have to see where we are premarket to get a better idea of the day ahead but this is a strong setup. Just like AMZN, we want to see SPY and QQQ holding the key levels to add conviction to an upside move. NFLX under 425 puts can be in play.

I’m watching the 445c > 440

Chart: daily

Today’s Recap