Top watch👀

1. $GOOGL: inside day

Today, GOOGL was able to show relative strength for the 2nd day in a row but still closed under 131.70. For tomorrow, the reclaim of 131.70 will be the key zone to get through for a breakout to happen. Over 131.70, I’m looking for a push into 133.33 and then 135. As always, progressively book in profits, especially with weekly options. Dont let a green trade go red if you’re up 20-40%+. Ideally, we have QQQ holding over 372 and SPY back over 450 to support the breakout

Im watching the 132c over 131.70

Chart: Daily

2. $META: daily consolidation

META has been in a very tight consolidation in the range of 310 and 320. These will be the main two levels we want to focus on. I am interested in 2 trades at 310. Since there is a gap fill under 310 and META has been holding up well, the break of 310 could possibly be a bear trap that tricks those looking for a gap fill to the downside. 310 is also a key support level. So, what I would look for to take puts would be a break of 310, then a backtest of 310 that gets rejected. This will be an entry for puts. On the other side of this, if we see a break of 310 but then there’s a large volume spike followed by an immediate reclaim of 310, I would look for calls as a bounce. We will want to be patient with this one.

Im watching the 310p under 310, the 312.50c off of 310 for a bounce, and the 325c over 320. (A lot to focus on)

Chart: Daily

$SPY and $QQQ analysis

Today, SPY and QQQ sold off under key levels to start the morning session off before bouncing back into 448.50/372. For tomorrow to be long focused, we want QQQ to hold 372 and SPY to hold over 448.50. If we can see these levels hold then we focus on calls. if QQQ fails to reclaim 372 and SPY is back under 448.50 then puts can be in play. We are still stuck in a range on SPY and we may not break out of the range until after CPI is released on Thursday. Patience is still a virtue this week and less is more. Wait for the quality setups to come your way and only act then. Do not over trade in this environment, it can be unforgiving.

Charts:

Today’s Recap