Economic Calendar

Trade Log for 8/7 - 8/11 ✅

Main Focus 👀

$AAPL: Key support range

• Entries:

  • 8/18 180c over 178.50
    -------------
    8/18 175p under 177

• Targets:

  • 180, 181.25, 183
    ----------
    176.20, 175, 174.30

• Analysis:

  • AAPL is trading at a key support level of 177. On Friday, AAPL tried to break down 177 but was able to hold and showed some strength going into the close. For this week, If AAPL can continue to defend 177 and it gets the reclaim of 178.50 then it can see a move back into 180

$CAT: daily consolidation

• Entries:

  • 8/18 295c over 290
    ----------
    8/18 275p under 280

• Targets:

  • 295, 298, 300
    --------
    275, 273, 270

• Analysis:

  • CAT has been in a tight consolidation under the 286-290 range and has been showing relative strength on the daily while the market has been pulling back. If CAT can reclaim 290 then it should be set up for a push into the 295-298 resistance zone. CAT is ultimately still setting up for a push into 300 but we will need to see more market support.

$AMD: key support range

• Entries:

  • 8/18 105p under 107
    -----------
    8/18 110c over 109

• Targets:

  • 106, 105, 103.50,
    ---------
    110, 112

• Analysis:

  • Last week, AMD finally gave up the 109 support level and printed a close under this key support for the first time since June. The reclaim of 109 will be crucial for AMD this week. If buyers don't defend this level and AMD breaks under 107 then it’s possible we see AMD pull back into the 105-103.50 support range. If the bulls do hold the line at 107 and we get a reclaim of 109, then calls can be in play for a great R/R trade to the upside.

$CVX: key level breakout

• Entries:

  • 8/18 165c over 165

• Targets:

  • 165.60, 167.30, 168

• Analysis:

  • On Friday, the energy sector was one of the few out performing and CVX was a strong leader within the sector. CVX was able to get the close above the key 164 level. This will be crucial for more upside this week. If the bulls can defend the 164 level hen it has room towards 167. I want to see some backtesting of 164 as we saw an influx of sellers at this level on Friday going into the close. Be patient with this one.

$SPY $QQQ Analysis

Last week, we saw SPY and QQQ continue to grind lower from the recent highs and pulled back into key support levels. For the last two weeks, we have seen choppier price action as the pops continue to get sold but most lower low breaks are getting bought up. Taking a look at the volume, we can still see that the bears are in control but viewing price action they don't have enough strength to get us a strong breakdown. For SPY holding 444 this week will be crucial. Under 440 can ultimately set us up for a drop back into 440. QQQ will need to defend 368 or else it’s possible we see QQQ trading at 362/360. If SPY holds 444 then there's upside potential to hit 450-452 again. QQQ over 368 can be set up for 372-376 again. Another week where patience is the main focus and waiting for momentum.

Sunday Scoop📺