- Trade with Dan
- Posts
- Weekly Watchlist 10/23 - 10/27
Economic Calendar
Main data: PMI on Tuesday, GDP on Thursday, and PCE on Friday.
Top watches:
$TSLA:
Last week, TSLA gapped down following earnings and is back at the key support of 212 where it previously bounced from 212 back into 270+. This is a huge spot for TSLA and we find trades around the key level of 212. if TSLA fails to hold 212 this week paired with continued market weakness then it should ultimately set up for 200.
$NFLX
NFLX is still holding well following earnings but couldn't get through 405 due to the overall market conditions. NFLX is still holding 400 so if we continue to see this support hold this week, then it should be set up for a push into 405 and then 407.70. over 407.70 can set it up for 410+. If NFLX fails to hold 400 and it gets the breakdown of 397 then puts will be in play but as long as this 3 point range of 397/400 holds calls will be in play.
$AMD
Last week, AMD spent the week in the range of 105/102. If AMD breaks under 102 then it should be set up for a move into 100. Under 100 can trigger a larger breakdown. If AMD can clear 105 then it can set up for a push into 107 again but Its setting up for a 100 test first. At the 100 level, AMD will have backtested a key psych level as well as the downtrend it just recently broke out of. This could be a strong dip buy entry if we have the overall market supporting a bounce.
Overall Market Analysis
Last week, SPY and QQQ saw another breakdown of a multi-day consolidation and we are back at the recent lower lows of 420 on SPY and 454.20-353.20 on QQQ. This pullback was caused by the tension in the Middle East paired with comments from Powell last week. We have a massive week ahead of us with multiple mega cap tech stocks reporting earnings; GOOGL, MSFT, META, AMZN and GDP economic data as well as PCE which is the main focal point for gauging inflation. It's likely we see some buyers step up at these key support levels before we get through earnings and the data this week. Its likely to remain volatile where we see quick aggressive moves intraday so keep size light until we get through the data and major tech earnings.
