During the Weekly Watchlist we review the best stocks for options trading. We go over key levels of support and resistance and create an actionable game plan for the week of August 30th 2021.
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The S&P500 has now started to close above the weekly resistance trend line. This is a signal that now may not be the best time for new longs as we head into the upcoming week. SPY has shown amazing symmetry to the move we saw prior, and the natural next step would be some sideways consolidation to digest the move higher. Mind 447, and the gap underneath us.
In the QQQ and Nasdaq we see a market with better structure. Underneath us we have the pullback low, 373 and then the gap and top of balance at 369. This is going to make pullback buy entries much easier to spot than in the SP500. For now we will assume upside is the path of least resistance, with consolidation being healthy to digest the move.
IWM and the small cap stocks are still signaling neutral risk having made it to the 50% of the range, but are now poised in a much more bullish stance. Look for a move to the top of the balance where we know opportunity arises.
We also look at the following trade ideas: AMD, PLTR, NCLH, BA, GME, NKE, ETSY, AVGO.
00:00 – Intro
00:33 – Broad Market (SPY, QQQ, IWM)
09:18 – Core Companies (AAPL, NFLX, TSLA, BABA, FB, NVDA, MSFT, AMZN)
19:43 – Trade Ideas (AMD, PLTR, NCLH, BA, GME, NKE, ETSY, AVGO)
If you're a day trader looking to make fast money online options trading, you certainly need to keep these areas of support and resistance in mind, as well as any technical patterns, before the opening bell on Monday morning. Stock analysis like this will save you a ton of time.
Going into the day with a plan is important and will give your options trading the edge you need to be a successful retail day trader. This stock analysis gives you that edge.
Instead of looking at stock market news and googling 'stocks to trade today' or best options to buy today, every Monday morning, technical analysis makes my job a lot easier. A quick glance at the stock chart can tell me where to expect buying and selling battles.
Our core watchlist are the stocks that are always on our options trading weekly watchlist. Some people call them hot stock picks but we like to call them our ATM.
#OptionsTrading #TradeIdeas #TechnicalAnalysis
DISCLAIMER: The information provided in this video is for informational purposes only. It should not be considered financial or legal advice. I am not a Registered Investment Advisor. Buying and selling financial instruments is highly speculative and carries risk.