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 ahead.
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The S&P500 formed a new week of balance and consolidation after experiencing a look above and fail. We are back to unchanged in the overall range and bias will be neutral until we start to show signs of strength over 392.40 or weakness under 387.50. Based on this stock analysis it is still apparent that short term traders are in control of the market as of 22 February 2021. A filling of the gap below us would put the daily up trend in jeopardy and be a clear violation of the 50 SMA at this point.
The QQQ and IWM experienced more meaningful pullbacks and are coming in off of their trend channel tops more so than SPY. Note that IWM is seeing a look below and fail, and all indexes are respecting the 38.2 Fibonacci level as drawn in from the low to high of the most recent leg up.
We also cover the following stock tickers in the quick fire round: PLTR, NIO, ROKU, TGT, PTON, SNDL, FRX, CCIV, SNAP, DIS.
0:00 – Intro
00:35 – Broad Market
08:10 – Core Companies
18:29 – Bonus Companies
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.
SPY QQQ IWM AAPL NFLX TSLA BABA FB NVDA MSFT AMZN — These 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.
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.