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 monthly bar shaped up and closed as a topping tail inverted hammer. This is noteworthy however prefaced on the fact that we still made a new high and higher low. Drilling lower into the weekly bar, you can clearly see a more meaningful pullback that has developed. The daily is showing us some mixed signals with a close above and defend of the 50 SMA and support trend line. Also the gap below us did not fill all the way when sellers started to drill down into it. This is a huge hint into what type of sellers are in this market place. If the gap fills all the way and some stronger selling materializes looking at 371 and then 364 as next support below.
The QQQ is the weakest of the bunch showing a full 100% retrace of the most recent leg up. Looking for a clean break on any retests of 311 for a move lower into 305 critical support. It has broken already its year long support trend line from last March. IWM is showing the most relative strength by breaking its support trend line through time as opposed to price action. All eyes are on the new resistance trend line for any continued upside activity.
We also cover the following stock tickers in the quick fire round: PLTR, NIO, SE, COST, HD, JD, TDOC, MARA, NNDM, PINS, SPCE.
0:00 – Intro
00:47 – Broad Market
12:37 – Core Companies
21:11 – 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.