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Well, coming into this week - we have several things to watch.
1st and foremost - Spy is at a very key level - it broke the lower bull trend line on friday, and was down 3%, and was trading right at the 50 day moving average -
2 main scenarios - We see the 50 day MA hold - and we bounce to new all times, and bring the market up with it.
The bull run was fun, and the 50MA support is broken, and Spy goes thru a market correction. This will likely bring down the rest of the market as well. So we really have to see what monday and tuesday bring.
FB - @ 50 Day Moving average - Will likely follow the SPY
SNAP - Prime for breakout - espcially if SPY holds
BA - also moving right at the bottom @ support - if SPY holds....
AAPL - On a downtrend, and willy likely be the first ticker to idicate spys direction
X- Puts espcially if SPY weak
APPS - Prime for breakout
TSLA - Strong Resistance level, if spy weaks, this will likely drop
SDC - Great spot for longs - Possible bull run starting
CRM - Ready for breakout
DKNG - Watch for breakout
CHPT - Great Share position
Watchlist for tomorrow-
It appears we may have found the bottom of spy, although Im still not convinced, especially with the fed meeting this wednesday. so I will be trading very lightly for the rest of the week.
Key levels to watch for spy tomorrow - 436.56, and 433. If we can hold over 436, this could be just a short term correction and we pop back up to continue the bull run. Or, if 433 breaks we could be headed for a longer correction.
Again, this will control the market, and all plays.
The other major play Ill be watching (thanks shark and tostie from only options for this play)
APPS. We have 2 setups currently playing out, both showing this stock is prime for a breakout. If Spy is green, this could be a great breakout play. IF spy tanks, this could breakdown and break to the downside.
If we can break over 63.50 and hold, Ill be entering longs with the price target of 65 / 67. We shall see!
Hopefully the market gods work with us. Until tomorrow!
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