Bulls Back In Control?! | Options Trading Weekly Watchlist
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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 November 15th 2021.
In the SPY we have a weekly hammer, a daily re-tracement of the liquidation break from Wednesday, a perfect bounce off of the support trend line, and what appears to be buyers back in control. Now the question will be can we break out over 467.32? Or will we retest the trend line again and potentially move lower. Structure and location point higher but beware of the weak internals from Friday.
The market profile is also telling in the sense that Friday gave us two distributions to look at. Simply put, bullish in distribution one and more bearish / cautious in distribution two.
In the QQQ and Nasdaq we have a similar picture, retracing the long liquidation from Wednesday. Breakout point here is 396. Shorts for more downside only on a violation of the 389.50 area to get back into the prior all time high shelf.
IWM and the small cap stocks have broken out and are now pulling back. Note that this is fine as long as the 234 area holds. If it does not thats where major red flags start to go off, noting that all of the congestion should firmly resolve higher, and if not.... what does that tell you about buyers?
We also look at the following trade ideas: KEY, GPS, CNP, BK, DD.
00:00 – Intro
00:34 – Broad Market (SPY, QQQ, IWM)
12:00 – Core Companies (AAPL, NFLX, TSLA, BABA, FB, NVDA, MSFT, AMZN)
24:04 – Trade Ideas (KEY, GPS, CNP, BK, DD)
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.
Bulls Back IN CONTROL | Options Trading Weekly Watchlist
#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.