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Wednesday, July 7, 2021
Midweek Watch - 10 trade ideas for Thurs and Friday
$SPY - Getting a bit extended from short term moving averages. Names like $AMD, $PLUG have no follow through. No bounces or pushes into VWAP. Even though market was up it didn't feel like it. There always opportunities on the long and short side. Just keep at it.
$QFIN - I'm looking for 32.40. It held here 2 days in a row. This stock had a big move and I had this on as a swing. It made a nice fib re-tracement back to the 60% area. Will be on my watch list tomorrow.
$AMAT - My level is 133.77 - Monthly pivot, 50 day SMA, Quarterly Pivot. Lots here for support. It closed pretty close to there. I'm also watching the 131 area for the previous monthly support.
$FL - My level is $59.60. It held this area two days in a row and there's an annual pivot there. Doesn't have huge range (less than $2) but could be a nice little trade.
$AEO - Lots at the $35 area. Previous low, previous close, quarterly, and the 50 day. I want to see it hold early and bounce off that confluence.
$DDD - My level is 33.80 (previous low and 20 day) and $33 (quarterly pivot).
$SNAP - My level is $65 and $64. Previous low, 20d and trend line. $64 came from all the previous resistance levels.
$WYNN - My level is $111.60. The 200d SMA usually gives a quick pop. There's a 3.50 range on it. Might hold, give a little low and give back some of the move. I'm looking for a bounce off the 200d and a 50% move back to $114 to $115.
$BYND - My level is $134. The ATR is $7 so this is doable. 50 day, prior monthly pivot. This is about being prepared. If market is heavy and I'm prepared for an imbalance wash I want to be ready with an order for myself. This area is also a previous support area.
$EXEL - I've traded this a few times since the big drop and it's still not found a bid. I want to be around for when the sellers lift. At some point the seller supply runs out I want to be there. My risk is off the same level it's been holding and when the sellers lift we could get a nice push to $19 to $19.50 for only $0.30-$0.40 risk. Good defined risk.
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