Wednesday, November 3, 2021

TheGoose - TrueTrader Midweek Watch Nov 3, 2021

Midweek Watch w a former market maker $SPY, $QQQ, $APPS, $NTR, $SONO, $QCOM, $FSLY, $UPWK, $CLF, $CRWD, $MS, $EXPI, $WDC

with Jason - TheGoose

$SPY – S&P 500

The markets have been holding the 429 level for a while now. There will be normal pullbacks, and now we're marking new highs. The 20D is curling so I think there might be a little pullback to the 20D or the 50D. Right now the market looks like it's on steroids, but there is potential for the market to keep climbing higher.

$QQQ – Nasdaq 100

$QQQ looks almost identical to $SPY, with the big push that it has had.

The Ideas

$APPS - Digital Turbine Inc.

My level: 72.10 & 71.20
Why: Monthly pivot, 50D, previous low
Notes: This stock closed weak today, this level might be too close. I wanna watch these levels tomorrow to see what it does. I personally think this is oversold and think it has potential for a really strong bounce.

$NTR - Nutrien Ltd

My level: 67.10
Why: Holding this level
Notes: Its a strong stock, raised their 2021 guidance and the numbers look nice to me.

$SONO - Sonos Inc

My level: 35.90
Why: 200D, monthly pivot, prior support
Notes: Prior support equals new resistance, I know it's making higher lows on the daily, but it's pushing into nice resistance levels. I've been watching it at those resistance levels and it struggles every time.

$QCOM - QUALCOMM, Inc.

My level: 141.50
Why: Between 2 pivots, due for a retrace from the gap
Notes: Between the 2 pivots, that'll be a nice retrace from the move it's making on the big gap. I'll draw a fib in the morning and see where it's at in relation to this nice pocket.

$FSLY - Fastly Inc

My level: 53.30
Why: G2C, Previous day's high
Notes: Plenty of room to push back up, want a quick dip in the morning. For now I'm looking at the previous close but it might change in the morning once I draw a fib.

$UPWK - Upwork Inc

My level: 48.30
Why: Previous day's low, 200D
Notes: Making higher lows on the daily, holding a trend line, looking for a clear on the 48.50 area for a next leg up.

$CLF - Cleveland-Cliffs Inc

My level: 22.25
Why: Prior low, 50D
Notes: Nice retrace after the big move up, retraced about ½ of the move. Could be a good bounce if it gets to the Prior low and 50D.

$CRWD - Crowdstrike Holdings Inc

My level: 265.70
Why: Previous low, 50D
Notes: $9-10 range, 50D has been closing above it, it tested the 50D twice and now it closed above.

$MS - Morgan Stanley

My level: 101.80
Why: Previous low, 50D
Notes: Holding the 50D, nice pullback to the previous day's low and the 50D. If it tests this level it could be a $2-3 trade.

$EXPI - eXp World Holdings Inc

My level: 44.25
Why: 200D, prior monthly pivot
Notes: Numbers seem okay and there is a nice retrace. Don't make assumptions when numbers come out, because there's opportunity for us.

$WDC - Western Digital Corp

My level: 57.70
Why: Monthly pivot, 50D
Notes: They lowered their guidance, the numbers were okay, but they had some poor guidance. Would be nice to have one more green day, push into the 50D and give us a nice short.

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