3/31 Watchlist + Notes
SPY - Going into todays session, I mentioned that I had a bullish bias that I was only 75% confident in due to the downside gap that remains unfilled on the daily, and because we were sitting on a daily upper trendline. SPY gapped up for the second day in a row and closed green, confirming our overall analysis, but created a failed 2U, which leads me to believe that we could be overextended short term and may see some downside going into Friday's session. The weekly chart is strong and is showing that we are breaking out of this downtrend we have been in looking at the weekly chart. I have a feeling tomorrow could be a day of consolidation or pull back to try to fill in the small gap created in the daily from yesterday and today. Final Thoughts: I am Neutral/Bearish going into tomorrow. If we do see upside, I would imagine we peak at the 405 area on SPY. I can't Imagine we push too much higher until next week.
Watchlist+ Bias:
(No daily chart inside setups showed up on the scanner from today's session)
FDX - 3-1-2U weekly : Bullish. Looking to test 226.06 tomorrow/Monday
DOCU - 2-1 Weekly: Bearish
CAT - 2-1 Weekly: Neutral
Main Watch:
DOCU - Interesting setup with this one. DOCU has a 2-1 weekly that is still not broken out of, even this late in the week. It also has a 2-3-3 daily, which is what I am most interested in for this play. The 2-3-3 setup has created a big broadening formation. Today was a huge red engulfing day, which is why we have bearish bias going into tomorrow. Additionally, DOCU is in a pretty neutral place currently after being in a 14 Month downtrend, which tells us that we are now consolidating and looking to either continue further down or reverse according to longer timeframes. My targets to the downside are 56.01 and 55.24. I will only play downside, not upside.
Yesterday's Main Watches:
JNJ - (Status:) Loser (Personally Trade?) No
JNJ gapped up over yesterdays high during the premarket session, invalidating the setup because I usually do not play inside setups if we open above/below a long/short entry level. JNJ quickly fell back into yesterdays range and rejected yesterday's high a few times showing that it was weak to the upside. Overall just didn't play out how we wanted, but that's just part of trading
GOOG - (Status:) Winner (Personally Trade?) No
GOOG opened within yesterday's range, then broke yesterday's low, which was our entry short. GOOG immediately dropped down to our target at 100.28. It hit 100.29 before reversing. The main takeaway from this play is that it was nearly textbook perfect in terms of entry, and target. Cons ran just over 50% in a matter of 2 minutes. Unfortunately, this trade would have been very tough to realistically take due to how fast it moved and completed the move we wanted. Situations like this are sort of a win because we know our analysis was spot on, but the price action moving too fast was the only reason we couldn't capitalize on this trade.
Watchlist Stats For The Week:
3/4 on SPY Predictions
3/5 on Main Watch Plays
Top Winner: NVDA (75%+)
Personal Stats:
5/7 For The Week
Overall Green/Red?: Green
Personal Note: Most likely will not have time to trade tomorrow, but regardless if I do or don't, on Sunday night I will provide analysis about tomorrow's session and what I am looking at going into Monday
Watchlist+ Bias:
(No daily chart inside setups showed up on the scanner from today's session)
FDX - 3-1-2U weekly : Bullish. Looking to test 226.06 tomorrow/Monday
DOCU - 2-1 Weekly: Bearish
CAT - 2-1 Weekly: Neutral
Main Watch:
DOCU - Interesting setup with this one. DOCU has a 2-1 weekly that is still not broken out of, even this late in the week. It also has a 2-3-3 daily, which is what I am most interested in for this play. The 2-3-3 setup has created a big broadening formation. Today was a huge red engulfing day, which is why we have bearish bias going into tomorrow. Additionally, DOCU is in a pretty neutral place currently after being in a 14 Month downtrend, which tells us that we are now consolidating and looking to either continue further down or reverse according to longer timeframes. My targets to the downside are 56.01 and 55.24. I will only play downside, not upside.
Yesterday's Main Watches:
JNJ - (Status:) Loser (Personally Trade?) No
JNJ gapped up over yesterdays high during the premarket session, invalidating the setup because I usually do not play inside setups if we open above/below a long/short entry level. JNJ quickly fell back into yesterdays range and rejected yesterday's high a few times showing that it was weak to the upside. Overall just didn't play out how we wanted, but that's just part of trading
GOOG - (Status:) Winner (Personally Trade?) No
GOOG opened within yesterday's range, then broke yesterday's low, which was our entry short. GOOG immediately dropped down to our target at 100.28. It hit 100.29 before reversing. The main takeaway from this play is that it was nearly textbook perfect in terms of entry, and target. Cons ran just over 50% in a matter of 2 minutes. Unfortunately, this trade would have been very tough to realistically take due to how fast it moved and completed the move we wanted. Situations like this are sort of a win because we know our analysis was spot on, but the price action moving too fast was the only reason we couldn't capitalize on this trade.
Watchlist Stats For The Week:
3/4 on SPY Predictions
3/5 on Main Watch Plays
Top Winner: NVDA (75%+)
Personal Stats:
5/7 For The Week
Overall Green/Red?: Green
Personal Note: Most likely will not have time to trade tomorrow, but regardless if I do or don't, on Sunday night I will provide analysis about tomorrow's session and what I am looking at going into Monday
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