SPY: Thinking we could see more red by the end of week. S&P hasn’t seen many of the 2-3 day losing streaks lately but I can see one potentially happening this week. Below today’s lows and the 10sma…downside targets of 167.5 then 166.5…if we really get to selling a test of 20sma possible imo. A scenario where we could bounce is also present, as the 10sma has acted as support previously…if we hold that and want to bounce, I would like to see 169 break to the upside and hold as a support. Upside targets then would be 169.5 then obviously 170s.
My bias is more selling will come into the markets and we test 166.5-167s. Please note that if this pullback does happen, it doesn’t change my overall bullish bias and I would consider any pullback healthy as long as price stays over the 20sma.
Daily & 1-Hour below:
TSLA: I like the trade to the downside right now, especially if my near-term bearish bias plays out like I think it will in the overall market. 120 breaks and I like this to 117s target 1 and 115s target 2. If we break over the wedge below and hold… this could also bounce due to 120 level con’t to hold. In a bounce scenario…124.5 then 126 are upside targets. I am currently in 120 weekly puts at 1.50s…if this trade goes against me I will lose at least 50%, which is why I only have 5 contracts.
1-Hour chart below:
BBRY: This one could go either way and I like the r/r both ways. $9 area and 10sma the trigger here imo. Break below recent lows 8.90s and target 8, break above 10sma at 9.15 and this could pop off bottom and test 9.75-10. BBRY has been crushed…sometimes these names keep fading and sometimes they get that random squeeze off bottom. I like the set-up here either direction. That 10sma has really been holding it down acting as strong resistance. I think a good candle is coming here so watch it close!
AMZN: If markets stay weak I like short side to the 20sma/294s. If we break that things could get dicey and 288 would be possible this week. Would want to see this bounce back and break/hold 10sma before considering a long trade again. (Earnings are after hours today so please don’t hold o/n!)
GRPN: 10/20 sma’s merged right together here. If we break those and this weeks lows of 8.62 i like the short trade with a potential target of 8.
Others on Watch: AAPL over/under 440 & BIDU after the earnings squeeze…
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