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- Apr 4, 2008
Bored so I'm doing some charting.
Whatever the market decides to do, it's good to have two plans.
The upside pivot in SPY for the next leg higher is 212. If that holds, 213.64, 215.58 and 219.53 are the next targets. If it doesn't hold Friday's lows, downside targets are 204.26, 201.16, 199.56. Until 199.56 is breached and becomes resistance, we're in just a chop zone. Once that area becomes vulnerable, an actual correction is possible. Could see 187.22, 181.29, 175.36 or worse.
Me personally, I'm just a day trader so I'll go where the trend is, but I'm not gonna get too concerned until my charts tell me to. Just think we're in a chop phase until the market says otherwise.
AAPL is in chop territory. If it holds 115.52, 117.80 is possible, but I don't like the candles that were printed the past few days. Still think 111.50 and 105.19 could be in the cards before it changes trend. Wouldn't mind taking a long at 105.19, but ya gotta be smart cause if that doesn't hold, it's going to 99. If you want to build a position in this one, be patient and strategic with the way you add in. Losing 121.55 really broke the chart, that could be the confirmation pivot if it can get over and hold that level for a new up trend.
FB is gonna provide some nice volatility for day traders. Gonna be choppy and a headache at times as well. 97.12 is the upside pivot for a potential 100 roll. Gotta break through and hold that. 90.12, 88.03 are your next support levels. 88.03 could be a decent dip buy if it holds, if not, 84.94, 81.74 or 76.56 could be in play. I don't think it gets that low unless the market really takes a dive. FB is a legitimate company and I've been noticing more Instagram ad's lately.
TWTR, I really have nothing to say. 25.56 is on tap unless some bs rumor comes out and gives it a deadcat bounce. I do want to own some of this name long term, but I'm really only running a day trading account so Idk if I'll be able to do that for the time being. If I had the powder, I'd consider starting in small at 25.56, but I'd only use money I'm comfortable losing completely since it would be a long term outlook and technically, this is a falling knife.
DIS I mentioned that 106 level a few days back, bounced nicely after shaking out beneath it briefly. 110 could be some short term resistance. Would like to see it hold 107 moving forward for an eventual move back to 117.30. If the market makes new highs and doesn't correct, this potentially could see 133 by next year. Need a strong market for that, however.
BABA looks heavy. 79 becomes resistance, you can expect this one to test those all time lows. If 79 holds, 81.12 and 83.44 are possible.
SBUX has some major resistance at 59.14. It might chop around and break through eventually. If it does and the market is strong (makes new highs) this could go to 72, but you need a strong market for that to happen. 54.91 and 51.56 are your next support levels.
Be smart, be patient, always manage your risk and be flexible. Can always exit and re-enter a trade. Have a plan and respect it. This market can go two ways and we're in the process of figuring out which way that is. Don't fight the trend and get hopeful, know your max pain/risk, follow your plan and flourish. Take profits when you can, raise stops, etc. Nothing wrong with trading around a core either if you have a long-term/bigger picture outlook.
Whatever the market decides to do, it's good to have two plans.
The upside pivot in SPY for the next leg higher is 212. If that holds, 213.64, 215.58 and 219.53 are the next targets. If it doesn't hold Friday's lows, downside targets are 204.26, 201.16, 199.56. Until 199.56 is breached and becomes resistance, we're in just a chop zone. Once that area becomes vulnerable, an actual correction is possible. Could see 187.22, 181.29, 175.36 or worse.
Me personally, I'm just a day trader so I'll go where the trend is, but I'm not gonna get too concerned until my charts tell me to. Just think we're in a chop phase until the market says otherwise.
AAPL is in chop territory. If it holds 115.52, 117.80 is possible, but I don't like the candles that were printed the past few days. Still think 111.50 and 105.19 could be in the cards before it changes trend. Wouldn't mind taking a long at 105.19, but ya gotta be smart cause if that doesn't hold, it's going to 99. If you want to build a position in this one, be patient and strategic with the way you add in. Losing 121.55 really broke the chart, that could be the confirmation pivot if it can get over and hold that level for a new up trend.
FB is gonna provide some nice volatility for day traders. Gonna be choppy and a headache at times as well. 97.12 is the upside pivot for a potential 100 roll. Gotta break through and hold that. 90.12, 88.03 are your next support levels. 88.03 could be a decent dip buy if it holds, if not, 84.94, 81.74 or 76.56 could be in play. I don't think it gets that low unless the market really takes a dive. FB is a legitimate company and I've been noticing more Instagram ad's lately.
TWTR, I really have nothing to say. 25.56 is on tap unless some bs rumor comes out and gives it a deadcat bounce. I do want to own some of this name long term, but I'm really only running a day trading account so Idk if I'll be able to do that for the time being. If I had the powder, I'd consider starting in small at 25.56, but I'd only use money I'm comfortable losing completely since it would be a long term outlook and technically, this is a falling knife.
DIS I mentioned that 106 level a few days back, bounced nicely after shaking out beneath it briefly. 110 could be some short term resistance. Would like to see it hold 107 moving forward for an eventual move back to 117.30. If the market makes new highs and doesn't correct, this potentially could see 133 by next year. Need a strong market for that, however.
BABA looks heavy. 79 becomes resistance, you can expect this one to test those all time lows. If 79 holds, 81.12 and 83.44 are possible.
SBUX has some major resistance at 59.14. It might chop around and break through eventually. If it does and the market is strong (makes new highs) this could go to 72, but you need a strong market for that to happen. 54.91 and 51.56 are your next support levels.
Be smart, be patient, always manage your risk and be flexible. Can always exit and re-enter a trade. Have a plan and respect it. This market can go two ways and we're in the process of figuring out which way that is. Don't fight the trend and get hopeful, know your max pain/risk, follow your plan and flourish. Take profits when you can, raise stops, etc. Nothing wrong with trading around a core either if you have a long-term/bigger picture outlook.
