Weekly Watchlist 12/5-12/9
I have a lot of great setups this week and even better with less Economic Catalysts. In this email/article I go over the setups and the economic calendar. To keep you guys prepared for this week!
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Economic Calendar
This week we have a lot less going on. The only thing that I am concerned about is PPI which is a Inflation Catalyst and Initial Jobless claims. We have a lot less fear and uncertainty this week.
Market Trend & S&P 500 Levels
The overall market is at a major level of resistance. The overall trend is unclear but I am suspecting a choppy week of us just trading sideways. 401.90 is a nice level of support which was a previous resistance. Bullish as long as if it holds 401.90. Bearish below 401.90. If it breaks 401.90, 397 is next. If we break above 409, 412 is next.
Support: 401.90, 397
Resistance: 409, 412, 419
1. Advanced Micro Devices Inc. AMD 0.00%↑
AMD 0.00%↑ on the daily timeframe has a nice ascending triangle and a gap to the upside.
🟢Calls at market open. Average down at $73.17.
🔪Stop Loss Close below 73.17 on the daily timeframe.
⏱️1-3 Weeks out calls. This setup is on the daily timeframe so couple day swing.
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2. Carnival Corporation CCL 0.00%↑
CCL 0.00%↑ on the daily timeframe has a nice gap to the upside and has closed above after consolidating for couple of days. I am looking at a continuation play to the upside price target $11.
🟢Calls at market open. Average down at $9.77.
🔪Stop Loss Close below 9.77 on the daily timeframe.
⏱️1-3 Weeks out calls. This setup is on the daily timeframe so couple day swing.
3. United Parcel Service, Inc. UPS 0.00%↑
This is my bearish play for this week. I am looking to take puts for UPS 0.00%↑ right around 193ish depending on when it hits the level of resistance. My stop loss is going to be based off the weekly timeframe. If it closes above the resistance I will get stopped out for my puts.
🔴Puts at the weekly resistance around 193ish.
🔪Stop Loss Close Above 193 on the weekly timeframe.
⏱️Looking at a month out puts. A month out because this is a play off the weekly timeframe.
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