We’re two days into the trading week and the 3 major indices ended Tuesday slightly in the red. The Dow shed 100 points (-0.29%), the S&P lost 4 points (-0.10%), and the Nasdaq finished the day down 7 points (-0.05%). This comes as investors await the Fed’s meeting minutes (FOMC), set to release tomorrow at 2pm ET and Fed Chair Powell’s commentary on Thursday at noon ET. With that being said, we can expect low volume and intraday volatility leading up to these events for the next two days.
Here are some of the charts I’ll be watching for the rest of the week.
Roku found its bottom at $295 last week and has recovered nicely since then. The stock broke out today, reaching a high of $363.08 before closing at $359.37 (+9.47%). $ROKU has had trouble around the $370 area so I’ll be watching this one closely as it gets closer to resistance.
Calls: Push and hold above $370, 375, 380, 390, 395, 405
Puts: Under 345, 340, 336, 330
Similar to $ROKU, Square looks to have found its bottom last week around the $200 level and is now looking to gain back some ground. This one will likely continue to get bought up into the $240s and possibly higher. A hold above $240 and $SQ can push to 250-255 quick.
Calls: Above 240, 245, 250, 255, 260
Puts: Under 230, 226.50, 225, 220
Airbnb looks like it is prime for a big move. Look for the stock to break through 195 for more upside.
Calls: Break of 195, to 197.50, 200, 205.50, 208
BTC, ETH, NFTs, blockchain, you get the point.. anything crypto related & it’s hot topic right now. This crypto related stock got an uptick in call volume today and a nice $2 move followed in AHs. After a couple days of lagging the $BTC.X weekend rally and the overall market, I’ll be looking to play this on the upside if it can continue the upwards momentum from today’s AH action.
Calls: Above $6.50, $7, $7.50, $8, $10
Puts: Not looking to play this on the downside.