I’m going to take a look and review a handful of different stocks here for you guys, and we’ll check things out. So welcome to another live stream. We’re going to check out some popular names. I’m going to take a look at Facebook, Apple, Netflix, Nvidia, AMD, Tesla, Twitter, Microsoft, Amazon, AMC, and GME. These are some of the popular ones that we have, and those are kind of the ones that we’ll take a look at. If you have any other suggestions, feel free to throw them in the chat. We’ll have kind of like a live chat here going and then we’ll go from there. So just experimenting with a few different live stream stuff, and then we’re going to get going.
All right, so I’ve got things set up. I’ve got my monitor set up. Typically, for those of you that don’t know, I use TC2000 as the trading platform, and then I use Thinkorswim as the brokerage platform. So for the option side, I’m always on Thinkorswim. For the charts, I always use TC2000. It seems to work out really well, and it’s just more personal preference. Could you use TradingView? Sure. Could you use Barcharts or Stockcharts? Sure. They’re all fine platforms. It’s just a question of which one you like better. I just find the Thinkorswim platform for the charts just doesn’t work out as well.
Market Overview
The market right now, as we take a look just to give you a little insight and update from the S&P perspective, we’re down about 74 points. So it’s pretty heavy. The sell-off continues to intensify, and it’s pretty nasty out there when you look at a lot of the individual names. It’s been building for a little while. Some of these names have been pulling back quite a bit even beforehand. So those are some of the ones that maybe you could take a look at getting into. Again, for me personally, this is just my personal opinions and thoughts. It’s not any recommendations for you guys to do anything. You have to make your own decisions and due diligence. But there are some names that could be interesting as we continue into the sell-off, but I would probably say more into the mix of maybe next week rather than this week. I think just with a lot of the damage that’s been going on and happening right now, it may continue into next week.
Facebook (FB)
Let’s get started. We’re going to go in, and I’m going to get started here and check things out and take a look at some of these stocks. We’re going to start out with Facebook, and I’m going to go in and just do a little bit of some drawing for you guys. A lot of the things that I would look at, especially when things intensify, I would much more look at things that are, let’s say, on more of a two-day, three-day, weekly, or monthly timeframe. The monthly timeframe is going to be tough to read because as you’re trading into like this day into the month, right, it’s just a new month. So that bar doesn’t have as much significance, and here it’s tough to really look at the pattern. So on a monthly timeframe, it gives you a good idea of the ABCD pattern that we’ve concluded, let’s say, on Facebook, and now we’re going kind of this way.
So it’s giving you a good insight there. But you know that once that pattern’s complete, then probably something new is going to happen. So that’s what was going on here. We got A to B, B to C, C to D. So there’s our pattern, and now we’ve kind of completed there. So a lot of people in these timeframes, they’re like, “Ah, man, I don’t want to sit this one out anymore.” But that’s the thing is that at that point, that was the time to sit out and wait and see because stocks at that point pause, they do something different. So as we get back into the weekly timeframe, now you can see that pattern evolving. The same thing: A to B, B to C, B to C here is more sideways in C to D. And then again, we went up. There’s your break on that upside. We couldn’t continue this angle. So again, whatever this angle is, let’s just call it 30 degrees. We couldn’t continue it, broke, and now we’ve got another pattern. So let’s go into a little bit more like a two-day pattern. So here Facebook now is on the downward swing.
So as we check this out, again, here’s our A to B, B to C, C to D pattern. Where will the C to D end? So if we look at it now as a bearish pattern, you take the measured move of A to B, and that measured move is going to be the C to D, roughly. It’s not exactly, but roughly. So how do you calculate this? Where’s the highs? The highs here, I’m going to look at 384.33. How about this high? 383. So this is the highs: 384.33, and I take it to the lows over here. So roughly speaking, it’s about 76 points, let’s just say. So I’ll take the highs here, and I’ll go down 76 points. So where can we end? 76 points, roughly, is right around the 280 level. And take a look at where the 280 level is going to be. The 280 is going to bring us into right around here, and that’ll be our kind of a range for where the stock can get into. Now, it doesn’t mean that we can’t go a couple of up days here to retest it and then pull back further. So a lot of people say, “Well, can it just do that right now right away?” Yeah, it could, but usually stocks don’t go straight down. They don’t go straight up. So the same thing like we had the other day. We had a nice big up day, and then we have another flush day. So same thing here. We could go down a couple days, go up, and then roll back over. But in general, what you’re looking for now for a completed ABCD pattern right here, as you look into this, the completed move is going to be right around 280. Could it hit to 290, 295 and kind of stop? Sure, it could. It could do anything. But that’s kind of what you’re looking at.
So from a Facebook perspective, if I look at it on the daily, we’re already breaking this level of 310. That’s weakness, more bearish volume coming in, selling pressure. People are panicking. The earlier entry right there. So there’s a couple of breaks right there happening. So we will see what happens here, but you could come back up and easily sell back off further. So that’s why this sell-off is a little bit stronger than kind of normal.
Apple (AAPL)
Apple had me convinced that it was actually going to go higher for a little while. So here was the breakout. We were going sideways for a little while, and then again you had another leg higher. So a bit extended. So this thing was extended even further, and then you got back under it. So the minute it got back under this, I was out. I actually had some long shares in Apple, actually more selling put verticals against it. So when it broke this, this is when I kind of sold a lot of put verticals in this area, and then I took some profits over here as it continued to move higher. Once I got back under there, I saw the markets acting weak, and I got out of it.
So anyways, as we take a look at this right now, I’d still say this is a fairly bullish stock just because of the nice breakup that it’s had. But it could easily come back here and retest. That’s why I’m saying kind of at the lower end for the time being for the short term. But it could also just come back here at 155 or so because this is kind of that level where we have previous highs here. So this is what I’m looking at, these different levels, and more so this one because we’ve had some nice bullish volume here. So this one’s been holding up pretty well. It’s a love stock. People love this thing.
Netflix (NFLX)
A lot of damage is done. So here’s a cool little storyline for you guys. So here’s a little rabbit. Hops over here, we consolidate a bit, hops over here, we consolidate. So notice every time we do a little hop, this is the way this pattern’s been going. So this is known as a stair-step pattern. So as we move in the stair-step pattern fashion, that stair step now got broken. So here was our break, and there’s our issue. So now as we broke this level, where could we go? Well, we’ve got a couple levels that we’ve already broken. Once we broke twice, now we’re getting into this level. So this is kind of your level of support that you’re watching. Watch for this level right here, and that level is going to be the previous support of about 575. Give or take three to five points because it’s not going to go exact. And if you look at that, why is that such a critical level? We’ve had a lot of sideways consolidation here. Volume trends coming in, selling pressure, selling pressure. This could be the area where you could start seeing some more volume contraction. Now, that’s the spot where if it doesn’t hold, we could get into some trouble. So we’ll see. But in either case, this was the danger sign right there breaking that level. I didn’t trade this one much at all because Netflix is a little too sporadic and crazy. So it’s not something I trade.
Nvidia (NVDA)
Nvidia had a nice explosive move. Same kind of story. Take a look. You had a nice A to B, B to C, and then again C to D pattern. So I was actually bullish here on this little breakout, but I didn’t trade this one either. I was watching it, but I thought we had a little more time before the earnings. And then boom, there it was. It exploded. So I kind of missed that trade. But here was the move and the action plan. We had a nice volume break. Notice the volume here trending a little lower, and now we have this break. So now you’re getting into some of these shorter-term levels. There’s your pattern that you’re looking at. So here’s your break. There’s the first leg down. You could get a little bounce into here, and then we could sell off further. So this is the next kind of level of support right here. So that level’s around 290. So there’s your 290. Could it go up? Yeah, it could. Could it pull back? Yeah, it could. Anything could happen. But this is your stair-step pattern. So as we go up, that’s kind of the level you’re watching.
AMD (Advanced Micro Devices)
AMD is another nice one. So if you take a look at the weekly, let’s say, on AMD, notice the breakout pattern that we had here. And again, similar thing. We went a little more sideways on the weekly, but on the daily, you got this nice pop, the explosive move, and then we had the gap-up. So there was our A to B, B to C, and then here’s your C to D, right? So you could see that you’re pretty extended. Now, what happens when stocks are extended? Well, you’re probably going to get a nice pullback, so watch for these levels, 140, 130. As we get into that zone, there’s kind of your zone of support. So that’s what you’re looking at right here. This is your pullback. Could we get further down here? Absolutely. If I look at it from a Fibonacci level, let’s just take it from the last kind of recent move. Let’s just say from here. Notice that 38 is right there, and you’re right around that level. So you could see this kind of also coming right in around that 124.80 level. So that’s why these retracement levels, and then you’re going to see some bounces back in there. So watch for those levels. Could it come back and test it? Yeah, it could. But we’re coming into that. Volume trend is getting higher on the selling side, so that’s not a good sign. So this is kind of the problem spot right there, and you see how we’re breaking right there? That’s why you got some issues in this one.
Tesla (TSLA)
Tesla is one I don’t trade as much just because I find it a little more chaotic. So here’s Tesla. It’s been pushing higher. Nice big move. You got this little volume break. Same thing as before. You got this ABCD pattern completed. So again, there’s your A to B, B to C, C to D, and now you’ve got a further pattern here. So again, nice A to B, B to C. The C to D is much smaller, and that’s where we are. So now we’re breaking that, and now where’s the next level? Probably going to be right around there. Watch for this 1000 level. Could we get a little further? We could. This is not a good sign, breaking this pattern, breaking this pattern, and breaking this pattern. So it’s a heavier break for Tesla. Could we get further pullbacks? Yeah, but we could also get some bounces. So that’s kind of the thing that you’re watching is that as it goes down, could we get some bounces, and then it could go down again? Absolutely.
Twitter (TWTR)
Twitter is probably one of the weaker ones. And as we look at Twitter, the reason I say that is we’ve got some breakpoints right here. So there’s the pattern we were at, and now you could see we got a breakout level right here that didn’t hold, and that’s what I don’t like is that when stocks try to get higher, but they don’t hold, that’s not a good sign. So here’s your key level right there. We had a breakout pattern. We had the stair-step pattern, and then we got the breakout pattern, and now we’re getting this break below. And here’s your support level. So watch this level right there. It’s about 27. If it breaks that, this thing could get into some trouble. So it’s not looking good for Twitter right now, and you got some bearish volume that’s also coming into it.
Microsoft (MSFT)
Microsoft was another one that had a nice breakout. And here’s Microsoft, we had a nice breakout, then we consolidated, and now we’re breaking a month’s worth of gains right here. So notice, we were at this level. We had a month’s worth of gains, and now we’re taking them out within a few days. So that’s not a good sign. It’s a lot of selling pressure. So now the key question is where’s the next level of support. This is what I’m watching, these levels right here, 320, 310. So that’s kind of the level of support you’re watching right now. So as we come into this level, if we get a bounce, we could easily bounce to 330, and then we could sell off further. But that’s kind of what you’re watching. It’s the big volume selling pressure coming into this.
Amazon (AMZN)
Amazon has been more of a sideways move, and that’s why you got this kind of craziness. It’s been stuck for the last two years. So here’s our sideways action, and there’s your range. So as you get into this range, you can see that we’re stuck here in this range. It’s been moving sideways for quite a while. We had a couple of breakouts, but now we’re back into this range. So there’s a couple of times we’ve broken out, and now we’re back in it. So watch for this level right here. So there’s your level of support around 3000. And then here’s your level of resistance around 3500. So we’ve been stuck here for quite a while. So that’s why Amazon’s kind of a little more sideways. It’s been tough to trade.
AMC and GME
AMC is probably a little more bearish. So as we take a look at AMC, we’ve got this bearish triangle pattern, and there’s our support level. So if we break this level, this thing could get into some trouble. So the level is right around 15. So watch for that level. Could we get a bounce? Sure, we could. Could we get a breakout? Absolutely. But that’s the problem with these things is that you got these speculative stocks, and they could get into a lot of trouble. So watch for this level right here, and you’ll see that if it breaks that, it could get into some trouble. And the same thing goes with GME. If you take a look at GME, there’s our pattern right here, and you can see there’s our key level right around here. So watch for these levels right there. So that’s kind of the problem spots right here. So watch for these levels, and if we get a break, you could get into some trouble right there. So watch for those levels.
Additional Stocks
Some other ones to keep an eye on: Walmart is actually holding up fairly well. So here’s Walmart. You can see that the pattern is actually holding up fairly well. There’s a key level of support right around here. So watch for that level, and we’re just coming into that right now. So right around 135 is that level. So watch for that level.
Shopify is breaking key levels right now, so there’s the next support level right there. So if we take a look at Shopify, you can see we got this key level right here, and it’s breaking those levels. So here’s your next support level. So watch for that right around 1300.
And Peloton is not looking good at all, and Disney as well. So those are the ones to kind of watch.
Conclusion
So in general, those are some of the key stocks I’m watching right now. Keep an eye on these levels and patterns, and remember to always do your own research and due diligence. Thanks for joining the live stream, and I hope this analysis helps you navigate the current market conditions.
