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The Green Team Watchlist - 06/13/21

Updated: Jun 13, 2021

This market week should be a technically driven week but as we approach quarter end, FED meeting this week and Economic data we need to keep an eye for what the next sector/index rotation will be, also we need to check on larger cap names. We have lately seen a rotation into small caps $IWM Russell and back to $NDX Nasdaq.

The Green Team will be paying especial attention to the COVID affected names such as Hotels, Cruise and Air liners.

This is the market outlook for this week

$SPY Testing range breakout area to the upside, Fridays close was bullish but market volume was not the best. The Green team sees a bullish setup on the market for the week.

We are leaning on the bullish neutral side especially for the economic events going on this week.

Our levels indicate that $SPY needs to hold the $422.46 pivot to have continuation to the upside on the week, this level holds and we see $426.79 and then $429.44. Pivot unable to hold and we will see room lower to the support at $419.65, if that level breaks we could see the $416.44 level tested.

The Green Team will be watching this ticker during the week!

$NIO broke the downtrend on the daily chart and its seating at the year to date VWAP, Pivot for the week is $44.70, if it hold we can see continuation to the $47.68 resistance and then $49.51. If unable to hold we could see $43.23 tested to the downside and if that level breaks we could test $42.20. The Green Team is leaning bullish on $NIO and if pivot holds we will recommend buying July $50 calls (unusual volume activity on Friday)

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