#$goog

Alphabet, $GOOGL, comes into the week pressing on resistance at the 50% retracement of the post pandemic move to the upside. It is also at the falling 200 day SMA and outside of the Bollinger Bands®, so a pause may ensue. Those Bollinger Bands are open to the upside though. The RSI is rising in the bullish zone with the MACD positive and rising, good momentum. There is resistance at 102 and 104 then 105 and 108 before 111 and 113. Support lower comes at 100 and 97. Short interest a low under 1%. The stock does not pay a dividend. The company is expected to report earnings next on April 24th. 

The March 31 Expiry options chain shows open interest spread from 100 down past 85 but biggest at 90 on the put side. On the call side there is an immense open interest at the 105 strike. In the April options chain open interest increases from 105 to a max at 90, every $5, on the put side and similarly from 85 to a peak at 105 on the call side. The April 28 Expiry covers the earnings report and has biggest open interest at the 95 the 87 put strikes with it spread from 98 to 115 on the call side. Finally, the May chain has biggest open interest at the 90 put and the 95 and 100 call strikes.

Alphabet, Ticker: $GOOGL

Trade Idea 1: Buy the stock on a move over 102 with a stop at 97.

Trade Idea 2: Buy the stock on a move over 102 and add an April 28 Expiry 97/92 Put Spread ($1.82) while selling the May 115 Calls ($1.71).

Trade Idea 3: Buy the April/May 105 Call Calendar ($2.23) while selling the April 90 Put (92 cents).

Trade Idea 4: Buy the May 90/105/115 Call Spread Risk Reversal ($1.16).

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After reviewing over 1,000 charts, I have found some good setups for the week. These were selected and should be viewed in the context of the broad Market Macro picture reviewed Friday which with the March Quad Witching in the books, saw equity markets showed mixed results in a volatile week.

Elsewhere look for Gold to continue its uptrend while Crude Oil moves lower. The US Dollar Index continues to trend lower while US Treasuries hold in broad consolidation. The Shanghai Composite looks to consolidate while Emerging Markets move to the downside.

Alphabet, $GOOGL, comes into the week pressing against resistance in a channel that has held it for 2 months. The channel is centered on the 38.2% retracement of the move higher from the pandemic low to the top in February. The RSI is about to move into the bullish zone with the MACD positive and rising. The Bollinger Bands® are pretty flat though, not opening higher. 

There is resistance at 2390 and 2450 then 2510 and 2600 before 2640 and 2672 then 2763 and 2862. Support lower comes at 2358 and 2290 then 2240 and 2200. Short interest is low under 1%. The stock does not pay a dividend, but the company is expected to report earnings next on July 25th after the market closes. 

The July options chain shows the biggest open interest at 2300 then 2320 and 2350 on the put side, and then much bigger at 2400 followed by 2500 and 2425 on the call side. The July 29 Expiry shows an expected $205 move by expiration or just over 8.5%. It has biggest open interest at 2300 on the put side and 2500 then 2400 on the call side, but action has been light. The August chain has biggest open interest at the 2400 put then the 2300. While on the call side it is biggest at 2500 then 2300 and 2400.

Alphabet, Ticker: $GOOGL

Trade Idea 1: Buy the stock on a move over 2400 with a stop at 2350.

Trade Idea 2: Buy the stock on a move over 2400 and add a July 29 Expiry 2350/2290 Put Spread ($30.20) while selling the July 29 Expiry 2600 Call (29.60).

Trade Idea 3: Buy the July 22 Expiry/August 2500 Call Calendar ($50.00) while selling the July 29 Expiry 2200 Put ($37.00).

Trade Idea 4: Buy the August 2100/2400/2500 Call Spread Risk Reversal ($10.00).

If you like what you see sign up for more ideas and deeper analysis using this Get Premium link.  

After reviewing over 1,000 charts, I have found some good setups for the week. These were selected and should be viewed in the context of the broad Market Macro picture reviewed Friday which with the first week of the 3rd Quarter in the books, saw equity markets showed strength with a multi-day move to the upside.

Elsewhere look for Gold to continue its pullback while Crude Oil continues its short term drop. The US Dollar Index continues to race to the upside while US Treasuries continue their downtrend. The Shanghai Composite looks to pause in its uptrend while Emerging Markets continue to trend lower.