3/21 Watchlist + Notes

20 thg 3, 2023

SPY - We were slightly bullish on SPY if you saw yesterdays list. SPY finished green around 1% which is what we expected, but we made another inside day today putting SPY in a 2-1-1 pattern on the daily. I am still expecting us to push higher tomorrow, but I have a feeling it will be a tricky day of price action with FOMC on wednesday. Overall slightly bullish once again, but not banking on it.

Watchlist + Bias:
JNJ - 3-1 daily / 2-1 weekly: Neutral
GOOG - 2-1 Daily: Neutral
MRK - 2-1 Daily: Neutral
HD - 2-1 Daily: Neutral
LLY - 2-1 Daily: Slightly Bullish
MMM - 2-1 Daily: Neutral

Main Watch:
JNJ - We are in a very interesting spot with JNJ currently. Weekly chart is in an active 2-1 and overall is bearish because of the current weekly trend. The daily is neutral with its 3-1 and its worth noting 4 out of the last 7 trading sessions have resulted in inside days. I have to assume we are just consolidating before moving lower, but with SPY being slightly bullish going into tomorrow, and FOMC wednesday, it is hard to say for sure which direction we will head in. With this in mind, I am open to playing either side depending on tomorrows session and how the weekly 2-1 plays out.

Honorable mentions:
GOOG and LLY in interesting spots as well. Going to mainly be watching these two and JNJ tomorrow as we prepare for FOMC