Watchlist 2023-03-23 $SPY $TQQQ $SQQQ $CHWY $SCS
SPY - gapping up slightly to relieve some short pressure from yesterday after Yellen and Powell tanked the market. Their comments mentioned they're not expecting rate cuts this year and discussed tighter credit conditions form businesses and households. SPY rejected the key levels I mentioned including the PD high, 200 EMA at 399, and 400 key level. Then moved all the way to the support area 394 - breaking the rising trendline. Expecting Spy to bounce back to 395 area, then move lower today.
For a trend day we'll need to see the $ADD pinned near +\-2000 and $VOLD ratio over +/- 3 and $TICK cumulating below 0 wicking to -900.
Focusing on the market today as the market is in play and there is potential for a trend day
$SQQQ, $TQQQ
Other watches:
$CHWY - earnings show shrinking customer count, forecast of no profit growth. Looks good if we can reject PD low at 37 for a gap n go. Then RR is at least 2-1 with support at 34.
$SCS - Q4 Results Top Estimates; Issues Guidance; Shares Rise After-Hours. Clear pivot at 8.30. Up 3 ATRs on only 0.8 RVOL. If we can extend into this level, reject on vol, then slam down, looking for an extended short play. Likely won't get back to the 7.50 support since this is actually good news.
For a trend day we'll need to see the $ADD pinned near +\-2000 and $VOLD ratio over +/- 3 and $TICK cumulating below 0 wicking to -900.
Focusing on the market today as the market is in play and there is potential for a trend day
$SQQQ, $TQQQ
Other watches:
$CHWY - earnings show shrinking customer count, forecast of no profit growth. Looks good if we can reject PD low at 37 for a gap n go. Then RR is at least 2-1 with support at 34.
$SCS - Q4 Results Top Estimates; Issues Guidance; Shares Rise After-Hours. Clear pivot at 8.30. Up 3 ATRs on only 0.8 RVOL. If we can extend into this level, reject on vol, then slam down, looking for an extended short play. Likely won't get back to the 7.50 support since this is actually good news.