Yesterday we saw a gap up open that was followed by a pretty sharp pullback. the market remains in a pretty shaky place overall, and there are some pretty concerning signs. The IWM in particular looks extremely weak and is starting to break support at the $145 level, and most of the other major indices are just above key support levels. We also saw the VIX trade in a pretty big range yesterday, and it is now in a TTM Squeeze on both the daily and weekly charts, which suggests that a bigger move mat be coming. IN the premarket, we are looking at a moderate gap down open as of 8 AM Eastern. Overall, the market is in a place that has me very patient and a bit cautious and still focused on shorter term trades. Here are a few names that I will be watching today:
AVID is a reversal setup that has been in a nice basing pattern and looking ready for some recovery. I like this over yesterday's high of 6.57 for a push up to $7 or higher.
SSRM is a precious metals name that just had a 3/8/20 cross up after pulling back from its recent highs and it has a TTM Squeeze on the daily. I like this over 17.21 for a test of the recent highs at 17.57 and a possible push to $18
STE regained its sma20 yesterday after pulling back from all time highs. I like this over 153.08 for a move to $155 or higher
OR is a gold name that pulled back to and held its sma20 and is now starting to push back up. It also has a TTM Squeeze on the daily. I like this over 13.03 for a move up to the mid to high $13s
FSM is a silver name that just had a 3/8/20 cross up. I like this over 4.31 for a move up to the high $4s