Peter's Watch List August 30th

Good Morning,

Yesterday saw a gap up and a mostly sideways day for most of the major indices, which now has the SPY, DIA, and QQQ over their sma20 and just below the sma50 as of the close yesterday. This morning it looks like we will see another gap up right to the sma50 and some pretty major resistance. Looking at the SPY, this video from last week is still very relevant today https://www.thetraderspath.com/post/market-update-august-22nd We are right into the .618 Fib level discussed in the video around 294.40 here in the premarket. With today being the day before a long weekend and the unofficial end of summer, I am just going to focus on our five minute control candle setups and reversal setups. Volume is likely to be very light today, and focusing on these setups will be much more reliable than chasing a gap up open on a light volume day. Some of the names that I will be watching include AMBA, DELL, TSLA, ULTA, WDAY, CPB, BYND, and NFLX.

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