We are looking at another gap down for the market this morning after some more corona virus news over the weekend. Today I will be watching the SPY very carefully to see if we can hold any potential support area or not. A key level for me is the anchored vwap on the weekly chart that is anchored to the Dec 2018 lows which is right around the $292 level. If we break that then I watch $290 or Friday's low of day for potential support. I can't stress enough that we do not want to guess at any of these levels holding. For my watch list today I will be focused on the names from the free weekly watch list as well as just a few other names:
GILD has had a ton of news around a corona virus treatment as well as some M&A news this morning. If this can hold the $70 level this morning I like this on an entry from $70 to 70.50 for a move up to the $75 area or higher
TDOC had a strong gap up on earnings last week and filled the gap on Friday. I like this on a hold of the $125 area and will look for potential entry on a 125.50 break for a move to $120 or higher
I want to stress that volatility may make trading very difficult still and that for any swing trades that work quickly, I may take profits as a day trade so just be aware of that if you are subject to PDT restrictions.