The market pushed to new all time highs again yesterday, but it continues to look a bit tired here. Most of the major indices were left with a shooting stat type candle yesterday, and look like they might be ready for rest. Having said that, we still have not closed below the ema8 on the SPY for well over 20 days now. This morning we are getting a bit of a gap down, and we may just see a test of that ema8, which would tell us a lot. We also have impeachment hearings starting today, which may have some impact on market confidence. Overall, I will continue with my patient approach and focus on shorter time frame setups. Here are some names that I will be watching today:
ELF had earnings last week and gapped up only to see some aggressive profit taking. Yesterday it made a nice move on volume with a TTM Squeeze on the daily. I like this over 18.50 for a push to $19 and possibly the earnings highs around $20
JCP made a nice move on volume yesterday in TTM Squeeze as it heads into earnings on Friday morning. I like this over 1.15 for a push to 1.25 or higher.
NTRA is in a TTM Squeeze and setting up for a 3/8/20 cross up on the daily. I like this over 39.29 for a 40 test and possible push to recent highs around $41
WIX is a name that was a victim of the rotation out of high flying tech names and had a large pull. It bounced nicely off of the $110 area and then stalled at its .382 Fib retracement before rounding back up again. I like this over 132.50 for a push up to the .618 Fib retracement around $136
FB gapped up on their recent earnings and saw some profit taking on that move. It is now rounding back up with a TTM Sqeeze on the daily. I like this over 195 for a push up to 197.50 or higher
A couple other names that I will be watching are KL for a potential long and SFIX for a potential short. KL is running away a bit in premarket so I will have to monitor this and see if it gives a decent risk/reward entry. SFIX I like on a break of the sma50 just above the $21 level.