The market is giving us a strong gap up this morning despite an earnings miss from JPM to kick off the new earnings season. As discussed in the weekly video, it's no surprise that the market wants to test higher here. Big spots to watch today on the SPY will be last week's high around 281.20 and then a key anchored vwap level around 284.50 If we break above those, then we see some major resistance in the 290 area. For today my plan is probably to manage the SPY calls that were alerted yesterday and mostly day trade unless the market finds resistance and starts to reverse in which case I would look for story stock plays long or look for short opportunities. Here are some names that I will be watching:
LAKE is a virus play that is in a very nice TTM Squeeze. I am interested in this name if we start to see some enthusiasm around virus plays again today like we did yesterday
KEYS is just a nice looking chart with a great TTM Squeeze as its working its way over its sma50. Ideally I like this on a pullback and hold of that sma50.
SHAK is a name that got a beautiful double bottom and is stalling at its ema34 on the daily. I like this over that ema34 for a test of the recent highs around 48.00
in addition I will be watching AAPL and FB for potential short setups if the market finds resistance and starts to reverse