Watch List August 18th

Good Morning,

Yesterday we saw some selling pressure on the major indices as well as a spike in the VIX, but at the end of the day we saw some nice recovery in the SPY and some easing in that VIX spike. Looking at the SPY in particular we had a pretty much perfect pullback to the daily sma20 and then pushed up of of that to close right on the ema8 leaving a dragonfly doji for our daily candle. The VIX spiked all the way up to the mid $19s but then closed under $18. Overall I think the path of least resistance is up, bt as yesterday showed us, we can always see some sharp pullbacks from all time highs and should position size accordingly. Here are a few names that we will be watching today, but we are likely to be more focused on day trade setups today with the FOMC minutes this afternoon at 2 PM Eastern:

ETSY is setting up for a 3/8/20 cross on the daily after its earnings gap down a couple weeks ago. I like this on a soft open that goes red to green for a push up to $210 or higher

AMD has has an orderly pullback from its all time highs and is almost back to the sma20 on the daily, and it has a nice TTM Squeeze on the 30 minute. I like this long off of that daily sma20 for a push back up to the all time highs

TSLA I will watch with an open mind today as it may be starting a bear flag on the daily. I like it short on a failed attempt to reclaim 680, and I like it long on a flush down to 650 that finds support

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