Yesterday we saw the market make a strong move up, and the SPY was able to push through that 323.50 area that had been a problem spot this week. This morning, though, we are gapping down right back below that key spot. A lot could change with jobless claims and GDP numbers coming up at 8:30 AM Eastern, but it will be important to see if the market can recover that key level or not. We are also seeing a bit of a spike in the VIX this morning, although it is is still below the sma200 which has been resistance for the last week or so. Overall, the market is still in a bit of a tricky spot, and managing risk through small position sizes is warranted. Here are a few names that I will be watching today:
PTON is rounding nicely after pulling off of its all time highs a couple weeks ago. I like this for a swing if I can get an entry in the 65.50 area or for a day trade on a move over $67
STNG from the weekly watch list had a nice move yesterday, and I would be interested here on a soft open and a red to green move for a continuation higher.
DISH is in a nice tight coil in a TTM Squeeze with a nice shelf of anchored volume by price. I like this over $34 for a push up to $37 or higher
PLAY is in a nice TTM Squeeze and just reclaimed its sma20 and is looking to take out the ema34. I like this on a soft open and red to green move for a push up to $16 or higher
SNAP gapped down last week on an earnings miss and is potentially forming a bear flag here. I like this on a test and fail to push up over the $23 level for a short entry to trade down to $20 or lower