Yesterday we saw the SPY give us a big gap up and then a choppy, sideways kind of day where we made a new all time high but struggled to go any higher. This morning we are looking at a moderate gap up for all of the major indices with the VIX about dead flat in the premarket. Overall the market remains strong but certainly vulnerable to a potential pullback here. We will stay long biased but keep our position size smaller to manage risk. Yesterday we took a starter position for a new swing trade in NNDM which had a beautiful inside day candle on the daily and cup and handle formations on multiple time frames. Here are some names that we will be watching today:
APPS took out vwap anchored to the February 4th gap up yesterday and I like this long on a back test of that vwap around 76.25 for a push up to $90 or higher
CPRI is consolidating nicely along its sma20 and vwap anchored to the March highs in a TTM Squeeze on the daily. I like this on a pullback to the sma20 around 54.70 for a push up to test $60
GPK is setting up for a 3/8/20 cross with a TTM Squeeze on the daily. I like this on a soft open that goes red to green for a push up to test its sma50 and possibly break up to the May highs around $20
M is consolidating nicely along its sma20 in a TTM Squeeze on the daily. I like this on a pullback to $19 for a push up to $21 or higher.
SWKS has consolidated nicely and is starting to reverse from a sharp pullback in May and reclaimed its sma50 yesterday with a TTM Squeeze on the daily. I like this on a pullback and hold of the sma50 around $175 for a push up to the gap above that starts at 186.76