Watch List May 4th

Good Morning,

Yesterday we saw the market gap up and grind sideways all day long and this morning we are pointing to a gap down in all of the major indices and a gap up in the VIX. We remain in a place where I don't see any red flags for the market, but I am seeing quite a few yellow flags that suggest a pullback could be coming. This is not a bearish call, but just an observation that has me a little more cautious about how much risk I want to put on right now. I will be keeping a very close eye on the QQQ today which is setting up for a 3/8/20 cross down in a TTM Squeeze and the VIX which has a bullish looking TTM Squeeze and some key resistance at 20. Here are a few names that I will be watching in addition to the weekly watch list:


CAH has a nice TTM Squeeze and took out its sma20 and vwap anchored to the recent highs yesterday. I like this on a pullback and hold of those levels for a push up towards highs into their earnings report on Thursday morning


CLF is consolidating nicely along its sma20 in a TTM Squeeze on the daily. I like this on a pullback and hold of that sma20 around $18 for a push up to $20 or higher


HOPE has a nice gator head pattern as it consolidates on its sma20 in a TTM Squeeze. I like this from 15 to 15.25 for a push up to the mid to high $16s


URBN is consolidating nicely along its sma20 and vwap anchored to the recent highs in a TTM Squeeze on the daily. I like this on a pullback and hold of that sma20 for a push up to $42 or higher


WMT made a nice move off of a shelf of anchored volume by price in a TTM Squeeze yesterday with a nice gap above. I like this on a pullback to $141 to 141.25 for a push up to fill the gap around $145 or higher as this heads into earnings on May 18th


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