Watch List May 6th

Good Morning,

After a gap up and mostly sideways day yesterday, we saw the major indices sell off a bit into the close. This morning the SPY has been up in premarket trading, but we have seen some choppy up and down moves. Overall, I think the major indices and so many individual names are at a key point of testing their sma20, and we may see some choppy action until the market either holds that sma20 and moves higher or breaks down in a 3/8/20 cross. In my scans for today, I'm seeing a lot of charts with big upper wicks after that late afternoon pull, which is not leaving much in the way of A+ setups. Here are a few names that I will be watching today:

AMD is a name that I still like short if it finds resistance. I like this short on a rejection of the ema8 or sma20 for a move down to $50 or lower

TER I like short on a rejection at the ema8 for a move down to the $58 area

GOOS I like long on a test and hold of its sma20 around 22.20 for a push up to $25 or higher

HAS I like short on a test of the sma50 that finds resistance for a push down to the $64 area or lower

CIEN has been very strong and pulled back to and held its sma20. I like this long on another test of the sma20 that holds for a push up to the recent highs around $50

ITW got an upgrade today after a earnings gap down that recovered yesterday and is showing no reaction at all which is not a good sign for the stock. I like this short on a break of the sma20 at 157.80

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