Good Afternoon, It was quite a week for the market. As we said in last week's weekly watch list post, we were pretty cautious going into the FOMC, and this cautious approach helped us to protect a lot of capital. We had five red candles in a row this week, and a pretty ugly weekly candle for the SPY. We also had a 3/8/20 cross down for the SPY on the daily. Last but not least, we saw the VIX spike up quite a bit. All in all, we will continue to have a pretty cautious approach and focus on shorter time frame trades until we see the market test and hold one of the potential support levels. There are not a lot of great looking setups that we found in our scans this weekend, but we were able to find a few that showed some relative strength that may give us some opportunities this week:
TLRY move over a short term resistance trend line and also reclaimed its sma20 and sma50. We like this over Friday's high of 43.32 for a move to $45 and possibly even towards $50
TREX had a gap up and go day early last week after its earnings call, and has since retraced a bit before starting to push back up on Friday. We like this over $80 for a push back to the highs from last week
SNAP is a name that had a nice gap up and go on July 24th and has since had an orderly retrace back to its ema8. We like this over 17.25 for a move up to 18.50 or higher
BSX had earnings July 24th and gapped down and then pushed up on that day, and since then it has retested and held the lows after the gap down and is trying to work its way back over its sma20. It also has a nice TTM Squeeze on the daily. We like this over that sma20 around 42.50 for a push up to test the recent highs around 43.50
SBUX is a name we have been watching closely the last week, and it has been showing some nice strength relative to the market. We like this over $96 for a move towards $100
If the market really shows some additional weakness, we will be watching a few names for potential short setups. These names include NFLX, TSLA, FB, and AAPL.