We hope that everyone is having a fantastic weekend. The market was very resilient this week and continued to grind higher and digest little bits of bad news quite easily. Overall, the market strength can't be ignored, but it would also be very normal to see some sort of pullback. Some key spots to watch this week will be $310 on the SPY to the upside and any test of the ema8 on the SPY to see if if continues to bring in buyers on any moves down. We will remain patient in our approach and focus on shorter time frame trades. Here are some names that we will be watching this week:
CLVS is a very beat up name in a very beat up biotech sector and its showing some recovery along with the sector after its earnings report last week. Ideally we would like to pick this up on a pullback and test of the 5.50 area, but we would also consider it on strength as well on a $6 or 6.25 break for a push up towards the sma100 around $7. There is also a nice gap above starting around 7.75
BOOT is a retail name that is showing a lot of strength making a new all time high in a nice TTM Squeeze on the daily. Ideally we would like to see this pullback to test and hold the $39 level and trade it back up to the all time high for a potential breakout higher.
PTON is a recent IPO that is showing some signs of life in a tough market for IPOs. We like this over 23.55 for a push up to $25 or higher. Please be aware that this name can be a bit volatile as its IPO is still being digested.
MEET is in a TTM Squeeze on the daily and in a very nice flag pattern with nice volume coming in. We like this over 4.75 for a test of $5 and possible break higher.
EGHT had their earning report in late October and gapped up only to see aggressive profit taking. It is now rounding back up in a TTM Squeeze and testing its ema34. We like this over that ema34 at 20.25 for a push up to $21 or higher with possible range to the earnings day high around 21.50
DOCU is in a TTM Squeeze and coiling around its sma20 as it tests its all time highs. We like this for entry between $66 and $67 for a possible push up to the all time highs around $70
LOW is another name in a TTM Squeeze that is consolidating around its sma20. It also has earnings coming up on November 20th. We like this over 114.15 for a push up towards its all time highs around $117