Watchlist 2023-03-03 $AI $ASAN $PATH $BBAI $TAL $MRVL
SPY - finally snapping the multi day losing streak and rallying up to 1.46% back into the upper channel of the range. There were some signs that bulls were in control yesterday, in the afternoon when it made a double test of the 393.50 area and failed to get below. But to put it simply, it was making higher highs and higher lows all day. Things really took off when Atlanta Fed President Bostic made some dovish comments about 25 basis points rather than a 50 bps. Keep an ear open today as further comments from Fed officials will start at 11:45 ET.
Long Watches:
AI related names back in play with C3.AI sites "substantially improving" market sentiment and earnings results.
AI, ASAN, PATH, BBAI
TAL - breaking above the 7.77 res. Yesterday. Formed a very nice base over the 200 MA. Daily buy set up as the 9 EMA is crossing over the 21 EMA. Looking for a minor pullback to get long.
Short Watches:
MRVL - declines after inventory corrections weigh on earnings forecast. Gap rules are telling me it's a level 2 gap, below 200 MA, below key 42.17 pivot, negative catalyst, PD wide range green bar to trade longs and flush shorts. So the bias is short, however, yesterday's rally does not get me excited for any shorts, at least for a long intra hold. WE will need to test and fail on some resistance levels and ensure there is relative weakness to the market before taking trades on MRVL. If those align, room to 38.50
I focus on names trading elevate RVOL>2, trading past key ranges and pivots, preferably with news catalysts.
Yellow = Support
Purple = Resistance
Red = short opportunity
Green= long opportunity
Long Watches:
AI related names back in play with C3.AI sites "substantially improving" market sentiment and earnings results.
AI, ASAN, PATH, BBAI
TAL - breaking above the 7.77 res. Yesterday. Formed a very nice base over the 200 MA. Daily buy set up as the 9 EMA is crossing over the 21 EMA. Looking for a minor pullback to get long.
Short Watches:
MRVL - declines after inventory corrections weigh on earnings forecast. Gap rules are telling me it's a level 2 gap, below 200 MA, below key 42.17 pivot, negative catalyst, PD wide range green bar to trade longs and flush shorts. So the bias is short, however, yesterday's rally does not get me excited for any shorts, at least for a long intra hold. WE will need to test and fail on some resistance levels and ensure there is relative weakness to the market before taking trades on MRVL. If those align, room to 38.50
I focus on names trading elevate RVOL>2, trading past key ranges and pivots, preferably with news catalysts.
Yellow = Support
Purple = Resistance
Red = short opportunity
Green= long opportunity