SPY - showing continued strength this morning after and impressive rally on a few steady buy programs on Friday. Next resistance is the very key 200 EMA at 399, 400, and pivot high of 402.50.
Remember, for a trend day we'll need to see the $ADD pinned near +\-2000 and $VOLD ratio over +/- 3 and $TICK cumulating past 0 wicking to +/-900.
Banks:
News of a buyout deal for Silicon Valley Bank's are giving strength to the banking sector stress to kick off the new week.
$KRE - although the banking news is positive, not a ton of favorable setups at the moment in the banks. KRE ETF is gapping back to retest the High vol node after the daily pennant break. $KEY - has the best looking setup if it can hold 12.90 for follow through to the key pivot of 13.68 - but the RVOL at the moment is only 0.3. For the reason, looking for support test at 12 for confirmation higher. For KRE - support at 44.
Other watches:
$SQ - Block formed a tight range between 61.50 and 59, inflection ant 60, now breaking up for an inside bar play. The simplest approach for a bullish inside bar BO would be to wait for a break and now retest of 61.50. This is valid as long even if we get below but hold inflection of 60 after the open, entry would be continuation over 61.50, first target 63, then 65.50.
$NVS - shares jump after positive result from breast-cancer drug trial - could mean increased rev of up to 2-4%. Although this is god news, gapping 4.5 ATRs into key res of 90 is a fade opportunity IF we see clear sellers at this level and a flush down.
Other watches:
$VMW - gap and go support at 121 after a beautiful BO.
Remember, for a trend day we'll need to see the $ADD pinned near +\-2000 and $VOLD ratio over +/- 3 and $TICK cumulating past 0 wicking to +/-900.
Banks:
News of a buyout deal for Silicon Valley Bank's are giving strength to the banking sector stress to kick off the new week.
$KRE - although the banking news is positive, not a ton of favorable setups at the moment in the banks. KRE ETF is gapping back to retest the High vol node after the daily pennant break. $KEY - has the best looking setup if it can hold 12.90 for follow through to the key pivot of 13.68 - but the RVOL at the moment is only 0.3. For the reason, looking for support test at 12 for confirmation higher. For KRE - support at 44.
Other watches:
$SQ - Block formed a tight range between 61.50 and 59, inflection ant 60, now breaking up for an inside bar play. The simplest approach for a bullish inside bar BO would be to wait for a break and now retest of 61.50. This is valid as long even if we get below but hold inflection of 60 after the open, entry would be continuation over 61.50, first target 63, then 65.50.
$NVS - shares jump after positive result from breast-cancer drug trial - could mean increased rev of up to 2-4%. Although this is god news, gapping 4.5 ATRs into key res of 90 is a fade opportunity IF we see clear sellers at this level and a flush down.
Other watches:
$VMW - gap and go support at 121 after a beautiful BO.