Watchlist 2023-03-14 $GOLD $USB $ALLY $KBWE $GOLD $AI
SPY - had a late session short covering rally to end the day. Shorts were in control coming up this morning as investors remained cautious about the banking crisis and awaited more economic data for guidance on the Federal Reserve's monetary policy. PPI spike at 8:30 AM which was quickly reclaimed to the PM lows past the 387 key level. Now that we are below the rising wedge on the daily, next stop should be 380 lows.
Regional banks continue with volatility. Yesterday's short covering rally would have sucked in longs and flushed out shorts. Showing particular weakness yesterday and again this morning. Looking for names that are trading near Friday's pivot low that do not have a pivot in sight or are trading below the key pivot. Needs to show weakness below the Friday's low, don't want to get caught in a swing failure so be prepared to cut quickly if it goes against you. $ALLY $USB
Also watching $KBWE bank sector EFT for relative weakness against individual names.
$GOLD - breaking above 17.10 for an inside bar play, there is room for possibly another move to 17.50. Only if SPY is showing weakness. Look for a retest of 17.10 which is the PD high and the high vol node.
$AI - gapping right to the triple bottom key 20.30 support pivot. If we see continued weakness in the QQQs, expect a push lower t8.30 support. Wait for the break and then enter on the retest where sellers are present. Don’t want to jump in and have it blow out the 20.30 level as it's come all the way from 30.
Regional banks continue with volatility. Yesterday's short covering rally would have sucked in longs and flushed out shorts. Showing particular weakness yesterday and again this morning. Looking for names that are trading near Friday's pivot low that do not have a pivot in sight or are trading below the key pivot. Needs to show weakness below the Friday's low, don't want to get caught in a swing failure so be prepared to cut quickly if it goes against you. $ALLY $USB
Also watching $KBWE bank sector EFT for relative weakness against individual names.
$GOLD - breaking above 17.10 for an inside bar play, there is room for possibly another move to 17.50. Only if SPY is showing weakness. Look for a retest of 17.10 which is the PD high and the high vol node.
$AI - gapping right to the triple bottom key 20.30 support pivot. If we see continued weakness in the QQQs, expect a push lower t8.30 support. Wait for the break and then enter on the retest where sellers are present. Don’t want to jump in and have it blow out the 20.30 level as it's come all the way from 30.