Watchlist 2023-03-16 $GOLD $USB $KBWE $GOLD $SNAP $XOM
SPY - had another late session short covering rally to end the day. However, unlike Monday, Shorts were unable to push below 383.50 the whole day. This lead to a rally over 387 and then another retest rally to end the day. IN contrast to PD, we tested the 387 level in PM and held again. Although we are in the middle of the range between 393.50 and 380, if support continues to be bought, bulls could send us higher towards the upper range today.
Regional banks volatility has significantly dried up. The trades over the last few days have been a short after the morning shove and fade until the last hour of the day. No one wants to keep holding these names short O/N, watch for a late session rally again if shorts have been in control and they make the first higher high. $ALLY $USB
Oil names were extremely weak as oil falls 15%. Might be too extended this morning but looking to fade any weak rallies in names that are not near support.
$XOM $SHEL
$SNAP - gapping on news that congress is considering a bank of tiktok. Gapping over some key resistance at 10.50. However, RVOL in the PM is lack luster at only 0.5. Will have to wait to see buyers come in, willing to buy over PM resistance at 11.26 if we really see strength in the market. Else, gap in gap at 10.50.
$GOLD - staying above 17.10 for and showing relative strength. Made the move to 17.50 like I mentioned PD. Look for a retest of 17.20 for dip buys which is the PD high and the high vol node.
Regional banks volatility has significantly dried up. The trades over the last few days have been a short after the morning shove and fade until the last hour of the day. No one wants to keep holding these names short O/N, watch for a late session rally again if shorts have been in control and they make the first higher high. $ALLY $USB
Oil names were extremely weak as oil falls 15%. Might be too extended this morning but looking to fade any weak rallies in names that are not near support.
$XOM $SHEL
$SNAP - gapping on news that congress is considering a bank of tiktok. Gapping over some key resistance at 10.50. However, RVOL in the PM is lack luster at only 0.5. Will have to wait to see buyers come in, willing to buy over PM resistance at 11.26 if we really see strength in the market. Else, gap in gap at 10.50.
$GOLD - staying above 17.10 for and showing relative strength. Made the move to 17.50 like I mentioned PD. Look for a retest of 17.20 for dip buys which is the PD high and the high vol node.