Watchlist 2023-04-06 $SPY $XLC $T $VZ $LITE $KRE $LEVI $KC
SPY - pointing lower this morning. Some economic news to be released including nonfarm payrolls, expt 200K. Failure to close above 408 on the 15 min early on would give confidence that we move lower today.
For further confirmation of a trend day, watch for:
$ADD pinned near +\-2000
$VOLD ratio over +/- 3
$TICK cumulating past 0 wicking to +/-900
$XLC - had an unprecedented high vol bar into resistance PD. Roughly 10x the average vol. Because this was into key pivot resistance, expecting lower moves in the communications sector today. $VZ $T. if the spreads aren't too wide, might be best to use options with these to not take up purchasing power as the ATRs of these names are low relative to their price. Verizon also had 12/14 previous bars were green, could likely be due for a pullback here.
Support area is 38.50.
Other communications sector strength includes
$VOD - attaching takeover interest.
$LITE - Rosenblatt Downgrades Lumentum to Neutral From Buy, Cuts Price Target to $48 From $77. down 4.5 ATRs on 0.5 PM RVOL. If it continues to hold lower levels in the PM, a break of 43 could lead to 40 key support. But staying cautions as vol needs to pick up.
$KRE - Watching closely to see how it reacts to 41.30 ATL. If vol picks up and there is a weak bounce on the 5 min, could see lower levels in play. However, this may need a catalyst to move below so I'm open to a long from this level as well. We have see complete reversals from this level on March 23.
Other Watches
$LEVI - Adjusted Earnings Decline, Revenue Rises; Maintains Fiscal 2023 Outlook, Quarterly Dividend
$KC - Kingsoft Cloud's Q4 Net Loss Widens Slightly, Revenue Falls. This news was bullish on March 29 but weakness has continued since.
$CVNA - over 10.30
For further confirmation of a trend day, watch for:
$ADD pinned near +\-2000
$VOLD ratio over +/- 3
$TICK cumulating past 0 wicking to +/-900
$XLC - had an unprecedented high vol bar into resistance PD. Roughly 10x the average vol. Because this was into key pivot resistance, expecting lower moves in the communications sector today. $VZ $T. if the spreads aren't too wide, might be best to use options with these to not take up purchasing power as the ATRs of these names are low relative to their price. Verizon also had 12/14 previous bars were green, could likely be due for a pullback here.
Support area is 38.50.
Other communications sector strength includes
$VOD - attaching takeover interest.
$LITE - Rosenblatt Downgrades Lumentum to Neutral From Buy, Cuts Price Target to $48 From $77. down 4.5 ATRs on 0.5 PM RVOL. If it continues to hold lower levels in the PM, a break of 43 could lead to 40 key support. But staying cautions as vol needs to pick up.
$KRE - Watching closely to see how it reacts to 41.30 ATL. If vol picks up and there is a weak bounce on the 5 min, could see lower levels in play. However, this may need a catalyst to move below so I'm open to a long from this level as well. We have see complete reversals from this level on March 23.
Other Watches
$LEVI - Adjusted Earnings Decline, Revenue Rises; Maintains Fiscal 2023 Outlook, Quarterly Dividend
$KC - Kingsoft Cloud's Q4 Net Loss Widens Slightly, Revenue Falls. This news was bullish on March 29 but weakness has continued since.
$CVNA - over 10.30
Comment:
scrap all ideas on the XLC - the high vol bar was on a 5 min chart not the daily! That's just typically EOD flows. lol