SPY 430 resistance and 426 support continues to be the range we are stuck in. The good news is that the range is still providing many opportunities. However, no swing positions should be placed until either of these levels is broken and confirmed with A retest
2. A strong enough move that a retest isn't possible
3. A fakeout is a signal to get out/ in quickly in the opposite direction. Once a break happens, look to the market internals below for confirmation of a trend continuation.
For further confirmation of a trend day, watch for:
ADD pinned near +\-2000 VVOLD ratio over +/- 3
TICK cumulating past 0 wicking to +/-900Regional Banks -had a terrific rally yesterday where all the support a and res level talked about came into play. Looking for pullback trades to PD support levels in the same names today.
Support Resistance Inflection
$NASDAQ:PACW 8.8 9.7, 10 8.8
ZION 30.8 31.8, 33 31
FHN 11.5 13.40 11.7$NASDAQ:HCP - shares slumped 22% in Thursday's premarket activity , a day after the company lowered its fiscal 2024 revenue guidance. Down 5.2 ATRs on only 1.5 PM RVOL which is often not enough to sustain this move this severe. Watching 26 support closely, If is can't get below or has s fakeout below, looking to get long if the tape is showing buyers are in control.
PLUG - Plug Power said it will provide Energy Vault NRGVwith 8 megawatts of hydrogen fuel cells to supply clean energy to the city of Calistoga, California, for use during wildfires and other emergencies. Plug Power shares rose 6%. Although this news is not particularly compelling, is this gets PLUG out of a tight bottom range with tons of room to run and was a huge runner yesterday in a downward market. If a base can confirm above 9.5, looking for longs.
Other Watches:
NVDA - if the market is weak under 3.73
INTC - over technical level 31.50 if the market is strong
CVNA - continued squeeze potential. Carvana Updates Q2 Guidance; Shares Jump Pre-bell. Looking for pullbacks in to support.
SMTC - support trade off 25.60 after a 5 ATR rally in the PM on 1.7 RVOLComment what you are watching!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.