SPY is trading sharply higher to start the week post long weekend as a provisional agreement was reached among lawmakers to increase the national debt limit, averting a potential default. This news coincided with an early rally in the market, led primarily by shares of Nvidia, a leading chipmaker and AI firm. SPY had been edging higher each time a new monthly high is made, and continues to fail to make a lower low unless it is faking shorts and sellers out. Key Res for today is 420.50, PD high and pivot high. After that, clear skies up to 430. Key support today is 417, 416, a close near here would signal the start of a multi day reversal. Friday had the characteristics of a positive trend day. If you saw the internals it could have given you the confidence needed to stay in the longs the whole day and possible even add on pullbacks.
For further confirmation of a trend day, watch for:
ADD pinned near +\-2000 VVOLD ratio over +/- 3
TICK cumulating past 0 wicking to +/-900Chips:
Another positive day for chips as
NVDA, 
MRVL, 
MU all head higher relentlessly. Looking for dips into key levels, and BO's from consolidations where there is at least 2 touches of a level. 
PDD - breaking out of a downtrend that everyone and there grandmothers can see. Very strong positive first day after reporting positive earnings so looking for continuation on the trend change, this should be a swing trade as well. First Res at 73 area. Support 71.30
Resistance 80.0
Inflection 73.30
PDSB - day two continuation long as long as we stay above 8.17 and the tape is bullish (bids are being supported). PDS Biotechnology Shares Rise After Releasing Early Drug Data
LXRX - Lexicon Pharmaceuticals' Cardiovascular, Heart Medication Gets FDA Approval; Shares Rise Premarket. BO from a daily flag on positive drug acceptance news. Up 1.5 ATRs. Has room to at least 3.80 pivot high so if an entry can be placed closer to the 3.30 support that is a great RR trade. $NYSE:GPS - Gap stock jumps 12% after surprise profit boost, a loss of .59 a share was expected this quarter but was a profit of 0.01 a share, however, this may be a one time adjustment. Key support, 8.20, and 8.00. This was Friday's run-down. GPS struggled to get past the morning high and couldn't for the entire day. However, now there is a beautiful intraday wedge BO forming. Gap could provide a nice rally if it can get past 8.56.
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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.