Watchlist 2023-06-07 $PACW $ZION $BABA $CVNA $INTC $LAZRAMEX:SPY failed to get under the important support at 426 early in the session PD which led to a small rally, giving it back mid day, but then finishing strong into the close and AH. PM session is showing strength trading nears the monthly highs at 430. As yesterday was a trend day to the upside, with up stock having 4X the volume as down stocks, I anticipate todays range to be slightly more muted unless we can get past the 430 resistance or the 426 support. In either of these cases, watch for the retest of the levels to get in longer term positions in that direction, and vis vera, watch for fakeouts to get into short positions in the opposite direction.
For further confirmation of a trend day, watch for:
USI:ADD pinned near +\-2000
USI:VOLD ratio over +/- 3
USI:TICK cumulating past 0 wicking to +/-900
Regional Banks - trading with elevated PD vol. if banks can get over PD high, there is room in most names to the upper end of the next range
Support Resistance Inflection
NASDAQ:PACW 8.0 8.5, 10 8.5
NASDAQ:ZION 30 31, 33 31
NYSE:FHN 11.40 11.75, 13.4
Chinese ADRs - Lower as a group to start after data overnight showed exports in May suffered a sharp drop of 7.5% compared to the previous year, vastly exceeding the minor 0.4% fall predicted by a Reuters poll. Watching for weakness off the open and joining a retracement for a short.
NYSE:BABA ,
Other Watches:
NYSE:CVNA - over 15.00 if there is a minor flush off the open that is quickly bought.
NASDAQ:INTC - over 31.50 if chips see some life back in them.
NASDAQ:LAZR - buying on dips near 7.0
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