Watchlist 2023-03-28 $SPY $BABA $VKTX $AUPHSPY - unable to hold the reversal from yesterday for a fairly range bound day, gapping down to PD lows but also PPD support at 395.50. Note that SPY once again rejected the important 399 level right off the open, this is a sign to me that the market needs to head lower. Home price numbers have been the stickiest form of inflation so when that data is released at 9:00 that could provide a catalyst for the direction of the market if it comes in hot, if it does, we could see at least 394 support tested.
Remember, for a trend day we'll need to see the $ADD pinned near +\-2000 and $VOLD ratio over +/- 3 and $TICK cumulating past 0 wicking to +/-900.
$BABA - Alibaba to Split Into Six Separate Groups in Biggest Shake! Extremely big news. Gapping up 9% for2.5 ATR move. Chinese ADRs can be tricky to trade. Like crypto. They can have huge rallies and complete reversals so it's important to take profits when you have them. Currently at 95 resistance,, nest is 97 200 EMA, and they 100. Buying dips on the name looking for a push higher early on. Scaling into the trade as more sign of continued strength persist. If it gets above 95 early on and reverses back into the channel that is an exit signal.
$VKTX - Viking Therapeutics obesity drug shows promise in early-stage study. VKTX has a history of gapping 'bigly' and going EVN further. This is as potentially A+ trade as it's gapping over the insanely flat and key 12 top resistance. PM resistance at 12.5 is next. With no res until 23 ATH. ATR is only .75 so it's gapping up 5, which is usually excessive but not for this name. LLY has a similar Obesity drug and this name is up 37% since 2022. Watch the tap closely for sign of buyers (wicks, lower highs, strong green bars and sequential red bars) Looking at add a starter at support, adding on continued signs of strength, and consolidation break of the 14.50 if all signs align.
Other watches:
$GOLD - gapping to the 18.70 key pivot. A bit extended into the open but signs of weakness in the SPY could move this higher, uncertainly in the market also helps. Support near 18.50, 18.40.
Other watches:
$VMW - gap and go support at 121 after a beautiful BO.
$AUPH - looking for support test of 10.65 or 10.40
