Quick Summary:
Key $SPY levels, along with setups in $IWM and $DIG. New 25 stock watch list. Focus list stocks $BITA, $GPRO, $JEC, $LNKD, $LULU, $PNRA. Short setups $NFLX and $YELP. Holding $SPXU and $LAZ.
Key SPY Pivot Levels: Round number $200, Old high 202, 50 dam 197.54, 197.50 and $196.50 gap fill and support levels

Under the Hood and Trading Game Plan:
Friday's bounce remounted the 50 dma off oversold stochastic. The bounce was strong enough that the odds of a continuation move down decreased a bit, and a bounce to the recent high or the open gap at $200.50 are still in play. If the 50 dma breaks, we still could see a move down to the old lows around $190 or gap at $192. Distributive volume is still a big concern for bulls.
The game plan is to be very selective with setups and manage the $SPXU position. There are no need to make trades in this market unless you have a great setup.
Two interesting market/sector ETF setups:
IWM is at a support level. A quick bounce could be played here, but the stronger bounce setup would be a move down to the old lows at $108.

Oil sector ETF DIG has been in a downtrend since consolidating at highs in mid-July. Strong support exists at $70. This level could be tested this week.

IBB is not a trade right now but is worth noting at new highs.

Current Trades
I am holding $SPXU and $LAZ.
The Trade Results Journal/Spreadsheet is up to date.
The Focus List
I will produce a video going over all stocks pre-market. Here are a few close to entry levels.
BITA is testing the 50 dma and is oversold. Entry $75-78, stop around $74 and target $90-95.

GPRO broke from recent consolidation in the $65-70 range. Another consolidation pulling back to the gap fill area sets up a good entry level.

JEC is extremely oversold and is just under old lows. Notice the positive momentum divergence. Entry here with stop at $48-49 and target at $52.

LNKD is at the 50 dma. Not the best setup with the big down bar and poor volume, but risk reward is great. Entry $209-212, with stop at $205 and target at $225-230 offers 4:1 reward to risk.

LULU has consolidated to the breakout gap fill post breakout. Entry $41.50-42.50 with target at $45 and stop at $41.

PNRA is a classic breakout-pullback setup. Entry $156-157, with target at $162 and stop at $155.

Short Setups:
NFLX broke below the 50 dma and is consolidating. Short entry here with target at the 50dma offers great reward to risk. There is also a gap fill at $380.

YELP broke below the 50 and 200 ma. entry here around $72-74with target at old lows around $65-66 and stop above the moving averages.

Market Leaders
These are not necessarily stocks leading the market, but stocks I watch as an indicator for strength in the market and sectors, and use for as individual trades.
$CAT is sitting at a recent low. If support fails it could have further downside. $NFLX and $TSLA are also vulnerable in "dead cat bounce" setups. $GOOGL suppet is at $570.

Please read the post 23 Laws of the Part Time Swing Trading the Market Speculator Way and How to Analyze Your Swing Trade Results It is important to know these rules if you trade off the Report.
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