Brutal week for the market, ended with late day relief bounce. SPY major support now 247.68 area. A break below should see 235. Cluster of resistance at 273,280,300. 305. Broken/nervous,/headline news risk market under 200 SMA. Short term rallies to resistances should get faded.Business as usual for active day traders, buy support, red to green and sell/short the rips with defined risk/reward in mind. As far as investing, we need to see range narrows, that will be a sign of stabilization. That will also give you much better support and resistance level.
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Here is the watch list and game plan:
Again, given the volatility,I will be mostly watching ETF's like TQQQ LABU, SPXL,LABU,TVIX and some highly liquid tech names for both long and short trades. Volatile market out, if you are not sure what are you doing, it’s better to stay put until market settles down. DO NOT chase stocks up.If market continues to bounce , every stock will bounce. Here is a few select ones that grabbed my eyes.[caption id="attachment_58644" align="alignnone" width="800"]
UVXY Volatility ETF still holding trend line. If trend line breaks, this can fall hard. Short watch for experienced traders.[/caption][caption id="attachment_58640" align="alignnone" width="800"]
SHOP Holding 200 MA. Needs to get over 100 MA resistance for a bounce.[/caption][caption id="attachment_58632" align="alignnone" width="800"]
DOCU Needs to clear 80 for momentum.[/caption][caption id="attachment_58631" align="alignnone" width="800"]
AMD Our “Go to” tech name. Watching for trend line break and hold.[/caption][caption id="attachment_58633" align="alignnone" width="800"]
ENPH Watching over 37.30 for a bounce.[/caption][caption id="attachment_58634" align="alignnone" width="800"]
ERX Energy ETF. Watching 2 spot for a quick trade. DO NOT hold as this leveraged ETF can blow up.[/caption][caption id="attachment_58635" align="alignnone" width="800"]
LABU Biotech ETF. Watching on a red to green type move or on flat open.[/caption][caption id="attachment_58636" align="alignnone" width="800"]
LAKE Virus play. Watching 18 spot.[/caption][caption id="attachment_58641" align="alignnone" width="800"]
SPCE Watching over 15.70 for falling wedge breakout.[/caption][caption id="attachment_58637" align="alignnone" width="800"]
NTNX Dead cat bounce watch over 15.[/caption][caption id="attachment_58638" align="alignnone" width="800"]
PE Beaten up energy name. Quick bounce watch on red to green type move.[/caption][caption id="attachment_58643" align="alignnone" width="800"]
ZM Watching 114 area.[/caption][caption id="attachment_58639" align="alignnone" width="800"]
SDGR Impressive hold on this one during market correction. Keeping an eye.[/caption]Follow me on Twitter for real time trading setups@szaman and on StockTwits @szaman
Limited Time: Get 66% Off All Our Packages
We are seeing unprecedented volatility in the stock market right now.
We are getting hundreds of messages a day asking "What should I do?" "How do you trade these market conditions?" "How do I survive this?"
Prepare and educate yourself. Learn proven strategies from traders who have seen multiple bear markets.
