Watchlist 2023-05-09 $SPY $LITE $HIMS $FHN $CVNA$GOLD $PLTR $TSN

SPY - losing a few points in the PM after an inside day that was fairly muted yesterday.
Key inflection today at 412 if we reject this level and/or stay below it, shorts will likely be in control for the morning session. Hard to predict what the after noon will look like without the morning price action, we’ve seen a handful of days were it reverses completely. In those situation where you are unsure if price action will continue, first look for a higher high on the 5 min. Then see how price moves away, If it is a shallow sequential pullback with a wick off the bottom, that is a good indication of a price action shift.

No major bias today, we could likely see another mutes session as investors wait for tomorrows CPI data.

For further confirmation of a trend day, watch for:
ADD pinned near +\-2000
VOLD ratio over +/- 3
TICK cumulating past 0 wicking to +/-900

LITE - Fiscal Q3 Non-GAAP Earnings, Revenue Decline; Issues Downbeat Fiscal Q4 Outlook. Lite has been posting positing earnings for the last 5 Qs yet still on a strong trending decline. This negative earnings and guidance could be the one sending it on a capitulation trade. Gapping below the montly pivot of 45, room to 40.50. Just needs a little more RVOL to bring it closer to 2 for a great trade setup.
Watching this closely on the open for weakness.

ZS - potential for a day 2 fade after and immense gad up that rejected the key 110 pivot high. The inflection is about 107.50 and support is 107. If we get below there early, looking for a short, target 104.

HIMS - the wellness company behind the online telehealth and prescription platforms Hims and Hers -- on Monday reported a bigger per-share loss than expected for its first quarter, but raised its full-year sales forecast. This is interesting as the chart looks bearish, gapping down off 52 week highs from a multi date range and pivot high resistance at 12.20. long erm chart looks very bullish as investors were likely anticipating a better quarter. However, the news of raising 2023 revenue is startling that the reaction is negative. Keeping this on watchlist as it has a big opportunity to flush but also a get chance to bounce off the 10.00 support as investors flock to the guidance raise.

FHN - yesterday's gap up and fade looked like the end of this short term corrective rally. Gapping below yesterday inflection of 10.80 is key, if we stay below looking for 10.30 as a first target, then 10. 00.

Other Watches

CVNA - over 11.20 PD high
GOLD over 20.00
TSN
PLTR - over 9.00

Comentário:

market was very strong off the open today so many of these short ideas were invalidated quickly. HIMS eventually got top heavy so i played a H&S once it got to 11.50. Worked out as a fader all day but certainly wasn't a smooth trade. CVNA and PLTR were the money trades. I missed CVVA but had a quick scalp plat off the bottoms of PLTR.