Watchlist 2023-05-10 CPI $SPY $SQQQ $TQQQ $UPST $NVAX $PLUG $TWLAMEX:SPY -all eyes on CPI data this morning. Consensus is set at 5.0% YoY and .04% MoM. YoY decreases slightly to 4.9% and MoM came in slightly higher at 0.3% which is virtually in line with estimates. The market has taken this a bullish data point. Wait for quality pullbacks to get long into this and remember the market internals below for a trend day.
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
NASDAQ:UPST - soars 40% after upbeat earnings outlook, funding progress. This has the highest short float in large cap stocks at 35%. Don’t' be fooled by the 40% gain for 5 ATR gain since it's down 96% since the top. This is finally a reason for shorts to get out of this positions. Want to fight for a good price getting in near the 18.50 bottom, while still ensuring the buyers are in control.
Support 18.50
Resistance 20.50
Inflection 19.50
NASDAQ:NVAX - day 2 continuation over 9.90, currently sitting at pivot support high and has plenty of room upwards. It's a long over 9.75.
NASDAQ:PLUG - looking for a buy near the top of the range from late PD 's session at 8.07. if it's over this level it's a long
NYSE:TWLO - if the market turns red, TWLO is perhaps a good name to be short.
Other Watches. Anchored VWAP shows that any buyers who bought the drop on Nov 4 2022 are now deeply underwater as that value is 56.87. We will have to watch for a clear reject to risk off of because there is too much risk in a tending down stock like this in the PM.
