Del's Nightly-ish Watchlist ๐ 3-31-21
๐ And in the pig scenario, we gap up into or over 400 on SPY, and QQQ doesnโt look back. FOMO central.
If youโre new, subscribe for free! ๐ And read the intro post here. - Del
Breakout Attempt on SPY, Success on QQQ
SPY
โ really went for it today around mid-day, attempting to break out of the range. We had tech leading the charge and a lot of traders seemed trigger happy. I joined the party a bit and opened some positions, but weโre still not out of a larger consolidation and breakdown between 390 and 400.
Itโs going to be quite the battle, and probably a spectacle when price does close above 400 for the first time.
QQQ
โ It was clear this morning that with the breakout of the wedge(from yesterdayโs post), we were likely to have a run for the larger trendline. We knew what to look for.
VIX
โ Extending its depression, drooping under 20 into the close.
๐ Tomorrow in the bull scenario, Iโm looking for SPY
to show strength above 397, and QQQ
to re-test the trendline, base, then take off. VIX
will need to make new lows I believe for this to get any traction.
๐ป Alternatively, in a bear scenario, weโd see SPY
trash the channel lows, and make a run for 390. QQQ
would likely fail under the larger trendline, and would spike above 21.
๐ And in the pig scenario, we gap up into or over 400 on SPY
, and QQQ
doesnโt look back. FOMO
central.
Watchlist
Tickers were performing well, most had nice pops due to the larger market moves, but IV was relatively low in the names I was watching. Likely rotation into big tech names today.
Setups
There were quite a long few setups due to the bullishness. I opened long positions on TWTR
, ROL
, and TME
today.
Some of the names with TA setups Iโm watching closely. When swing trading I prefer to pick not only names with TA setups but also with fundamental strength or stocks that have momentum or sector stories.
ZEN
โ Zenhub with a nice channel seen out to the daily chart.
ROKU
โ Looking for a re-test of 320, or 321 before continuing higher.
TRIP
โ That right shoulder holding up despite the underlying market strength. Another checkbox ticked for a possible short.
UPST
โ UpStart, a strong momentum name with a flag that looks like it just got broken EOD/Afterhours. Weโll see if we rally back into it tomorrow.
TSLA
โ Donโt really care whatโs going on in the backstory, all I know is that Tesla is the king of wedges. Iโm long if it continues consolidating in a tighter sideways range.
Have a great trading day, and please share the love if you can.
โ Del (twitter)