Looking for SPY to break key levels. Focus list stocks GWPH, MNST, BIDU, INSY and AIRM all near entry level. Intra-day video talks SPY and a few stocks.
Video Analysis (3 mintues):
Today’s intra-day analysis breaking down SPY and a few focus list stocks.
Key SPY Pivot Levels: Old high 199, 50 dam 196.41, 197.50 gap fill and support level
Under the Hood and Trading Game Plan:
It looked like SPY was going to start breaking down today, but this resilient market closed just above $200. Underneath the surface we are starting to see some stocks pullback towards support levels. For the next few days, $200 and $199 are key levels. A break of $199 should setup a pullback to the 50 dma.
The current game plan is to manage the SPY short position. I continue to look for long setups on momo stocks, but will not chase.
I was quickly stopped out of TOUR today for a small loss. This was a half size position with tight stop.
I am still holding SPY.
The Trade Journal is up to date.
The Focus List
Finviz link to easily follow the entire focus list.
AIRM is near the bottom of the post breakout range. Entry $57-58, target $60, stop $56.
BIDU is at the bottom of the post breakout range. Entry $210-212. Target $225. Stop $205.
GWPH has pulled back to the 50 dma. Entry $90-90.50. Stop $86-87. Initial target $100.
INSY pulling back from highs to support and the 200 dma.
MNST forming that rounded breakout pullback that TWTR has formed. Entry on slight pullback. Stop $84-85. Target $95.
My focus now is shorting SPY via SPXU
We got some follow through on pullback in Z and FB. We will continue to monitor these. NFLX actually looks like it could bounce here, while TSLA did not follow through but still looks like it could pullback. GOOGL was quite volatile today but closed still under the 50 dma.
Please read the post 23 Laws of the Part Time Swing Trading the Market Speculator Way and How to Anayze Your Swing Trade Results It is important to know these rules if you trade off the Report.
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