Trading Watch List 03.02.2020 | Bulls on Wall Street

Trading Watch List 03.02.2020

Late day bounce attempt after indices hit some extreme oversold condition in years. SPY 285 line in the sand for now and 305(200MA) as resistance.Going forward there might a bounce but given the severity of this sell off,question is how far will it bounce before seller comes back in.

Given the uncertainty, I am expecting volatility to continue for a while. As far as trading, a red to green type move at open will be ideal for bounce continuation. Volatile market out, if you are not sure what are you doing, it’s better to stay put until market settles down. Business as usual for active day traders, buy support, red to green and sell the rips with defined risk/reward in mind.

QQQ Bouncing 200 MA with resistance at 210 area.

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Here is the watch list and game plan:

I will be mostly watching ETF’s like TQQQ LABU, SSO,JNUG and some highly liquid tech names for bounce play. They tend to bounce cleaner than individual stocks on a weak market.

ENPH One of strongest name around and on a bull flag. Watching 50 area if market holds.
SPCE Holding over 50 MA with 20 MA resistance. A move over 25.80 has a gap to fill.
LK Coiled up here. Watching 40 spot if market holds.
SEDG 20 MA acting as support. Watching over 126.
SQ Earning mover. 87.25 magnet trade if market holds.
TEAM 50 MA holds yet again. Bounce watch if market holds.
BILL Bull flag formation here. Watching over 57 if market bounces.
SDGR Still on a bull flag. Watching 47.50 area.

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We are seeing a MAJOR shift in trend in the overall market in the past week. We want you to be prepared for these unique market conditions. Join us for our live webinar this week and learn how to trade in market conditions with major news catalysts like the Coronavirus. Don’t miss this.

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