Trading Watch List 03.30.2020

Late day profit taking and repositioning after “V” shaped oversold relief bounce. The easiest part of the bounce is done. Now comes the hard part, does the market bases here for higher into next resistance? Does it form a bear flag, double bottom or “W” shape bottom ? or breaks down again following the bearish trend?

We don’t know given the Wild card , reaction to biggest stimulus package ever and news flows. But trend remains down below all the moving averages and bear market play book in effect. Again, just like topping, bottoming is a process too with higher high and higher lows.We will continue to trade short term price action via both short and long. SPY needs hold 8 EMA followed by 246/ 240 area and build. A break below might test or violate the recent low. On the upside 270 area still a huge resistance.

Business as usual for active day traders, buy ETF’s at intra day hard selloff for scalp, red to green ,green to red,sell/short the rips with defined risk/reward in mind.

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Here is the watch list and game plan:

AMD 50 MA is clean resistance for now. See which way it decides to break

GSX Remains a leader stock. Watching 43.80 area for base breakout.

PTON Watching for this wedge breakout to 28.

ENPH See if 30 area hold else has a gap to fill.

UVXY Volatility ETF. Tight wedge here, see which way it breaks.

ZM Leader stock, breaking out of another wedge. Tough to day trade due to spread but long term trend is still great.

SPCE 18.39 resistance, 15 needs to hold else has a gap to fill.

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Our next Live Trading Bootcamp is around the corner! Only 6 seats left, and space will fill up fast! Learn the trading strategies we have been using for the past two decades.