Trading Watch List 2.12.2018

Another volatile day in the Market.


















I wrote about another shake out and finally we had that shake out. SPY opened higher, failed 100 MA resistance then went below our 258.60 level, broke 200 MA , took out some stops and then an expected sharp bounce. Our game plan from blog worked out well, watch list names like SQ,NFLX ,WYNN gave nice short opportunities. UVXY gave a quick red to green play. If you follow me on Twitter, we also caught the bounce via $TQQQ, $TNA, $LABU. While $UVXY was making new high, technology ETF, biotech XBI was not making any new low, creating what’s called a divergence. Often time divergence crates powerful reversal of trends, so we basically bought basket of  ETF’s via $TQQQ, $TNA, $LABU . Check out the bounce trades from Friday below.

Volatility UVXY making new highs.
Technology ETF no new low and a double bottom look.
Biotech ETF, no new low and a nice flag.


















































So 200 MA on SPY now major support and 100 MA resistance. Bulls needs work on a few day of bounce and test some overhead MA/price resistance here in an oversold market. Given how violent this correction has been it is hard to say that Market has seen the lows, “V” shape bounce has been replaced with “V” shape correction. But few days of bounce would sure be nice. I am mostly sticking with trading ETF’s now,awesome range on those in a volatile market and they are 1st one to fall and rise.

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ATRA From blog, strong relative strength. See if it has more.
ARNA Strong relative strength. Keeping an eye.
ATHM Watching for descending channel break on 50MA if market holds.
NFLX Our 20 MA break short worked well. Now needs to get over 20 MA and stay there for a bounce.
NVDA Watching over 239 for a move higher.
RIOT Watching over 20 MA for a pop.
SNAP Watching over 19 for a pop.
TWTR Holds up well. Watching over 31.70 for a pop.
WTW Strong relative strength. Holding breakout area. Needs to hold and build here.
SQ Our 50 MA break short worked well. Back in range. Needs to get over 50 MA for bounce.



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