SPY: SPY closed pretty strong yesterday after it bounced from the negative news. XLK bonced nicely yesterday and tech stocks followed. XLF also closed strong but ultimately closed right where it opened. QQQQ also showed strength and is likely to test the 50.50 resistance level sooner or later. Theres no major news coming out today except for the crude oil inventories.
Longs:
SLW: Closed strong yesterday after it reversed. Ill wait for the stock to test its resistance level and if it pauses there ill look for an entry.GDX closed really strong yesterday and gold stocks could shoot.
HAL: Another stock that closed strong yesterday after it reversed. Ill wait for the stock to test its resistance level and if it pauses there ill look for an entry. With IPT. 34.00.
GG: GDX closed really strong yesterday and if I get a good entry with preferable RR ill enter GG long with my IPT being resistance at 45.
ALTR: Strong stock with strong price action breaking up into multiyear highs. Ill moniter the price action on level 2 at the open to examine whether I should enter at the begining or wait for confirmation. When something is obvious it usually goes the other way and ill have to be cautious. SMH has a resistance level at 28.
Shorts:
JPM: Ill wait for the market to point its direction if its weak ill look for a favorable entry in JPM with a good R/R. My IPT would be 38.40 level.
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