SPY failed at the 404 level yesterday and continued to grind lower, but without a spike in VIX. Still making higher highs and lows so the overall strength is still present, we are just looking for support on the daily. Next key weekly level is 398, then 395.80 - a weekly support and a high vol node.
BIDU - new regarding chatbot was sold early on, recovered fully, then continued to fade late in the session. Bit of a mixed bag. Only looking long if support confirms at 136.
HLIT - beat on rev and earnings but guided lower than expectations. Now, gapping down 2.8 ATRs into very key support area. There is room in either direction off support so looking for capitulation below for a long above 12.90 or weakness below for a short.
SOFI - Relative volume of 4.7 prior day. If it forms clear resistance at 6.70 (200 MA) then breaks and holds about, there is room to make a new HOD. This might be a better play tomorrow if we get and inside day. But due to yesterday's vol that seems unlikely. If SOFI can hold 6.35 (PD low and key Pivot) we can risk off there as well.
BIDU - new regarding chatbot was sold early on, recovered fully, then continued to fade late in the session. Bit of a mixed bag. Only looking long if support confirms at 136.
HLIT - beat on rev and earnings but guided lower than expectations. Now, gapping down 2.8 ATRs into very key support area. There is room in either direction off support so looking for capitulation below for a long above 12.90 or weakness below for a short.
SOFI - Relative volume of 4.7 prior day. If it forms clear resistance at 6.70 (200 MA) then breaks and holds about, there is room to make a new HOD. This might be a better play tomorrow if we get and inside day. But due to yesterday's vol that seems unlikely. If SOFI can hold 6.35 (PD low and key Pivot) we can risk off there as well.