Market had an impressive rally yesterday. Will need to see some support levels tests and confirm before thinking about any new longs. 397.95, 397, 395. 80. If we get below and stay below without a reaction prior to 10:30 AM, looking for pullback VWAP tests in tech names to sell.
MMM - Poor earnings, laying off workforce. Down 1.7 ATRs in the PM. Ideal is less than 2 ATRS - check. Weak bounce of the 118 support, now trapping any new longs. Room to 113.
NVDA - highest relative strength in the chips. Wait and see for some support levels to test and confirm with a pattern before any longs. If weakness continues, look for chips with relative weakness in PM like AMD to sell.
IAA - stock offer value after merger still valued at $44.40. Ideal long is strength at 43.33, target 44.40. Weakness can be sold on a retest short at 42.85, target 41.74.
MMM - Poor earnings, laying off workforce. Down 1.7 ATRs in the PM. Ideal is less than 2 ATRS - check. Weak bounce of the 118 support, now trapping any new longs. Room to 113.
NVDA - highest relative strength in the chips. Wait and see for some support levels to test and confirm with a pattern before any longs. If weakness continues, look for chips with relative weakness in PM like AMD to sell.
IAA - stock offer value after merger still valued at $44.40. Ideal long is strength at 43.33, target 44.40. Weakness can be sold on a retest short at 42.85, target 41.74.
Comment:
Adding AZN for a sell at $67 after lowered Rev and Guidance. Want to see a clear Moring shove and rejection at the level.