Watchlist 2023-01-26 #LEVI #IBM #XRX #CVX #RUN
SPY found support early in yesterday's session at the important 393.66 level. Then shorts failed to keep control for the remainder of the day. Key pivot level today is 402.63. After that, there is little resistance to the last CPI high at 410.20 from Oct 13. Bias Is high but the market loves fadeouts so be sure to watch for high volume reversals after breaking key levels.
LEVI - Breaking out of a monthly range. I it can hold the 17.50 area, which is the pivot high and the 200 day, we could see it higher to 18. However, since it's up 2 ATRs in the PM, the better risk reward trade is a gap n go from 17 IMO.
IBM - Looking weak AF after earnings. 137.30 pivot ideal spot to sell. Wait and see trade, if it looks incredibly we can get in early with target to 200 EMA at 134.38.
XRX - Conversely with a double earnings beat and modest guidance. Double top turning into support and 17.57 is ideal zone to enter on strength. 18 isn't a very clear target so PM high is likely the best zone to sell.
Other watchers:
CVX - dividend increase and a massive 75B share buyback.
RUN - after yesterday's capitulation
LEVI - Breaking out of a monthly range. I it can hold the 17.50 area, which is the pivot high and the 200 day, we could see it higher to 18. However, since it's up 2 ATRs in the PM, the better risk reward trade is a gap n go from 17 IMO.
IBM - Looking weak AF after earnings. 137.30 pivot ideal spot to sell. Wait and see trade, if it looks incredibly we can get in early with target to 200 EMA at 134.38.
XRX - Conversely with a double earnings beat and modest guidance. Double top turning into support and 17.57 is ideal zone to enter on strength. 18 isn't a very clear target so PM high is likely the best zone to sell.
Other watchers:
CVX - dividend increase and a massive 75B share buyback.
RUN - after yesterday's capitulation