Watchlist 2023-06-28 $NVDA $AMD $GIS $MARA $ENVX $LITE

SPY breaking out of the falling wedge yesterday to finally make a higher high on the daily after 6 days of selling. I'm confident this is rend change as the VOLD ratio was trending at 3.5 all day, indicating that 3.5 times as much volume was flowing into up stocks as down stocks. ADD was pinned near +1800, indicating that 1.8K stocks was trending up. And finally there was a cumulative build in a positive tick reading. SPY needs to stay over 431 for this to be valid, an hourly close over 437 isa a great indication that buyer want to push this higher today, it doesn’t have to make a new higher high today but we should not need see a pullback that gets back to the PD lows. However, FED Powell is on a panel today so me mindful of any comments that could send the market in either direction, but the risk is to the downside.


For further confirmation of a trend day, watch for:
ADD pinned near +\-2000
VOLD ratio over +/- 3
TICK cumulating past 0 wicking to +/-900

Chips
Lower as a group on following reports from the WSJ suggesting the Biden administration may impose new restrictions on the export of AI computing chips to China as early as July. Companies including Nvidia, Advanced Micro Devices, and Intel, which rely on China for at least a fifth of their revenue,

NVDA - under 405.
AMD under 107.
NVDA has 25% of sales coming form china so they stand to be hurt the most by the potential ban.


Support 387
Resistance 418
Inflection 400



GIS - "Reports Weak Sales. Its Outlook Isn't Great Either". Looking for an entry near 77.72 with target to 74.50. 3.3 ATR PM move and a 1.5 RVOL. This has potential to close much lower today after weak reports. It also has lost the 200 EMA and everyone who bought after the last earnings is well underwater. This is a potential change in character trade.


MARA - finally getting over the important 12.85 pivot with room to 15.70 if the market remains bullish today for tech.

ENVX - day two continuation over 16.40

LITE - looking for support at 56 after showing sign of a bottom at 55.

Comment what you are watching!