Watchlist 2023-03-31 $SPY $IONQ $RUM $ASTS
SPY -creeping up towards the 407.50 pivot has investors await more economic data from PCE this morning. We will see how the market reacts to the values at 8:30 as consumer spending accounts for 2 thirds of the US economy and signs of cooling inflation could push the market higher. However, investors might be pricing in this data. Either way, which even direction the market picks could be telling for the rest of the day. UPDATE - PCE data seemed to be a non-event as volatility didn't pick up.
Remember, for a trend day we'll need to see the $ADD pinned near +\-2000 and $VOLD ratio over +/- 3 and $TICK cumulating past 0 wicking to +/-900.
$RUM - digital platform liked to Trump media. Thursday Q4 break-even earnings per share, compared with a per-share loss of $0.06 a year earlier, increasing quarterly rev by seven -fold. Only gapping 1.6 ATRS on 2.2 RVOL into key 10.50 flat top support (which is a 101/10 technical level).
$IONQ - Loss Narrows, Revenue Rises; Issues Q1, 2023 Guidance. If it stays above 5.30 and vol picks up, we could see 5.67 pivot and 20 EMA tested. Inflection support at 5. I'm seeing a cup and handle action on this name, it's a tech stock so relative strength to SPY is needed.
$SMTC - had a nice afternoon wedge BO to the 25.30 key pivot resistance but could push through. The relatively low vol in SPY could have been an issue and nothing was moving at EOD. If SMTC can get above and stay above 25. 68 for 2 min off the above, willing to try and scalp opening drive play. Else, if later in the day, 10 min hold is necessary, a retest of the level would be the preferred entry if a BO pattern forms again.
$ASTS - gapping below 5.60 range moving 2 ATRs on 1.4 RVOL. Communications sectors seems to be in play so watch XLC. Will need a retest of the key level as RR is not favourable as we are moving further to 5 even level in the PM.
Other Watches
$PARA - over 21.80
Remember, for a trend day we'll need to see the $ADD pinned near +\-2000 and $VOLD ratio over +/- 3 and $TICK cumulating past 0 wicking to +/-900.
$RUM - digital platform liked to Trump media. Thursday Q4 break-even earnings per share, compared with a per-share loss of $0.06 a year earlier, increasing quarterly rev by seven -fold. Only gapping 1.6 ATRS on 2.2 RVOL into key 10.50 flat top support (which is a 101/10 technical level).
$IONQ - Loss Narrows, Revenue Rises; Issues Q1, 2023 Guidance. If it stays above 5.30 and vol picks up, we could see 5.67 pivot and 20 EMA tested. Inflection support at 5. I'm seeing a cup and handle action on this name, it's a tech stock so relative strength to SPY is needed.
$SMTC - had a nice afternoon wedge BO to the 25.30 key pivot resistance but could push through. The relatively low vol in SPY could have been an issue and nothing was moving at EOD. If SMTC can get above and stay above 25. 68 for 2 min off the above, willing to try and scalp opening drive play. Else, if later in the day, 10 min hold is necessary, a retest of the level would be the preferred entry if a BO pattern forms again.
$ASTS - gapping below 5.60 range moving 2 ATRs on 1.4 RVOL. Communications sectors seems to be in play so watch XLC. Will need a retest of the key level as RR is not favourable as we are moving further to 5 even level in the PM.
Other Watches
$PARA - over 21.80