Watchlist 2023-05-05 $SPY $ZION $FHN$FHN $LYFT $CVNA $GOLD $UPWK

SPY - gapping back into the 408.50 supply area after a battle at the bottom yesterday. 408.5 was the low at the FED day meeting and was the place that broken PD before trending lower to 403.50. I think it's important if we can get above and stay above this level, potentially testing 413.50 again if we do.

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

Region banks are again in play today, those that were not directly affected by yesterday's news (so aside from $NASDAQ:PACW) are gapping up on elevate RVOL.

ZION - had a crazy flush down past the early pivot lows of 20.50. With the elevated vol that took place at this level it appears it was a form of capitulation. If we stay above PD high of 22.30, the long is in play. Look for early signs of strength with an engulfing move or a confirmation test off 22.30 or 21.80.
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FHN - same with FHN -support area is at the BO area from PD of 9.77. Looking for BO over 10.80.

CVNA - rallied 25% in the aftermarket Thursday after the online used-car company narrowed a quarterly loss and said it expects to reach positive adjusted EBITDA in the current quarter. Up 48%, 4.3 ATRS, on 1.1 RVOL. Although it can get spicing for short is it gets above 10.83, it's up too much for a trade for me this morning, would need to see some base form perhaps around 9.74, 10.30 for confirmation

LYFT - Lyft stock sinks as forecast falls short of estimates, while new CEO takes aim at Uber. Particularly important just after UBER posting terrific earnings and guidance. Support 8.60 and 8.22, which I think we certainly get to today. Res at 9.58. Need to see a pattern form with at least 2-1 RR, hopefully and intraday high to risk off or else this trade can't be taken at the current PM price of 9.12. Also need to see vol pick up as it's only at 1.1 RVOL.

Other Watches

GOLD under 20.00 Get short into a retest and failure of this area.
UPWK - over 8.10