Watchlist 2023-05-23 $ZIM $MU $TSM $SOUN $GOOS $NAT

23 May 2023

SPY opening lower today, teetering on the key 417.50 support that was originally a key resistance level of the wedge pattern. 417.50 has been tested multiple times over the prior two days, if we swipe underneath today and hold, that will be a key indicator of today's potential bearing action. Keep in mind this could all be invalidated if debt ceiling talks come up successful., as they have been restricting gains in equity markets for weeks now.

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

ZIM - Day 2 continuation short. Wide range day PD down 16%. Good signs of continuation are finishing at the lows, gapping below the 16.30 range, gapping lower in the PM, while also setting up a clear level at 14.50 to risk off of. IPO support is 11.50, nothing In between.


Chips: potentially setting up a nice area to start thinking about buying after a nice pullback across the board.

TSM - long over 92.40
MU - long over 67.00

GOOS - still has not closed higher after an awful selloff after earnings 3 days prior. Yet, if goos can start making higher highs and higher lows intraday, a strong uptrend could start some major buying. Looking for the first 5 min close over 17.30 to start looking for longs.
Support 16.70
Resistance 17.30
Inflection 17.00

SOUN - getting interesting over the 3.25 cup and handle resistance level, especially as AI continues to be strong. Looking for dip buys near the 3.00 key support also the 200 EMA level.

NAT - Nordic American Tankers (NAT) Tops Q1 Earnings and Revenue Estimates. Day two continuation over 4.10. RVOL in M is 2.5 and it's trading over the key range of 3.90.

Comment what you are watching!

23 May 2023

Not

Having less confidence in the GOOS trade working after looking at the AVWAP from May 18 which is still at 17.80. It could still working but IMO the average sellers from that day in still in profit and the average buyer is underwater, adding more fuel to the selling fire as it remains under that level.
Adding LAZR as a continuation play as the trend seems to be strengthening after the move a few days ago.