Watchlist 2023-05-11 $SPY $MGNI $UPST $RIOT $TWLO

11 May 2023

SPY Futures are seeing a slight uptick, bolstered by positive inflation data this morning. The QQQ index ended Wednesday at its highest level in over eight months, driven by large-cap tech stocks and falling Treasury yields. SPY is looking relatively flat, but is showing signs of rejecting the 413 level that we blasted to late is prior days session.

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

MGNI - Magnite Says Continue To Expect Adjusted EBITDA Margin Will Improve Meaningfully In Second Half Of 2023. RVOL is 1.2 atm but if it picks up there is plenty of room to run as it's breaking out of the multi month range from 9.50.
Support 9.75
Resistance 11.50
Inflection 10.30

UPST - soars 40% after upbeat earnings outlook PD. This has the highest short float in large cap stocks at 35%. This is finally a reason for shorts to get out of this positions. The longer is stays at these elevate levels the more shorts will panic into a squeeze. Day 2 continuation over the intraday resistance at 18.30.

Support 18.50
Resistance 20.50
Inflection 19.50

RIOT - Surpasses Q1 Earnings Estimates by 128% from a Quarterly loss to a profit of 0.04$ per share. I'd like some intraday levels to develop first as the isn't a clear BO level that isn't too close to PD high at 13.00. Let the levels for and hopefully buy a pullback after the opening range high is broken.


TWLO -keeping T on watch, could be a day 2 continuation to the upside as it couldn't get below the PM low yesterday.

Let me know what you guys are looking at in the comments!

11 May 2023

Not

Adding IAS under 14.90 short after and out-sized move last two days, and coming off a 52 week high, there will be lots of longs trapped if we get below that level. PRPL over 3.00, i don't typically trade low priced names but this is a 9/10 level.