Watchlist 2023-05-26 $MU $GPS $PATH $WDAY $URBN

26 May 2023

SPY showing strength late in PD session and in the PM. Price rejected the 416 level PD, I suspect it will make another attempt to BO as talks of raising the debt ceiling come "Close", saying members of the committee. Key levels for SPY are 414 support and 416, 419 resistance.

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

Chips:
Another positive day for chips with MRVL reporting terrific results. Looking for dips into key levels, and BO's from consolidations where there is at least 2 touches of a level.

MU - has potential for a day two continuation after further earnings strength from other chips names like $MRVL.
Support 68.5
Resistance 70.0
Inflection 69.5

$NYSE:GPS - Gap stock jumps 12% after surprise profit boost, a loss of .59 a share was expected this quarter but was a profit of 0.01 a share, however, this may be a one time adjustment. Key support, 8.20, and 8.00. If buyers step up in these areas and they get over VWAP, a long is possible here.


PATH - "AI upstart UiPath's stock is down 2.5 ATRs on soft revenue guidance. This is an interesting play as AI is hot across the board today except here. So If the day is strong, and PATH catches a bid, there is potential for some serious upside." Looks like I was correct on our assessment yesterday. It appears Cathy Wood was buying the dip yesterday in PATH, giving some serious upside and tons of potential to scalp the upside move. I will be watching PATH again today for longs over inflection of 14.50, as it gave tight RR opportunities PD.

WDAY - interested in buying if we see support form at 206.5
URBN - short under 30

Comment what you are watching!

26 May 2023

Not

cancelling my idea on URBN as its breaking over a key range. Also, reducing my conviction on GPS, PM activity looking too weak. Moving support levels down to 7.50 with a low conviction.