Watchlist 2023-04-20 $SPY $XPEV $LVS $MGM $UAL $TSLA AMEX:SPY - pointing lower again this morning dropping a modest 0.7%. We have mostly reached the 410 pivot I talked about yesterday after we saw a clear 5 min rejection of the 413.5 - 414.5 pivot midday. If price action continues showing signs of sellers in control (strong red bars and sequential green bars with lower vol), next support I am looking at it 409.
8:30 - Initial jobless claims: Expected 240,000; Prior 239,000
For further confirmation of a trend day, watch for:
USI:ADD pinned near +\-2000
USI:VOLD ratio over +/- 3
USI:TICK cumulating past 0 wicking to +/-900
NYSE:LVS - Swings to Profit in Q1 After Sales Surge, receives multiple price target upgrades. Gapping 1.8 ATRs but only on PM RVOL of 1.0, so we don't want to chase this gap. Wait for a retest of the range high around 60.40. Important to see the tape slow at this level and see buying. We also don't want a stuff move and then a strong red bar to this area. If we see that the idea is less likely to work well. But, we there is a shift move away after reaching this price, idea is valid.
NYSE:MGM - similarly - a sympathy plan on MGM is also valid as it hasn't broke it's range high yet. This could be a good play over 46.23 if LVS is super strong off the open
NASDAQ:TSLA - dropped by over 6% after the company's first-quarter earnings results were published. Despite beating estimates for earnings per share and revenue, Tesla's net income fell by 24% YoY to $2.51 billion
NYSE:SCHW - continuation long over 54.25. TSLA always feels like a crowded trade for me, If it gives a retracement opportunity around 171, would consider a short. But after sure a significant drop, the risks for me of taking a PM support break after a 6% dropped as a little too high. However, it's fully possible for TSLA to make a shift moved lower off the open.
NYSE:XPEV - focusing on a sympathy short with XPEV as they will be impacted even more from the price reductions they were forced to make to keep up. If it stay weak off the open, short with a hold under 9.51 which is range AND PM support. If we get a retracement, try a starter with a test of 9.75 and add after price confirms direction. First Target is 9.00, then 8.80 if weakness ensues.
Other watches:
NASDAQ:UAL - strong day PD. Looking for a day 2 continuation over 46.30
