TTG Midday Observations & Charts 11-14-22
Quick observations (TTG Members receive audio messages throughout today + premkt analysis)
- Breadth mixed to weak
- Bonds down slightly on day TLT -0.4%
- US Dollar stronger +0.5%
- VIX +2% 23
- Crude -3% Nat Gas +7%
Bottom Line: Choppy price action today with S&P appearing to catch some selling around $ES_F 4k (see chart below). We are seeing a little bounce in Value stocks that got sold on Friday and QQQs are holding in there after falling ~ -1%. Pot stocks, Metals, Energy, Treanports, Telcom, and Biotech are your leaders and Clean Energy, ARKK, and Home Builders are lagging.
Market Breadth Indicator
% change from open
TTG Weekend Watchlist Updated
Charts
ES S&P futures 5m chart
Price having some difficulty w/ today's top of value area , which lines up with all important 4k level in S&P futures. Judging by the price action, there appears to be some selling / overhead supply at this level.
Names/ Areas I am watching
STLD- Steel Dynamics, Inc.
STLD has relative strength in a strong group today (Steel, SLX) . Today, STLD is working on a bullish engulfing candle. I like a long vs $95, the breakout area.
PINS- Pinterest, Inc.
Watch for a break of the Nov Value Area , $24.49 Today's option activity: Put/Call: 7k/23k = 0.32
PENN - PENN Entertainment, Inc.
Price has retaken its 200d MA and is seeing repeat call activity this morning. I like a long here vs 200d MA as the name ries to get out of a 6mo base.
CZR - Caesars Entertainment, Inc.
Another casino name that continues to see call activity... note this still has to get through its 200d MA but there is a support level to trade against if looking to get involved before it gets to its 200d MA. On the second chart, watch $50.24 support, which is the top of this week's value area
BAH -Booz Allen Hamilton
Nice dip in an uptrend here, I like a long vs top of Nov Value Area. I have added a long today
PDD - Pinduoduo Inc.
China names bear another level of risk, so just adding PDD to watchlist and if i were to participate it would be a smaller position than a US name. Note the $68.4 VPOC takeout... price needs to recapture this level
ANET -Arista Networks Inc.
TTG Weekend watchlist name off to a good start, clearing last week's highs +3.8%
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