Watchlist 2023-03-14 $GOLD $VALE $TCF $FRC $ALLY $KBWE
SPY - pointing to a higher open coming up this morning following a volatile session amidst concerns over the fallout from Silicon Valley Bank's collapse on Monday. CPI came in as expected at 6% YoY and MoM at 0.4%.
Regional banks continue to trade like low float small caps. I'm looking for names with capitulatory vol (5x average) that flushed out below a key pivot support and are trading above. Looking for longs above this level with the most room to the next resistance and have prior day intraday support. Preferably those that still have a gap to fill to the Friday's session. $FRC, $TFC, $ALLY
Also watching $KBWE bank sector EFT for relative strength against individual names.
$GOLD - If GOLD can stay above 17.10, (PM resistance and PD resistance) there is room for possibly another move to 17.50. Only if SPY is showing weakness.
$VALE - head and shoulders pattern. Gapping below the neckline at 15.90. Does not have much PM vol so need to see that come in for confirmation.
Regional banks continue to trade like low float small caps. I'm looking for names with capitulatory vol (5x average) that flushed out below a key pivot support and are trading above. Looking for longs above this level with the most room to the next resistance and have prior day intraday support. Preferably those that still have a gap to fill to the Friday's session. $FRC, $TFC, $ALLY
Also watching $KBWE bank sector EFT for relative strength against individual names.
$GOLD - If GOLD can stay above 17.10, (PM resistance and PD resistance) there is room for possibly another move to 17.50. Only if SPY is showing weakness.
$VALE - head and shoulders pattern. Gapping below the neckline at 15.90. Does not have much PM vol so need to see that come in for confirmation.