Chinese Names :
PDD- like the higher lows off this near term bottom 47.50 area, i track and trade this with KWEB, the chinese internet etf, i am looking for relative strength on both for a potential bounce move, Looking vs 54 area , keep in mind these names keep rejected off declining moving averages, would like to see a close above them. Looking on Monday with risk on 54, better probability if you let it prove itself.
KWEB- looking to see 35.50 holds for overall trend
BIDU– looking vs 149.80 area maybe couple days of strength if it can hold up
BABA- looking vs turning 20day ema, then looking vs 127 for a potential long play
Macro –
SPY- looking vs 464.66 and then 462.71 the 50 sma for potential support spots, we closed below the 50, wouldn’t be surprised to see more downside, the overall trend is down and so many momentum stocks are finding pressure on declining moving averages keep that in mind, keep an open mind, if multiple fails and multiple wicks of selling pressure you can go short
QQQ- closed below the 100day sma next level support 377.53 and 374.06
IWM- next support 214.19 lets see how we hold
Stocks with Major Relative Strength-
F- going to keep watching vs 23.80-24 for potential next leg up
AA- beast in this tape investors gravitating towards value vs high spec growth, looking vs 61.41 then 59.49 for potential long play
BA- looking vs 212-213 area
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