Daily Watchlist (12/17/24) + Market Notes

17 дек.

SPY - Failing attempts all over to reclaim highs and lows, so we are making new intraday Broadening Formations. The current one as seen in the chart, is looking to potentially head back through previous range if unable to continue to the upside pivots around 608.40 and 609. Given we have FOMC news Wednesday, I am not expecting too much to happen tomorrow as we are stuck in previous range and keep seeing failed attempts to reclaim pivots. Of course anything can happen, but I will strictly be watching individual names only for trades.

QQQ - New ATH again today. Nothing special to note besides the fact that tech is obviously leading things this week

DIA - Polar opposite of QQQ. Industrials getting slammed again this week as DIA puts in its 8th consecutive Daily lower low

IWM - Green today but similar to DIA

Overall market notes: Its clear that the market continues to see cyclical names move higher while more defensive and noncyclical names continue lower. In light of FOMC this week, it doesn't seem like any sectors are making too big of shifts besides financials finally seeing some buying again. Mainly just concerned with what SPY does this Wednesday as it seems like usual we are waiting for the news before making the next significant move.

WATCHLIST:

Bullish:
PLTR - Potential 3-2U daily with a potential 3-1-2U 4HR to trigger the day. FTFC green, but week is inside with lots of room to go for either side to go 2


Bearish:
UBER - Potential 2-1-2D Daily. Shooter inside day to put week 2D and confirm Q attempting to go 3 after hitting hammer revstrat upside magnitude earlier this Q
PFE - Potential 3-2D daily to put week 3-2D. Weekly reversal occurred at Q exhaustion, but failed 2 upside attempts now. "Fail one side, target the other"
PINS - Potential 3-2D Daily to confirm Weekly 3-2-2D in force with magnitude left

Notable winners from weekly watchlist (posted Sunday 12/15):
ETSY, RBLX, RKLB, OXY, WMT