Watchlist May 30th 2019

SPY - We lost an important area of support and gapped down yesterday bouncing near $276.70 area. It appears we’re having trouble pushing back up into that gap in premarket. With this lack of conviction I’ll be cautious in my long positions. Though I do expect this support at $276.71 to hold for today. So, perhaps limited range. Looking at historic flow, I’m not seeing any major call volume for the $280 strike.

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BABA- A few of us hopped on board here yesterday after Jim found some strong options flow. Looking at the chart yesterday the ticker looked due for a technical bounce. We’re up a little here in premarket now and I’m watching $153.77 and $154.39 near term resistance levels for rejection to exit. I’d like to see the $152’s hold as support to remain confident in the trade.

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NFLX - Small gap up, but showing weakness pre-market. I’ll be waiting a bit after open to await a high probability scalp. What I’d like to see is either a strong pullback to yesterdays lows for a long call scalp, or a push to $353.93 for a put play. Either way, I’ll adjust as the chart unfolds.

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