Watchlist May 17th 2019

SPY - Distinct rejection at the 61.8% retracement which also coincides with previous support at $289.23. Due to this rejection, put option flow and lower volume during this rally I am anticipating downside with a price target of $285.70 or the 23.6% extension area. Stay nimble, we’re always one tweet away from a boom or bust.

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NFLX - We’re up quite a bit over the past two days as and we have a similar rejection here that SPY had. Rejecting off a previous resistance area and the 50% retracement. I’ll be watching SPY and QQQ for direction as the market opens this morning but my expectation is that we’ll see downside today.

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DIS - Respecting the channel with a rejection off the top at $136.48. This is a key area for bulls to break in order to push higher. If we can’t break above this line we’ll continue channeling with a pullback at least to the $133 area, which is the point of control for this channel and near the Daily 9 ema.

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UBER - Good volume on the $46 strike for next week. I’ll be watching to see if this opens bullish tomorrow and consider joining the flow. Support at $42.82 needs to hold for me to remain interested in calls.

Premarket Update, UBER has given up this support area, now looking for $42.82 to hold as resistance.

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LYFT - Watching for respect to the supply line for potential downside.

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