Watchlist 2023-05-04 $SPY $UPWK $PACW $FHN $ZION $SHOP

SPY - As expected, the FED raised rates another 25 bps. Yesterday's session was probably the least volatile of all FED or CPI days in the last year. Key levels this morning is 408, if we cannot get past this early on, expect lower lows, potentially a test of 403.7 the weakly pivot. If we can get above 408. and then it turns to support, expect higher highs

For further confirmation of a trend day, watch for:
ADD pinned near +\-2000
VVOLD ratio over +/- 3
TICK cumulating past 0 wicking to +/-900


UPWK - the freelancing platform, cuts yearly guidance due to the economy despite an earnings beat in the current Q. 4.1 RVOL in PM, but moved 3 ATRS this morning AND moved 1.6 ATRs PD on elevated RVOL. This name is looking particularly weak but for me there is too much room from the close and it's moved too much since PD to take a short off the open. Need to see the levels develop first for a good RR trade. The 5.30 pandemic low support is a juicy area that I think needs to get hit for liquidity. Look for signs of failure on open. Topping wicks, reversal bars, sequential green and strong red bars.

Banks
Region banks getting absolutely crushed on news that:
$NASDAQ:PACW - the bank is considering a potential sale as concerns about solvency are tied to mark-to-market losses combined with deposit flights . Down 40% or 2 ATRs in the PM on 1.5 RVOL. This RVOL value doesn't strike me as something that can continues directly down forever so waiting for some type of bounce to get short as long as the short characteristics align. (hasn't made a higher high, H&S bottom. Still below VWAP, price action looks weak).

FHN - Toronto-Dominion Bank, First Horizon Terminate Merger Agreement. Same story for FHN.

ZION - putting this on radar as it still has potential to get to 2 RVOL and can trade on sympathy to the other banks will a better RR setup as it just broke 2020 pivot low of 21.78 AND PD low of 20.46 - ifs can stay under this level a short is in the cards.
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$NYSE:SHOP - Shopify Cuts 20% of Workforce, Sells Logistics Arm to Flexport. If shop can hold above 54.50 and pick up some RVOL, a long is possible, however, being up 4.4 ATRs this is likely going to be a profit taking situation at least off the open. if the market stays strong and shop finds a base, a long is possible over the intraday inflection.