Traders Lens

$UPST has recently broken below where it opened at its IPO back in late 2020 at around $20. It will be interesting to see if it can break back above $20 or continues to drift downwards.

$ALB looks to have a nice upward trendline in price, rsi, and relative strength vs the $SPY.

$COP could find support in the $120 range and continue its uptrend. Especially if oil prices stop their decline which would be helped if China eased up on Covid restrictions.

Digital Turbine $APPS   is having a big rally, up over 50% for the day, after being beaten up the last few months. However it’s come up right to its weekly downward trendline. If it can close above that, might show that there’s still some more room to go up and not stall after todays big gains.

Vivint Smart Home ($VVNT) is breaking above long term resistance at $8. Next level of resistance looks like it could be around $10.

As noted last week, we broke a head and shoulders neckline on $SPY We had a decent rally off of that and we ran into the resistance projected between 390 – 400.  Today’s opening put us right back to testing the neckline.  With employment numbers tomorrow, elections and key inflation figures next week, market action should continue to be volatile – but a lot will be clearer fundamentally, politically and technically over the coming days.  I continue to trade nimbly and buy volatility out to February 2023, which will cover another Fed meeting as well as Q1 earnings.

Helix Energy Solutions could be breaking out of a range.

$APPS has been trading in a pretty consistent downtrend for about a year now. It also seems to be trading weaker than the broader market and hasn’t rallied much with the recent strength in the market.

$WK has been trading in a range between $60-$80 for about the last 6 months. Looks to be solid resistance at $80, but if it can close above should have some movement to the upside. If it fails to break that resistance point, it could drift and retest that $60 range.

$SPY – We have had a very nice bear market rally off of the lows.  As I had pointed out a few weeks ago, when we were on the cusp of breaking a significant neckline on the inverse head and shoulders, there was a projected target of approximately 400.  Having said that, 390 is a 50% retracement from the August high to the October low, which makes me think we will see significant resistance between 390 – 400.  This week, we have some key inflation indicators, the Fed meeting, employment numbers and not long after, election day.   I plan to reduce long risk asset exposure this week and will look at the next week to 10 days as a key inflection point for the next major move up or down.

$COIN looks to have a solid base at around $60. As long as it doesn’t break below that support line, there could  be some nice room to the upside with a possible double bottom forming.

$WIX looks to be trading in a bearish flag on its weekly chart. With the upper flag trend line and the 50WMA converging to possibly offer strong resistance to an upward move. However there is a bullish divergence on the RSI. Crossing over 50 for the first time in over a year.