Watchlist 2023-05-02 $SPY $CHGG $EDU$UBER $LYFT $NCLH $TVTX

SPY - looking like it put in a suto h&S top PD with a look above the prior pivot high at 415.75 and a close below. IF SPY cannot get above 415.75 quickly and hold, I would be expecting a test of 412 in the session. IT could also be the case that positioning is mostly in as we await the FED policy rate decision tomorrow where they are expected to raise rates.

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

CHGG - tumbled over 43% or 13.5 ATRs in premarket when it forecasted net revenue below analysts' estimates from weaker customer growth due to a recorded rise in student interest in ChatGPT. Many analysts downgrading the name as well. I think this move is unprecedented and there will be opportunities for a bounce trade. Historical support from 2017 is at 8.80, not sure I'd want to be catching a falling knife but it if fails to get below this level I would take a small starter position. However, if it gets below and quickly reclaims, that's a swing failure pattern for me and the buy is on the sequential pullback with wicks after the first bounce on high vol.

EDU - another education software firm - looking for a sympathy trade on this name below 44.30

UBER - triple earnings beat and raises profit outlook. 2.3 RVOL pd but only1.3 RVOL in the PM but it will get to 3 RVOl eventually today and these positive results. Trading near the upper end of the multi month consolidation. Would like to see some profit taking in open the a bounce off 35 pivot and PM support seems reasonable. However, we could blast higher being up only 2 ATRs, but on only 1.3 RVOL is suspect that is less likely with all the resistance above and 36.40 and 37.70.


TVTX - Wedbush Lowers Travere Therapeutics' PT to 27 From 29 After DUPLEX Study Fails to Meet Efficacy Endpoints. Short under 17.75

NCLH - Day 2 continuation over 14.65.