My high beta watchlist for May 2

NOTE: The charts below are all 15-min candles.

$SPY pulling back off it’s highs after double topping around the 159.7 level. Next level of support comes in about 157.75 and I wouldn’t be surprised to see us test that tomorrow. ECB news tomorrow AM and then jobs numbers on Friday should give the algos a reason to whip price around.

$AAPL holding up well here. has some clear support around 435 demonstrated today by the bulls, below that your next level is about 430 and it would be a nice change of pace for the bulls if we can flag above that for a few days. I do like apple to the long side for day trades but we need to keep in mind we’re at the mercy of this macro data for the rest of the week.

$GOOG holding up real well today given the market pull in. Today’s lows around 817 is clear support. Below that could be a quick trip back to the 808ish. I do like google overall up here but I am a little skeptical it can maintain this high level base.

$NFLX seems like this stock only wants to move in 20%+ increments. Continues to base within a tight range after its explosive earnings move. Levels are clear here, trade your plan.

$FB earnings out tonight which seemed to be a nonevent. Sitting in a relatively steep channel. Not much else to say, tomorrow should see an accelerated thrust higher or a breakdown to test the gap, time will tell.

$AMZN weakest of the bunch. Needs alot more time to create a better base before I would consider any longs. In play on the short side until then.

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Evan Medeiros

Evan is the founder of the Trade Risk. With 25 years of coding experience and a B.S. in computer science, Evan brings a systematic discipline to investing in the stock market.

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