semiconductor’s shine in early trading

SPY_1_20$SPY market was off to a strong start this morning opening up with a $1+ gap but it only took 10 minutes of trading before it started to crack. The gap was sold, closed, and is currently red and trading at the lows (10:45am est) of the day. 201.50 is the upside level to have on watch for the bulls to reclaim some momentum, otherwise we’re stuck in a chopfest. Here’s some semiconductors that are looking good in early trading.

OVTI_1_20$OVTI outperforming nicely today and trying to clear resistance. There’s a band of resistance here between 27.50 and 28 but if we can continue to work higher here this will be in play to the long side. On watch.

SWKS_1_20$SWKS basing out for the past month in this horizontal range and making a run for it today to new highs. Look for the breakout to hold through the close of the day and you could have a new momentum swing trade to take. Looks good.

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Evan Medeiros

Evan is the founder of the Trade Risk. With 20+ 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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