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Swing Trade Ideas – March 5, 2021

Market View

World markets are mixed with USA green, Europe green, Japan red, Hong Kong red, China red, Asia red. Yields are steeper again which will continue to pressure growth. US dollar higher is pressuring commodities in general but Oil and copper are strong. Nonfarm payrolls are due prior to the open and may be market moving, expectations are for growth. S&P lifted slightly overnight but are still oversold with SPY resistance at 378.8 and 383.3 the 10d VPOC being a bullish target. SPY 370 is an important support level. Indices are in short term down trends so be prepared for 2 way action and the potential for pops to be sold. With options expiration today pops late in the day are possible independent of the overall movement in the day. Keep your head on a swivel

Stocks to Watch

Earnings GPS AVGO COST OPEN GDX  ETFs XLE EEM DBC XLF SMH IWM SPY XLI XBI QQQ ARKF GDX TAN SLV ARKK  Bitcoin EBON NCTY GBTC CAN MSTR RIOT SOS S&P500 leaders TYL MRO GPS APA FANG WDC FCX OKE RF AVGO BA JPM Relative Strength CPE MRO SM APA OXY MTDR MPC ASO BAC C 

Stock Idea; BAC

Financials are extended but strong today with yields higher. BAC is a popular financial to trade, look for breakout above 37.03 but be on the lookout for reversal