The 290/2900 levels for SPY and the S&P500 were defended, prolonging this rally rally into monthly OPEX while VIX fades into the 20s. We note 3000 as top of range, with 2900 being key to positive gamma going forward.
Futures are trading 2933 as of 8:00 AM EST. Gold, silver and crude futures are higher as well, with copper trading flat.
SPY 290 Defended
SPY remains above its bullish trending 9/21d moving averages. RSI is above 50 and MACD turned up again. 300 remains short term resistance along the large gamma open interest level (magnet) and the 200d.
S&P500 Most Active %Up
These stocks commanded most of the action on the S&P500 Monday. We are looking for follow through in these names today.
| SYM | LAST | CHG | % CHG |
|---|---|---|---|
| CAH | 53.30 | +3.42 | +6.86% |
| VRTX | 285.78 | +14.15 | +5.21% |
| AMD | 55.78 | +2.60 | +4.88% |
| ABBV | 87.90 | +3.94 | +4.69% |
| BIIB | 328.25 | +14.23 | +4.53% |
| MSCI | 348.66 | +15.08 | +4.52% |
| GILD | 80.86 | +3.37 | +4.34% |
| MKTX | 505.20 | +20.88 | +4.31% |
| RMD | 169.67 | +6.92 | +4.25% |
| IDXX | 300.08 | +12.18 | +4.23% |
The watchlist stocks, NVDA (+0.89%), AMD (0.88%), LULU (+0.39%), and SPLK (+0.50%) are all higher in early trading extending their stellar performance another day.
Biotechs, pharmaceuticals and healthcare stocks were strong Monday. We’ll be looking for a repeat of their performance, as LLY trades at 160.00 pre-market (+1%) with BMY at 63.36 up (+1.12%) in post-EPS trading.
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Happy Trading,
Vinny
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