Momo Market Roundup, 5/17/2022 — $SPY Upside Grind… $WMT Destroyed… $HD Gap Up Reversal… 

 May 17, 2022

By  spectre_trades

$SPY Upside Grind

SPY had a nice gap up overnight… very nice. We got what we expected at the open some profit taking and then a move higher. It didn’t even fully close the gap.. That means buyers are quite interested. Chairman Powell spoke in the afternoon and the market took his comments quite well… it wasn’t an extreme rip to the upside but definitely a nice grind. Let us see what tomorrow brings. Long in the afternoon dips on the watchlist level reclaim.. Vs the previous low brought a nice win. SPX 4080 calls moved from 4 to 12+ in short order.

$WMT Destroyed

WMT retraced 11+ percent.. To finish the day with the most 1 day decline since 1987! Wowzers. That is not good for long term shareholders after they guided down for the next quarter. Supply chain issues everywhere. We do love a nice all day seller however… If you got short at the open vs our level above you captured a nice 6+ point move for 1 point of risk. That is really good. If you got involved in premarket and used commons even better! 135P was only 1.3… and went to almost 5!

$HD Gap Up Reversal

HD also had earnings like WMT.. and it gapped up pretty nicely. We were watching for the gap up reversal as that is all the rage in downtrend markets.. And one of our favourites. It popped right into our 310 watchlist level… and lets say it was downhill from there! It moved 15+ points right into our 294 watchlist level.. Before finally reclaiming it and heading higher. 305P from 4.5 to 14! Awesome day.

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Momentum Trader. Technical Chart Analyst. Always on the hunt for 3x or better reward to risk.

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