The first chart is a stretch version of our gap resistance which we noted over the last couple of posts. We'll monitor it daily to see how it plays out.
OPEX is notorious for chop, so if at all possible, we want to focus on stocks trading outside of the previous day's range. Both VPRT and ILMN printed on the TI momentum scan in early trade.VPRT was not obvious at first because it had so much congestion at the top of yesterday's range, but when we formed a base at that level, it looked compelling as an extension trade. The thick red line is the all time high prior to today.
If we consolidate in the upper range, we may get more mileage out this name. I'm adding it to my focus list.
ILMN - basic low risk entry , but not enough volume after yesterday's big move for a full extension.
CLF is one of my usual suspects and depicts typical OPEX trade - within a narrow range for most of the session. Last hour these usually break one way or the other.The wider range view of CLF shows a H&S top after a sizable run. Could be a good candidate for next week.
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