Ginkgo Bioworks - DNA- looking for a break lower. Support at 2.37 and then 2.09, but triangle measures much lower if those don't hold.

Ginkgo Bioworks Daily

I took this trade yesterday at $50.25. The measured move looks to be right around the declining 200 MA right around $64.80 or so. 

Take a look at a monthly chart. There's a nice long rounded bottom that could set up as a cup and handle pattern. 

JO Monthly

LIT - Lithium Global ETF is down near its 200-EMA. $78.50 looks like support, but there really isn't a buy signal other than bounces off the 200-day EMA.

`Thanks for posting this. I have been looking for a swing entry for some time. Support at  ~$272 looks like it may hold. But, here's what is concerning (may not show on your chart):

1. 50-day EMA looks to have rolled over

2. 200-day EMA is flattening.

3.  Bearishly configured EMA ribbons

4. 12/26/9 MACD has crossed under 0

5. OBV slope hints at distribution not accumulation.

As I said, I'm looking for an entry. But wonder at this point if this is still in the "falling knife" stage. FWIW, this is the NVDA daily chartI'm tracking. 

DNMR Daily Chart

TRX 60-Minute Cup & Handle Forming?

TRX is a thinly traded Tanzanian junior miner. Production appears to be near term though. There is a cup & handle forming on the 60-minute chart that measures to about a 14% move. Reaching summer highs would be a 68% move from here. Caveat emptor though - it is run by perma-gold bull Jim Sinclair.

TRX 60-Minute

WKHS - From an article in the Cincinnati Business Courier- One third of production workforce out with Coronavirus. 

"More than 36% of the production-related staff at Loveland-based electric vehicle maker Workhorse Group Inc. (Nasdaq: WKHS) is sidelined, CEO Duane Hughessaid this week while discussing third-quarter results on a conference call."

Coil on Luckin Coffee 60-min chart

Caveat emptor with this one - a big fraud/accounting scandal several months ago in this Chinese formerly high-flying retail coffee purveyor. There is undoubtedly lots of overhead selling pressure on any bounce. But, energy is building after a basing period and there looks to be positive divergence.

TLRY - pot stock in a tight coil.

TLRY Daily Chart

Sort of has a bull flag look to it.

Look at the move on the Daily GDLC chart! Sure would be nice to be able to buy an A-B-C pull back, but this is going parabolic.

Sold half my SLV position at 2$2.50 to book some profit. Gap filled on 15-min and it's getting stretched out from the 9-EMA.

SLV has been on a tear the past week and I want to protect profits in case there is a reversion to mean drop in price. Look at my Daily SLV Chart- I'm thinking of either 50% of today's candle or the gap just below, or using Fib retracements. 50% of today's candle is about $20.98. But this is a pretty tight stop given how much SLV has moved over the past few days. I am also considering yesterday's close ($19.67).  The thinking is that I won't be stopped out if it doesn't fill that gap, but if it fills that gap, it may be headed lower. The 38.2 fib from today's $21.45 high to the $17.69 breakout is about $20.01.; the 50% retracement is $19.57 which is close to yesterday's close and the bottom of the closest gap. 

Any  thoughts? 

Daily VXX

My  Daily VXX chartshows price filling the small gap and bouncing at 200-day EMA. I'm considering a small entry here but wary of holding over a long weekend given the huge gaps that tend to appear overnight (or over a weekend). Still, looks like a low risk entry (on a risky volatility driven ETF).

Trump to talk about China at 4:00 today. Likely to move markets after hours no matter what he says. Not sure I will hold positions over the weekend.

FAZ 60-min- positive divergence building on RSI 5, RSI 14, and CCI 10. 

Regarding the $SPX 2 hour chart, if wave (d) is in at 2980 or so, where would a wave (e) measure to? 

LABD

I added some trendlines to Steve's LABD Daily chart from last night's newsletter. Looks like some positive divergence forming although I wish the EMA Ribbons were tighter. That said, the fundamentals of a solid Covid vaccine or treatment would undoubtedly give a huge lift to biotech driving this 3x inverse ETF quickly down. On  the flip side, look at the potential gain as a percentage if there market flushes down again.

TLRY Daily Chart

Nice coil and EMA ribbon pinch on TLRY daily chart.