SPY's and market continuing its change in price momentum characteristics. Market digest but at key levels. Seeing capital shift back into more risk area's. Oil still in downtrend which is also a key influence in whole market.
Uber and Lyft is interesting to see here. Lyft at weekly resistance and Uber at blue sky and initial IPO high's. It's worth noting that I'm looking at CRON with the notable RVOL. This trade is for Uber and a different sector and area. Also to mention it is a recent IPO with limited historical data. I remember trading TLRY when it IPO'd. Making note if there are other names in the same services/sector among these.
SPY 65m,
UBER 65m, limited historical data, recent IPO, new services, no overhead supply/resistance areas
Lyft D,
CRON D, another speculative asset. Notable RVOL (D, 3.54) (upgrade) Keep close watch on developments
UBER 65m 06/06/19 EOD, Possible shallow pull-in / consolidation developing or price action fading. Noting if I was short there is clear resistance and area of supply/selling. If the bulls lose hourly HL's my exit strategy is still in place. May add to position if price makes a strong move back to resistance. Also noting intraday VWAP slope is flattening out.
UBER 2m 06/06/10 EOD, Was watching tape and level 2 at the current price level. Notable price action around 45 and intraday VWAP. Initial trend break on the last minute but instant recovery. Volume increasing on last couple of minutes. Personally no trade decisions here as my positioning is on a bigger time frame.
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UBER 65m 06/07/19, Adjusting stoploss and noting significant price action around key level 45.
Trade Review
Stopped out of position EOD. This was a a well placed stop for my time frame. Notice in after market the price dropped another -1.00 to settle at -0.50 This would signal daily consolidation as the hourly uptrend has been changed. Will keep a close watch on the development and see if it makes it back to test resistance.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2019-06-05 15:57:49 | UBER | buy | $45.046 | long |
2019-06-07 15:59:10 | UBER | sell | $44.250 | 0 |
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