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Scott Redler’s Dog Bytes: RDR in FAANG

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SPX made a low of 3858 Thursday. To see 4120-4157, it needs to prove it can hold 3963 for a session or so. SPX futures are down 15 but well off the overnight lows. We had chances to switch gears Thursday when my 3850 target was reached. The Oscillator was -75 and it’s now -20. We'll see if this bear market bounce goes for a week or so. SPY needs to hold $395ish to stay in the game to clear $403 and see $410-$414.

TSLA did a Red Dog Reversal around the $700 pivot after six down sessions. It hit a high of $787 Friday. This morning it's flattish. It might participate in a market bounce but it doesn’t feel like a huge rally is coming. If it can hold $751ish, maybe it can see $845.

FB was a nice focus for us Thursday into Friday as it did a Red Dog Reversal to get me long. I sold Friday afternoon as it hit $199.87. I'm looking to buy for a red to green trade. It might even try and clear Friday's high.

AMZN has been one of the weakest F.A.N.G. -type names for a while now. The gap down from earnings never got filled, and it's been last to rally on all oversold attempts. It got interesting Thursday when it bounced off of $2049. I sold three sets of puts into the weakness to get synthetically long. Buying calls would have been better. It hit $2263. Now we’ll see if it can hold $2156ish to show commitment.

Positions Disclosure as of 5/16/2022 at 8:48 a.m. ET

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