Some Setups Before Tomorrow's Big Day (PPI and FOMC Minutes)

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Tomorrow is going to be a huge catalyst driven day for the market because at both 8:30 AM and 2 PM we have huge market moving catalysts, so it will be what I like to call “day-trader’s paradise” as the intraday levels will be the most important.

One bullish setup I’m watching tomorrow is UPST 0.00%↑ or Upstart.

One bullish setup I’m watching in the event of a positive market catalyst tomorrow is UPST 0.00%↑ Upstart. The reason I like this trade is because it’s breaking out of this base and bottom pattern here on good volume. The market was weak today but this name held strong and closed up almost 8%!

Another interesting thing about this name is that it has 35% short interest, so if the market begins to rally this is one of the first names that traders may look to cover their short positions on.

There was also a pretty big call buyer today:

One bearish setup to watch for tomorrow is AMZN 0.00%↑. Amazon is breaking under this head and shoulders pattern and the bullish trend today and saw pretty big put flow into the end of the day. I also don't think their second prime day will be a success as consumer spending is going down.

Just a short and quick update, I will send out an update tomorrow afternoon to my paid subscribers with some intraday levels you should know if you are day trading.

Thanks for reading,

Adit Dayal