May 08, 2026
Friday
Bullish
Market Bias
Modestly Bullish / Neutral. SPY +0.43% and QQQ +0.74% pre-market, both trading above prior day highs with QQQ extending strongly (72.7% of PM range). PM trend is flat in the last 30 min, suggesting consolidation near highs rather than momentum exhaustion. Bias leans long on individual catalyst names, but indices are extended into resistance, so be cautious chasing broad market longs. Watch for either a continuation push above QQQ $702.22 or a fade back to prior closes.
Key Levels
SPY: Support $734.48 (last 30m low) / $732.91 (PML) | Resistance $736.57 (PMH) | PDH $734.59 | PDL $727.82 | PM VWAP $735.41
QQQ: Support $700.31 (PM VWAP) / $697.26 (last 30m low) | Resistance $702.22 (PMH) | PDH $695.93 | PDL $686.48
Watch List
IREN
FLNC
RXT
CRWV
SOUN
INTC
What I'm Watching
IREN
On Watch
Strong earnings beat, gapping +14.5% on heavy volume and sitting near the top of its premarket range.
Setups to watch
ORB Break & HoldPullback to VWAP
Levels (context)PM high $66.37 · pullback shelf $64.35 · holding above PM VWAP
FLNC
On Watch
Earnings beat with hyperscaler MSAs disclosed by the CEO; up 19% on 4.3M premarket shares.
Setups to watch
ORB Break & HoldPullback to VWAP
Levels (context)PM high $24.30 · shelf $22.16 · reclaiming PM VWAP
RXT
On Watch
AMD partnership MOU; gapping about 8% from $3.52 but still needs to reclaim VWAP to confirm strength.
Setups to watch
VWAP ReclaimORB Break & Hold
Levels (context)VWAP reclaim near $3.88 · PM high $4.28
CRWV
On Watch
Weak guidance, gapping down about 7%; flat-to-down all premarket and failing to reclaim $121.
Setups to watch
VWAP RejectionNew LOD Breakdown
Levels (context)Rejection zone $120.84 · breakdown level $118.95 · PML $115.73
SOUN
On Watch
Weak guidance, gapping -9.5% below the prior close; never reclaimed $9.00 in the premarket.
Setups to watch
VWAP RejectionNew LOD Breakdown
Levels (context)Bounce-fade zone $8.92 · breakdown level $8.69
INTC
On Watch
Up 1.6% premarket and holding above PM VWAP, coiling in a tight $110.61 to $111.06 zone.
Setups to watch
ORB Break & HoldPullback to VWAP
Levels (context)Tight zone $110.61 to $111.06 · PDH $113.50
Preferred Setups
- Post-9:35 ORB breakouts on catalyst-driven gappers (IREN, FLNC)
- Failed-bounce / VWAP-rejection shorts on weak-guidance gap-downs (CRWV, SOUN)
- Pullback longs to prior swing lows above PM VWAP on relative-strength names
- Avoid sub-$1 names: too thin / pump-and-dump risk
- No chasing; let the opening range form first
Risk Parameters
- Max risk per trade: 1% of account (hard stop)
- Max daily drawdown: 3%; stop trading after the second full stop-out
- Position size = Risk / stop distance; verify stop_distance × shares ≤ per-trade cap
- For higher-priced names cut size; do not tighten stops
- No entries before 9:35 ET; wait for the opening range to form
- Cut size in half if SPY breaks below $734.48 in first 30 min (regime change)
Events to Watch
- 10:00 ET: Wholesale Inventories (March)
- No major Fed speakers scheduled before noon
- Earnings movers active today: IREN, FLNC, CRWV, SOUN, SMR, RDW, NUS
- Continued geopolitical headlines on US/Iran could affect oil & broad risk sentiment
Educational watchlist only. Not financial advice or a recommendation to buy or sell any security. Levels are shown for context only, not as entry or exit signals. You are responsible for your own trading decisions.