May 08, 2026
Friday · 11:42 AM ET
Bullish
Midday Market Read
SPY +0.62% from open, holding above session VWAP $735.80 with a clean uptrend off the 10:15 reclaim. QQQ +0.91%, leading on the upside, position 78% of HOD–LOD range with sustained relative strength. Morning bias was modestly bullish; midday character has firmed; leading tech names are extending and the SPY/QQQ spread is widening. Watch a pullback hold above $735.80 SPY VWAP for continuation longs into the afternoon.
Gameplan Picks Still In Play
- IREN: long bias playing out. Reclaimed the morning range and is extending well off the lows, so no chase here. Watching for continuation.
- FLNC: never set up cleanly. The premarket range expanded and price gapped past the watch area at the open, so it stayed off the radar.
- CRWV: short bias playing out. Rejected VWAP early and is working lower; letting the move develop.
New Intraday Movers
CELH
RIVN
PLTR
RDDT
SOFI
- CELH: $52.18 (+5.4% day), RVOL 2.8x. Broke above prior-day high $51.40 at 10:32 ET on volume spike. Catalyst guess: institutional flow off Q1 EPS beat midweek.
- RIVN: $13.62 (+7.8% day), RVOL 4.1x. Cleared $13.50 swing high at 11:05 ET, no major news, likely sympathy flow from XPEV strength overnight.
- PLTR: $24.05 (-3.2% day), RVOL 1.6x. Lost session VWAP $24.50 at 10:52, working LOD test. Govt-contract headline downgrade hitting.
- RDDT: $158.40 (+4.1% day), RVOL 1.8x. Holding above tight zone $156.80–$157.60 from last hour, breaking out late morning.
- SOFI: $9.85 (+3.7% day), RVOL 1.7x. Reclaimed VWAP after 10:30 dip, holding above 5-min ORH.
What I'm Watching
CELH
On Watch
Broke the prior-day high $51.40 on RVOL 2.8x at 10:32 ET and is holding a tight $51.85 to $52.20 consolidation.
Setups to watch
New HOD BreakoutPullback to VWAP
Levels (context)PDH $51.40 · tight zone $51.85 to $52.20 · swing low $51.80
RIVN
On Watch
RVOL 4.1x; cleared the $13.50 swing high at 11:05 ET and sitting at 82% of the day's range, trending strong.
Setups to watch
New HOD BreakoutPullback to VWAP
Levels (context)Broken swing high $13.50 (now support) · HOD $13.72
PLTR
On Watch
Lost session VWAP $24.50 at 10:52 on continued downgrade flow; sitting near the low of its range and leaning on the LOD.
Setups to watch
VWAP RejectionNew LOD Breakdown
Levels (context)VWAP $24.50 · LOD $23.85
Risk Notes
- ~4 hours to close. Lunch chop window 12:00–1:30 ET, avoid initiating on a single-bar wick.
- NO new entries after 3:00 PM ET; close before the bell.
- Hard caps: $200 max loss per trade, $500 max loss per day (including any morning losses).
- Minimum RVOL ≥ 1.5 on any new entry; skip thin tape.
- If SPY loses VWAP $735.80 with a 5-min close below, cut all long exposure and reassess.
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.