Hey there, fellow traders! It’s Andy here, back again from Trade Ideas to bring you the latest scoop on the markets as of January 17th, a fine Wednesday morning. Today, we’re diving into some intriguing setups that could potentially fatten your wallet. But before we jump in, remember to always keep the bigger picture in mind—the overall market trend can greatly influence your trades!

The Spy’s Key Levels: A Watchful Eye

Let’s take a quick glance at the SPY, the well-known ETF that tracks the S&P 500. Yesterday, I emphasized a crucial juncture where two essential moving averages, the 10-day and the 20-day, were about to converge.

And what do you know? Today, we’re noticing a slight gap below that mark—about a point under. For the bulls among us eager for a march toward all-time highs, this is the moment where you’d hope to see a strong defense and a rebound.

*"If you're bullish and think we're going to go to all-time highs, this is an area you'd like to see a bounce back up and defend."*

Biotech Beauty: CBay

First on deck is CBay, a darling in the biotech sector with a fetching chart setup. Keep your eyes peeled on how it’s hugging the 20-period moving average—it’s been displaying a fondness for this line time and time again. The real deal-breaker could be a breach above that $24.70 mark. Drop a price alert there, and if it starts its ascent, things could get exciting quickly—this stock looks primed and ready on its own figurative launching pad.

Cup and Handle Elegance: Chubb

Moving onto something with a heftier price tag, Chubb, the reinsurance carrier that’s showing a delectable cup and handle formation on its chart. This reminds me of that AMD setup I hollered about in my previous video. Watch this one for a jump over $229.50. Feel adventurous? Take a bold step before it clears the hurdle—or play it safe and wait for the confirmed breakout.

Yesterday’s Stars: FUSN and SMPL

Let’s not leave out a couple of familiar faces from yesterday’s roundup—FUSN, beckoning with the chance of an encore performance, and SMPL, which also has the look of a stock that could keep on climbing. Keep both in your crosshairs for potential continuations.

Speculative Flair: AXGN

For the risk-takers, we’ve got a spec play with AXGN. A firm contender in the low float category (only 32 million shares), it’s catching the eye with a bounce off the 10-period moving average just yesterday. If you’re up for the thrill, set a price alarm around $8.30 and watch it like a hawk.

Tighten Your Grip

Alright, team, that wraps up today’s briefing. Market waters can be choppy, so keep your trading game snug and secure.

Plug into these insights, and let’s make the most of the trading day ahead. Until next time, this is Andy from Trade Ideas signing off. Trade smart, and may your portfolio grow ever upward!