Snap Crackle Pop Into the Gap

On the back of a nice upgrade this morning, Snapchat (SNAP) is defying the broad market fade this afternoon with an impressive pop, seemingly long overdue for one of the more disappointing social IPOs this year. 

On the zoomed-out 30-minute chart, below, for SNAP, the precise gap-fill level above was $15.04. 

That gap has now been filled, and some near-term backing and filling would be fine. As far as a new long in SNAP, we want to see price hold up near this area and not suffer violent rejection in the coming sessions. 

In other words, a one-to-three day bull flag would be ideal. 

Also note how important it is to stay disciplined with any and all high beta, momentum plays in this tape (and all tapes) with MoviePass play HMNY getting pounded 20% as I write this, as well as RIOT and some Bitcoin plays getting hit. 

Indeed, it is interesting to see those who periodically mock the very notion of a stop-loss suddenly grow noticeably quiet on days like today.