Morning Market Briefing – 50 SMA Dash

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Morning Market Briefing – 50 SMA Dash

Morning Market Briefing

Morning Market Briefing – 50 SMA Dash

June 21, 2021

Good Morning! Friday’s session in the SPY was rough on bulls, with the ETF gapping below the 50 day simple moving average and remining there for the majority of the session. This makes today’s session even more important, as even though the SPY has broken the 50 SMA a few times this year, it hasn’t had consecutive closes below that level since November 2nd and 3rd. The banks led the way down, with continued selling post FOMC. Tech held up much better, with the QQQ putting in an inside day after Thursday’s push to new highs. Still some room to new highs for blue chip names like AAPL and AMD.

SPY and the 50 SMA will be what we’re watching today.

$345 area test could send QQQ back to new highs.

Watch List

Symbol Why We’re Watching
AAL Possible base & bounce in progress on test of 50 SMA.
TWTR Potential long on a break and hold of $61.
ROKU Needs $370 break for next leg up.
CSCO Potential breakdown below $52.
TSLA Potential breakout above $630.

YouCanTrade Scanner Ideas

Symbol Idea Direction
AAPL Short
FB Long
ZM Long
DIS Short

For more information on the YouCanTrade scanner, click here. 

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