Morning Market Briefing
Morning Market Briefing – 50 On Deck
September 23, 2021
Good Morning!
With JPow and the FOMC in our rearview, we push on to Thursday’s market action. Morning futures point to a green open, and as always we’ll watch our 30 and 60 min opening ranges. First point of order for the bulls will be retaking the 50 SMAs in the SPY and QQQs. The benchmark to watch today is the 4400 level in the ES. Most of the larger battles between the bulls and bears in the futures market has been at that level. We’re probably due for one more test of it after the NY open, and then we’ll see where the action takes us. The most long side value could be in the travel stocks, especially the airlines. Names like AAL, UAL, LUV, DAL, etc, could get a boost on most news of relaxed travel restrictions for vaccinated travelers.
SPY needs to hold $440 level today.
50 SMA on deck for the QQQ.
YouCanTrade Coach Shaun’s Play Of The Day
CPB ( Campbell Soup) Now that the cooler weather ( at least in Canada) is coming brings our thoughts to a nice hot meal. I will be looking to go long on the stock by using a LEAP option expiring in Jan 2023 and then selling a $30 call and the looking to selling a delta 25-30 call expiring in November around the 45 strike to put some money back in my pocket . Not a volatile stock at all and simply a way to get a simple return on a stock I like to have in my portfolio as a defensive play. As with all long calls, my max risk is what I paid to open the position.
YouCanTrade Coach Shan’s Play Of The Day
Since the news of shares split came out NVIDIA Corporation ($NVDA LTP $219.41) has been trading pretty strong since last few months. In a recent news Turtle Beach Corporation’s HEAR PC accessories brand, ROCCAT announced that its Kone Pro, Kone Pro Air and Burst Pro devices are compatible with NVDA Reflex Latency Analyzer platform. On Wednesday, the stock had a strong upswing of 3.27% to cross the 50EMA and then almost touch the 20EMA. The short term momentum with RSI and Stochastics are strong and it may reach the recent highs at $230 once again. On the flip side, if the stock fails to gather enough momentum this week then it may further slide below the 50EMA and to the psychological support level of $200 or beyond.
Watch List
| Symbol | Why We’re Watching |
|---|---|
| SNAP | Large monthly call buys in $75 and $80 strikes. |
| AMZN | Could pop on move above 8 EMA. |
| ORCL | $85 potential support for move back up. |
| DKS | Needs to reclaim 8 EMA for move back to highs. |
| AAL | Possible breakout on push above $20.75. |
YouCanTrade Scanner Ideas
| Symbol | Idea Direction |
|---|---|
| BIDU | Short |
| LOW | Long |
| TSLA | Long |
| LULU | Long |
| INTC | Short |
For more information on the YouCanTrade scanner, click here.
Upcoming Event
Indicators: How to Trade Within Channels
September 23, 2021
In this webinar, options coaches Shaun Mahoney and Shan Sarkar will discuss how you can use some popular channel trading indicators. Learn how you can use some of the easy to follow channel trading indicators such as Bollinger Bands, Keltner Channel and Donchian Channel. Each of these channel trading indicators can help you identify opportunities in the market within certain boundaries. Whether you’re trading stocks, options, futures or cryptos, these powerful tools are precious weapons in your armory, and it’s a great opportunity to have a comparative look at them in this session.
You will learn:
- How to install and calibrate these channel trading indicators in your favorite charting tool
- Some of the most popular indicators
- How to read and utilize indicators
- And more!
