Morning Market Briefing – Apple on Watch

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Morning Market Briefing – Apple on Watch

Morning Market Briefing

Morning Market Briefing – Apple on Watch

June 8, 2021

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Good Morning! Monday’s trading saw markets finish near or above Friday’s highs, setting up a potential green open today. Both the QQQ and SPY are close to short term technical breakouts, with the $423 area on the SPY being yet another all-time high.

Apple is always a good stock to watch. Depending on your style and risk tolerance, trading it may or may not be in your routine. But it’s always worth a watch. As companies move out of having just one product or being in just one sector, companies like Apple or Amazon become as much economic indicators as stocks. What was once just a niche hardware company is now a hardware, software, tel-com, credit card, subscription services, and chip making company. Whether your “Team Android” or “Team iOS”, it’s impossible to deny how impressive the Apple ecosystem has become. From a technical perspective, AAPL has held the 200 SMA over the past month and now looks poised to make a run at the 50 SMA. It’s been less impressive than its tech peers of late, still $20+ off all-time highs. Seeing APPL, AMZN, and others rally with the markets could set up a “summer of the bulls.”

SPY would be back to new highs on a break of $423.

$332 short term support on the QQQ.

Watch List

Symbol Why We’re Watching
BMY Could breakout above 8 & 21 EMAs
TWTR Potential long trigger at $59 based on hourly resistance.
UPS Could breakdown below 21 EAM.
LLY Possible breakout above $205 price level.
AAPL Possible base & bounce off the 200 SMA.

YouCanTrade Scanner Ideas

Symbol Idea Direction
AMD Long
JWN  Short
BAC Long
M Long
KO Long

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