Morning Market Briefing – About Face

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Morning Market Briefing – About Face

Morning Market Briefing

Morning Market Briefing – About Face

May 7, 2021

Have you seen our live shows? Join us for “The Trend” each market morning at 9:00AM EST, and “Beyond the Bell” at the close. See what’s trending in the markets and find out what our traders are watching each day! Check them out on the “Insights” tab.

Markets ran hard into the close yesterday. That run, and a green open this morning could send the SPY back to highs heading into the weekend. Of course, caution is needed as this week has featured a number of intraday reversals. Tech continues to lag a bit behind the SPY, so that’s one of the main places swing traders will look to find long-side value if the run up continues. Travel based stocks (airlines, resorts, etc) are another area we may find some buying as the country continues to open up.

SPY needs $420 break for next leg up.

QQQs stuck in a $327 to $333 range on the hourly chart.

Watch List

Symbol Why We’re Watching
BA Big recent support level at $230.
C Strong $75 resistance break could make run at 2021 highs.
MSFT Retake of 8/21 EMAs could see $260 break on deck.
WBA Making another run at $54.50 resistance.
ZM Long term watch. Stuck in a range between $300 and $350.

YouCanTrade Scanner Ideas

Symbol Idea Direction
C Long
NFLX Short
DD Long
PYPL Short
WDC Long

For more information on the YouCanTrade scanner, click here. 

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