Morning Market Briefing – About Face

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Morning Market Briefing – About Face

Morning Market Briefing

Morning Market Briefing – About Face

May 5, 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.

What a difference a couple of hours makes. After two hours of price action yesterday, the markets were on their way to a 2 ATR move to the downside. A couple of hours into pre market action today, and we’ve nearly erased the entire move. The SPY itself formed almost a perfect ‘U’ pattern on the hourly chart yesterday. The whole day reminds us why we need, especially in this market environment, to see confirmation on any move we see intraday. Anyone who panicked into, or out of, a trade yesterday is not feeling too good this morning. Any move this morning would need to be confirmed on either hourly or daily charts before trading off of it. Stay cautious.

8 EMA on deck as next level of support/resistance.

Caught between 21 EMA and 50 SMA, needs to get above $335 for move back toward highs.

Watch List

Symbol Why We’re Watching
BA Big recent support level at $230.
AAPL Nice move off 50 SMA, needs $130 to move toward $135 resistance.
AMD Risky play, but could push off $78.50 to $80+ if chips recover today.
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
M Long
CLX Short
MGM Long
EBAY Short
MS Long

For more information on the YouCanTrade scanner, click here. 

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