Morning Market Briefing – Bumpin’ Heads on the Ceiling

Home/Blog/Morning Market Briefing/Morning Market Briefing – Bumpin’ Heads on the Ceiling

Morning Market Briefing – Bumpin’ Heads on the Ceiling

Morning Market Briefing

Morning Market Briefing – Bumpin’ Heads on the Ceiling

September 28, 2021

Good Morning!

Monday greeted traders with one of the more “boring” sessions of the last couple of weeks. Tight intraday ranges, mixed internals, and few runners. As any experienced trader will tell you however, the markets are boring until they’re not, and morning futures point toward a gap down day and yet another test of the 50 day SMA on the SPY and the QQQ, setting us up for the most action we’ve had at these MA levels in almost a year. Last night’s failure to extend the debt ceiling may be weighing on markets as we move toward Friday’s jobs report. As always, we’ll check our opening ranges for confirmation of the move.

$440 first level to watch in SPY.

$360 first area of support if we turn downward.

YouCanTrade Coach Shaun’s Play Of The Day

TLRY is my play of the day.   We are getting signs for the Cannabis sector and as a result I am going to BTO 100 shares at open and STO a $15 call expiring Nov 19 for around .65 cents depending on opening tomorrow . This is a delta 30 call and  would give me approx. 5 percent protection to the downside while allowing us some nice upwards movement. With a covered call, the max risk of the shares is what I paid for them, and the option’s risk is that the shares get called away at $15 if price spikes above that level.

YouCanTrade Coach Shan’s Play Of The Day

Barrett Business Services Inc. ($BBSI LTP $79.50) is a Vancouver based company and provides light industrial, clerical and technical employees to a wide range of businesses through staff leasing, contract staffing, site management and temporary staffing arrangements. The stock has returned more than 62% in the last one year. Since last few days, it has been growing with higher momentum and on Monday it touched new highs after opening. Even though by the end of the day, the price pulled back a little, still it would be interesting to watch it for the next few days, where it is possible that it touches the previous all-time high levels.

On the downside, if Monday’s high has hit a resistance level, then it would probably pull back sharply to return to the 50EMA levels at $76.06 in the near term.

YouCanTrade Scanner Ideas

Symbol Idea Direction
SBUX Short
CLX Short
KSS Short

For more information on the YouCanTrade scanner, click here. 

Upcoming Event

Level Up: YouCanTrade Fall Summit

October 8-10, 2021

Join us October 8th through October 10th for a three-day virtual event packed with in-depth sessions led by experienced traders and coaches spanning multiple markets and asset classes.

Register Now
See all Events
YouCanTrade is an online media publication service which provides investment educational content, ideas and demonstrations, and does not provide investment or trading advice, research or recommendations. Click here to read important disclosure, disclaimer and assumption of risk information. Active trading generally, and options, futures and digital assets trading in particular, may not be suitable for all investors. Past performance, whether actual or simulated, does not guarantee or predict future results.
TradeStation Securities, Inc. provides support and training channels hosted on its affiliate YouCanTrade. Any other services offered/hosted by YouCanTrade are not sponsored, endorsed, sold, or promoted by TradeStation Securities and it makes no representation regarding any YouCanTrade goods or services.
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
CME GROUP or CME GROUP GLOBE are trademarks of Chicago Mercantile Exchange Inc. and have been licensed by YouCanTrade for use in connection with the FAST channel and the Spring Summit. Any services offered by YouCanTrade are not sponsored, endorsed, sold or promoted by Chicago Mercantile Exchange Inc. or its Affiliates and none of them makes any representation regarding any such goods or services.
Go to Top