Morning Market Briefing – Cleared for Launch?

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Morning Market Briefing – Cleared for Launch?

Morning Market Briefing

Morning Market Briefing – Cleared For Launch?

June 7, 2021

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Good Morning! Friday gave us our strongest bullish candle in the QQQ in almost two weeks, setting us up to potentially follow the SPY’s lead back to new all-time highs. We still have a few blue chip laggards like AMZN, AMD, ROKU, & NFLX that can power the next wave up. The key move today or tomorrow will be a confirmation move to the upside, where we see both the SPY and the QQQ break, and hold, Friday’s highs. A close above those levels would be a very bullish sign. However, the markets have recently shown a short attention span in either direction, so we need to be cautious with all new entries.

SPY tapped a new high on Friday, needs above the level to get going to the upside again.

QQQ moved back above the 8 EMA, needs above $337.50 for next leg up.

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

For more information on the YouCanTrade scanner, click here. 

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