Morning Market Briefing – Confirmation Day

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Morning Market Briefing – Confirmation Day

Morning Market Briefing

Morning Market Briefing – Confirmation Day

September 9, 2021

Good Morning!

Both the SPY and QQQ are nearing inflection points. While its true they could decide to move in their ranges indefinitely, they don’t often go more than a week without a range break. The SPY could decide to confirm the rounded top price action we’ve been seeing the past six sessions with an open below $450. Yesterday the bulls made their stand in the S&P futures contract, the /ES at the 4,495-4,490 level. This will be a key area to watch today, as we would expect the longs to continue to buy at that area if we reach it. It won’t go easily through there, but if it does, we could see a +ATR move to the downside.

SPY ‘s confirms rounded top with break of $450.

QQQs have $380 as first level of downside support.

YouCanTrade Coach Shan’s Play Of The Day

I’ll be looking at $V (Visa Inc. LTP $229.09) coming out of the bearish engulfing pattern since last 3 days. There was a big reversal bar on the Friday and since then the stock has been trying to recover from that. The low of $221.96, is now working as a support and the high of that day $230.55 is the immediate resistance to get out of it. Wednesday, the stock finished shy of breaking that limit and if it manages to cross this limit on Thursday then there is a possible bullish break out for it to reach to the 50EMA of $235.15 or beyond.  

On the downside, if the price fails to cross $230.55 in the next few days then it can further slide below the support of $221.96 in the medium term.

YouCanTrade Coach Shaun’s Play Of The Day

I am looking to clean up on today’s trade idea !  CLX  ( Clorox Co) So excuse my pun on cleaning but i am looking for a bullish move up over the next month potentially . We are breaking back above the 200 EMA and the daily Stochastics and MACD are looking stronger
If the stock  is around $170.00 at opening I will  BTO 165 call STO (2) 180 calls and BTO 185  call expiring Sept 24( Butterfly type trade but only risk to the downside ). I should be able to buy this debit spread for around $6.20 which would then be my max risk and max reward would be if the price closes right at $180 in which case I would make approx. $380.00

Watch List

Symbol Why We’re Watching
CPB Could see upward momentum at the $44 price level.
UPS Range bound between $190 & $200.
LYFT Could see pop on break of $50.
ZM Needs $300 to attempt to enter gap.
LOW Possible range play on break of either $203 or $210.

YouCanTrade Scanner Ideas

Symbol Idea Direction
FB Long
V Short
W Short

For more information on the YouCanTrade scanner, click here. 

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