Morning Market Briefing – Crack in the Armor

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Morning Market Briefing – Crack in the Armor

Morning Market Briefing

Morning Market Briefing – Crack in the Armor

July 8, 2021

Good Morning! It’s no secret that trying to find the top of this market has been a foolish endeavor. But as market technicians, we should always be cognizant of any potential signs of slowdown. It doesn’t necessarily mean we go short at the first possible sign of buyer exhaustion, but it means we step back and analyze just how willing we are to go or stay long when the market is making new high after new high. The QQQs made new highs yet again on Wednesday, and yet we saw some major tech names but in very bearish candles. AMD, SNAP, TSLA, UBER, among others all had a rough session, with some breaking through key support levels. So this means the tech run is over right? Not so fast. But looking for a 2-3 day pullback in tech would give swing traders a chance to reload for the next level up.

Late day rally for the SPY. $430 short term support.

Feels a little like a short term top, but betting against the QQQs has been a fool’s errand the last couple of weeks.

Watch List

Symbol Why We’re Watching
TWLO Potential breakout above $400.
Z Watch for price action to squeeze between 50 and 200 SMA.
MCD Could make quick move to highs above $235.
TWTR Needs another push above $70 to reclaim upward movement.
DASH Possible reload for next move up above $185.

YouCanTrade Scanner Ideas

Symbol Idea Direction
BA Short
BIDU Short
BMY Long
AXP Long

For more information on the YouCanTrade scanner, click here. 

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