Morning Market Briefing – Crack in the Armor

Home/Blog/Morning Market Briefing/Morning Market Briefing – Crack in the Armor

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
PTON Long
BMY Long
AXP Long

For more information on the YouCanTrade scanner, click here. 

Upcoming Event

Globex Highs and Lows

July 13, 2021

With Jerry Baldwin, YouCanTrade Futures Coach
In this webinar, Jerry Baldwin, Futures Coach, will talk about the importance of watching and understanding how the overnight highs and lows can affect your trades. He will also touch on how your strategy may look different when planning for regular trading hours versus overnight trading hours.
You will learn:
• How to identify trading opportunities around the Globex levels
• How to increase trading probabilities when trading during high volume hours
• How to identify higher probability trading areas

Register Now
See all Events
2021-07-08T04:14:01-04:00
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