Morning Market Briefing
Morning Market Briefing – Dip? What Dip?
September 24, 2021
Good Morning!
Markets showed their optimistic side on Thursday with both the SPY and QQQ regaining their 50 day SMAs. Friday’s session will need to show follow through into the weekend and hold the levels from yesterday. We mentioned travel stocks in yesterday’s MMB, and airlines responded by having one of their strongest days in quite some time. Blue chip names will be back in the spotlight if we continue higher, with AAPL, NFLX, AMD, etc leading the way. Don’t forget to sign up for YCTs brand new Discord server! Interact with our coaches and fellow traders throughout the trading day!
ES has key levels to hold at 4450 and 4400 underneath.
NQ back in prior area of consolidation prior to Monday’s move down.
YouCanTrade Coach Shan’s Play Of The Day
In the last 3 months Fortinet Inc ($FTNT LTP $310.54) returned nearly 30% to the investors in the market value and in the last one year 169%. In spite of that, there is still positives with the stock with the world still mostly in lock down and gaming is still the favorite pastime along side streaming. On Thursday, the stock was higher by nearly 3% with a bullish momentum with rising RSI and Stochastic. The price was crossing over 50EMA and 20EMA meaning there is more prospects the price could reach the recent high of $322.00 in the next couple of weeks.
On the downside, the next support level for the stock is at $280.00 which may not be a strong level to hold on for a long time and it could further slide in the interim.
Watch List
| Symbol | Why We’re Watching |
|---|---|
| SNAP | Large monthly call buys in $75 and $80 strikes. |
| ALK | Could pop on move above $60 price area |
| AAPL | Needs to hold 8 EMA for next leg up. |
| AMD | $107 key pivot for next leg up. |
| AAL | Possible breakout on push above $20.75. |
YouCanTrade Scanner Ideas
| Symbol | Idea Direction |
|---|---|
| BIDU | Short |
| LOW | Long |
| TSLA | Long |
| LULU | Long |
| INTC | Short |
For more information on the YouCanTrade scanner, click here.
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