Morning Market Briefing – Failed Break

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Morning Market Briefing – Failed Break

Morning Market Briefing

Morning Market Briefing – Failed Break

May 19, 2021

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We’ve seen our fair share of intraday reversals over the past few weeks, but what we saw yesterday in the final hour was one of the more dramatic. That move sets up morning futures that point to a gap down. This would back up the observation we made yesterday in the YCT iOS App (available for your iPhone or iPad in the App Store) that when any chart fails to break through resistance after multiple tries, a retrace is likely before another attempt. Both the QQQ and SPY failed to break short term resistance three days in a row, and now look to pull back. Now we identify short term support areas to determine how severe the pullback will be.

SPY has $410 on deck as short term support.

$320, then $316.50 short term support in the QQQs.

Watch List

Symbol Why We’re Watching
DAL Watch for confirmation above 50 SMA.
ZM Possible breakout above $85.
NVDA Watch potential break of 200 SMA to the downside.
TSLA Could breakdown below $559
TWTR Failure to retake 200 SMA could signal next leg down.

YouCanTrade Scanner Ideas

Symbol Idea Direction
NVDA Short
UAL Long
SNAP Short
MU Short
AMD Short

For more information on the YouCanTrade scanner, click here. 

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