Morning Market Briefing – Fed Bound and Down

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Morning Market Briefing – Fed Bound and Down

Morning Market Briefing

Morning Market Briefing – Fed Bound and Down

September 22, 2021

Good Morning!

Tuesday’s price action was predictably choppy after Monday’s selloff. With FOMC on deck for the next couple of days, we don’t expect that to change. The 440 area on the SPY (4400 on the ES), will serve as short term resistance for now, but in truth we’ll wait for a close above or below Monday’s candle to help us determine short term direction. Futures are pointing to a flat-to-green open, and our opening ranges will serve as guides for now, but again, another chopfest would be expected. Day traders: enjoy! Swing traders: Might be a good day for golf. As we move into the FOMC, we’ll also keep an eye on our market internals for clues on direction, such as the ADD, TICKS, and the good old VIX.

SPY has a loose range between 440 and 430.

QQQ following same price action as SPY for now.

YouCanTrade Coach Shaun’s Play Of The Day

Nice rebound overall on many stocks today but still not out of the woods yet !  I am looking today at POWW  If stock is below $6.25 i am going to buy 100 shares and simply hold it . I like the fundamentals here and this stock likes to search out the $7.50 level so will see if this holds true again . i will look at selling the $7.50 covered call for at least .25 cents as well to take some risk off when price rises.

YouCanTrade Coach Shan’s Play Of The Day

Old Dominion Freight Line, Inc. ($ODFL LTP $298.20) is a leading logistics company using modern technology and providing a number of services to its customers like LTL services, supply chain consulting, transportation management etc.. In the last quarter results, the company grew its revenue by 47% YoY with hefty earnings. On Charts in Tuesday, the stock bounced back nicely from the 50EMA with great positive momentum in RSI and Stochastics. With the bullish momentum on Tuesday it increased by 2.3% and it may beat the recent high of $304.22 and beyond.

 On the downside, the stock has a nice support at $285.52 with 50EMA. If it slides down further then there is next support at around $280.00.

Watch List

Symbol Why We’re Watching
SNAP Large monthly call buys in $75 and $80 strikes.
AMD Needs to reclaim 50 SMA for pop to $110.
ORCL $85 potential support for move back up.
DKS Needs to reclaim 8 EMA for move back to highs.
AAL Possible breakout on push above $20.75.

YouCanTrade Scanner Ideas

Symbol Idea Direction
F Short
LOW Long
INTC Short

For more information on the YouCanTrade scanner, click here. 

Upcoming Event

Indicators: How to Trade Within Channels

September 23, 2021

In this webinar, options coaches Shaun Mahoney and Shan Sarkar will discuss how you can use some popular channel trading indicators. Learn how you can use some of the easy to follow channel trading indicators such as Bollinger Bands, Keltner Channel and Donchian Channel. Each of these channel trading indicators can help you identify opportunities in the market within certain boundaries. Whether you’re trading stocks, options, futures or cryptos, these powerful tools are precious weapons in your armory, and it’s a great opportunity to have a comparative look at them in this session.

You will learn:

  • How to install and calibrate these channel trading indicators in your favorite charting tool
  • Some of the most popular indicators
  • How to read and utilize indicators
  • And more!
Shaun Mahoney
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