Morning Market Briefing – Fool Me Twice

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Morning Market Briefing – Fool Me Twice

Morning Market Briefing

Morning Market Briefing – Fool Me Twice

March 24, 2020

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In what is starting to become a recent theme, the markets showed strength for most of the day yesterday before pulling back in the afternoon session. The QQQ retraced almost 3 points in the final 90 minutes in Tuesday’s trading. Several blue chip tech names look ready to break out if the index can get going, while others look ready to break down regardless of what the overall market does. Early morning action points to a green open, so we may see, yet again, if the markets are able to hold gains throughout the day.

SPY has broken, but failed to hold, the 393 level over the past two sessions.

The 320 price level and the 50 SMA have held back the price action for the past several sessions. Need a clean break there to continue up.

Watch List

Symbol Why We’re Watching
AMD Below all the major moving averages, room to 75 on the downside.
CVS Watch action around 72 price level. Could base & bounce or breakdown from there.
IBM Needs to hold 130 for next leg up.
NFLX First break of 50 SMA in weeks, could push hard above 540.
GOOG Long term watch above 2100 or below 2000.

YouCanTrade Scanner Ideas

Symbol Idea Direction
LOW Long
TMUS Short
TGT Long
V Short

For more information on the YouCanTrade scanner, click here. 

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