Morning Market Briefing – Friday Fallout

Home/Blog/Morning Market Briefing/Morning Market Briefing – Friday Fallout

Morning Market Briefing – Friday Fallout

Morning Market Briefing

Morning Market Briefing – Friday Fallout

September 13, 2021

Good Morning!

After toying with a breakdown of key short-term support levels across the board, the markets rolled hard into the close on Friday, setting up very bearish candles in a number of key indexes and equities. The rounded top in the SPY that confirmed on Thursday showed us the power of that pattern in action, with $450 support breaking hard and a close below the 21 EMA for only the third time since June. Important to note, however, that each of the prior times we were back a new all-time highs within a matter of days. The QQQs broke below the 7 day flag pattern that it had been working on, with key support in the $379-$380 area breaking in the final two hours of Friday’s session.

So what now? Today’s price action should tip the market’s hand. We need a break of Friday’s lows for confirmation of a possible correction. Too often in 2021 the markets have had 1-2 day sharp pullbacks and ran back to highs very quickly. This will keep happening until it doesn’t, and we don’t want to be caught heavy long when it doesn’t.

SPY needs move below $445 to put 5% correction on deck.

QQQs have $376.25 as Friday’s low.

Watch List

Symbol Why We’re Watching
AAP Needs hold of $300 and move above $303 for next leg up.
UPS Range bound between $190 & $200.
DAL Range bound between $38 and $44
ZM Needs $300 to attempt to enter gap.
AAPL Possible base & bounce at the 50 SMA.

YouCanTrade Scanner Ideas

Symbol Idea Direction
C Short
DD Short
SBUX Long
UAL Short
W Short

For more information on the YouCanTrade scanner, click here. 

Upcoming Event

The Importance of the Bracket Trade

September 14, 2021

Presented by Jerry Baldwin, YouCanTrade Futures Coach

In this webinar, join YouCanTrade Futures Coach Jerry Baldwin as he walks you through the bracket trade. Jerry will demonstrate this method of constructing a trade along with real-world examples.

You will learn:
• How this method can help you follow your trading plan
• How bracket trading reduces or eliminates emotion from trading
• Examples of bracket trading

Register Now
See all Events
2021-09-13T07:58:17-04:00
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