Morning Market Briefing – Friday Fallout

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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
UAL Short
W Short

For more information on the YouCanTrade scanner, click here. 

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