Morning Market Briefing – Gap and Go

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Morning Market Briefing – Gap and Go

Morning Market Briefing

Morning Market Briefing – Gap and Go

March 10, 2020

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Yesterday in the markets was a bit of a microcosm of the last couple of weeks. The morning / early afternoon sessions showed strength after a large gap up to start the day. And even though both the SPY and QQQ ended up making big moves up, there was just enough selling in the last 30 minutes of market action to throw a small wretch of doubt into the bull machine. With early futures basically flat we’ll wait for confirmation in the opening hour of price action.

Friday’s action took us back above the 50 SMA, with a confirmation move above the 8 and 21 on deck.

The 8EMA crossed below the 50SMA last week, signaling an uncertain week ahead. Lots of long side value in tech if markets head back up.

Watch List

Symbol Why We’re Watching
MSFT Reclaimed 8EMA, needs push above 235 for next leg up.
NFLX Showed weakness relative to Qs yesterday, watching the 500 level for possible breakdown.
NVDA 500 level has been acting as resistance.
DAL Banged its head on 48 two days in a row.
ROKU Could make a quick move to 400 if it reclaims the 8EMA with volume

YouCanTrade Scanner Ideas

Symbol Idea Direction
C Long
CLX Short
DAL Long
GM Long

For more information on the YouCanTrade scanner, click here. 

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