Morning Market Briefing – Here Comes the 50

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Morning Market Briefing – Here Comes the 50

Morning Market Briefing

Morning Market Briefing – Here Comes The 50

September 15, 2021

Good Morning!

Yet again in 2021 the SPY has led a multiday pullback to, or near, the 50 SMA. Each time it has rallied back to new highs within the next few sessions. So here we are again. And we’re forced to ask: “Do we take this week and make the full run down to the 50 or begin the bounce right here?” “How quickly will we rally back to highs?” Or even: “Will this time be different?” This multiday drip down has had a different feel to it. Bulls have been trying to seize control in the index futures for the last few days and each rally attempt gets weaker and weaker. This combined with a long correction drought in the S&P leads some to call for the first extended move down since the COVID crash. A break of Tuesday’s SPY lows will likely lead us to find out, as the 50 SMA is on deck at around $442. That area could see the bull’s last stand (for now), and set up a potential 5-10% correction.

SPY needs close above $253 to break rounded top pattern.

QQQs have 21 EMA on deck as next level of support.

YouCanTrade Coach Shan’s Play Of The Day

Jury verdict is out on the new iPhone13, Watch and other devices by Apple Inc, ($AAPL LTP $148.12) unveiled on Tuesday afternoon. In the gloomy market for the last few days, it was a significant opportunity for a turning point. In the morning $AAPL shares were in fact in the positive carrying the broader tech index Nasdaq and the narrower Dow riding along with it. But as the day progressed and the launch happened, the market took a decisive nosedive to end the day in significant red. As a ray of hope buyers returned on the $AAPL counter in the last half hour but by then the damage was done. From this point on, the stock appears to be on further downslide after its recent all time high at $157.26. The next support level is at $145, but if it is breached then the following support is only at $135.45. It has already breached the 50day EMA and the earnings are well 6 weeks away. The RSI, Stochastics and MACD all are in nosedive for the time being.

On the other hand, if the stock finds support at $145 then it may try to push up once again to reach towards $149 levels which is where the 50EMA is.

Watch List

Symbol Why We’re Watching
AMD Watch for push over 8 EMA and move to $110 +.
SQ Possible mover if it can reclaim $250.
EBAY Could pop if it reclaims 8 EMA.
MGM Watch for break out of $42-44 range.
LUV Possible breakdown below $48

YouCanTrade Scanner Ideas

Symbol Idea Direction
SHAK Short
V Short
TWLO Short

For more information on the YouCanTrade scanner, click here. 

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