Morning Market Briefing – High After High

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Morning Market Briefing – High After High

Morning Market Briefing

Morning Market Briefing – High After High

June 25, 2021

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Good Morning! The QQQ and SPY put in new highs yet again on Thursday. The QQQ has now hit new highs 3 days in a row and 4 of the last 6 sessions. This type of price action has the potential to need a pullback before we power through to the next levels on the chart. The Biden administration announced an infrastructure package on Thursday, giving a quick boost to stocks like CAT and X. If the package ultimately moves through congress in the coming weeks, it could lead to a sustained push in those, and similar names. Travel stocks are beginning to slow their selling, but have yet to see a strong push up.

Double top forming in the SPY?

QQQs had new highs again but closed near session lows.

Watch List

Symbol Why We’re Watching
AAL Break of $22.50 for possible upside push.
AAP Hold of the $200 price level could see push back toward $210.
GS Could move back to $380 if it holds the 8 EMA.
CVS Held the 50 SMA, could push back to $86 on move above 8 EMA.
MCD Possible break to highs on move above $235

YouCanTrade Scanner Ideas

Symbol Idea Direction
CDW Short
INTC Short
TMUS Long
BMY Long
PTON Long

For more information on the YouCanTrade scanner, click here. 

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June 25, 2021

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2021-06-24T22:23:07-04:00
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