Morning Market Briefing – Holding Steady

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Morning Market Briefing – Holding Steady

Morning Market Briefing

Morning Market Briefing – Holding Steady

August 10, 2021

Good Morning!

Markets continue to hold their levels at or near highs on lower volume. As observed in our trading rooms, we may be moving into a “stock specific” trading time as we wind down the summer. Like AMD for example, an earnings catalyst play moving independent of the markets and its sector.  As traders, even on days where we see little to no action, we still have to put in the work. We log our screen time, scan, and monitor our watchlists even if they barely change. Or this can be a perfect time to start learning another asset class or style. Ever thought about adding an opening hour day trading strategy? Or wanted to learn if trading bitcoin might be right for you? Or even wanted to see if the swing trading setup you learned can work on a 5 minute timeframe? Your platform’s sim or “paper” mode can offer you a way to test all of these out without putting any of your real dollars on the line.

SPY needs to maintain $442 for next leg up.

All-time highs sit just under $370.

YouCanTrade Coach Shaun’s Play Of The Day

Well another mediocre trading day in the markets. As a credit seller i smile !
Todays trade is on WYNN ( Wynn Resorts Ltd ) I am looking to  sell a bullish put credit spread if the stock is around the $95. level . It has been beat up pretty bad here and i am looking at taking in credit with the purpose of taking on the stock if it actually continues to fall to my strikes. I will be looking to Sell to Open the 85 strike and Buying to Open the 75 strike for protection. My risk on this trade is the $1000 margin less the premium received which should be around $1.00.

YouCanTrade Coach Matt’s Play Of The Day

AAPL has been in a wedge, or pennant pattern since making new all-time highs on July 15. The ATR has been declining as the daily range has been tightening, as well as 3 NR7 candles firing off in the last 5 sessions. If the QQQs continue to be at or near their highs, I’ll look to move into AAPL on a break of the $148 price level. I would look to buy the 148 call that expires on August 27, with a profit target in the underlying if/when AAPL moves to $150. I would stop out below $145. As always when buying calls, my max risk is what I pay for the call.

YouCanTrade Coach Shan’s Play Of The Day

$CHPT (ChargePoint Holdings Inc.) provides cloud subscription based electric vehicle charging network. In the first quarter fiscal the company published their revenue increased 24% YoY. On Monday, possibly there was a strong bullish momentum with higher high and higher low than the previous day. If on Tuesday the stock price breaches Monday’s high then it could probably start a short term bull run from the strong support level of $22. The RSI, Stochastics and MACD all pointing higher and the price is set to cross over 50EMA. There is no resistance other than 50EMA for the stock currently.

On the downside the stock could go down to $20.79 in the short term, when it breaks the support level.

Watch List

Symbol Why We’re Watching
USB Banks have shown strength. Watch for break of $58 to confirm 50 SMA breach.
IBM Needs break of $145 to the upside.
EBAY Could retest $60 on break of $65.
NVDA Does it take another run at all time highs?
MCD Possible RSI(2) play.

YouCanTrade Scanner Ideas

Symbol Idea Direction
DIS Short
BABA Short
GOOG Long
CSCO Long
MGM Short

For more information on the YouCanTrade scanner, click here. 

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Aug 10, 2021

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2021-08-10T08:27:51-04:00
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