Morning Market Briefing – Hold the Line

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Morning Market Briefing – Hold the Line

Morning Market Briefing

Morning Market Briefing – Hold the Line

March 22, 2020

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Intraday reversals was the name of the game last week, with strength turning into weakness and weakness turning into strength with little to no warning. The SPY continues to outperform the QQQ, but we still see more long side value in blue chip tech overall. It’s been some time since so many tech names could be bought so far off their all time highs. Barring some really nice looking charts, most swing traders will be waiting through the lunch how to put on new positions to see if Monday continues our recent “headfake and reverse” price action.

The question for the SPY is: Does it test the 8 EMA to the upside or the 50 SMA to the downside?

Won’t confirm a bullish move until back over the 50 SMA, not much support before 300.

Watch List

Symbol Why We’re Watching
BABA Confirmed move above 21 EMA could push price action to 50 SMA.
COST 330 price level could breakout.
UPS Possible breakdown back to 155 price level.
MSFT 230 break could lead to next leg down.
ORCL Could try 50 SMA on break of 66.

YouCanTrade Scanner Ideas

Symbol Idea Direction
CVS Long
UPS Short

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