Morning Market Briefing – Hold the Line

Home/Blog/Morning Market Briefing/Morning Market Briefing – Hold the Line

Morning Market Briefing – Hold the Line

Morning Market Briefing

Morning Market Briefing – Hold the Line

March 22, 2020

Have you seen our live shows? Join us for “The Trend” each market morning at 9:00AM EST, and “Beyond the Bell” at the close. See what’s trending in the markets and find out what our traders are watching each day! Check them out on the “Insights” tab.

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
CSCO Long
CVS Long
UBER Long
EBAY Long
UPS Short

For more information on the YouCanTrade scanner, click here. 

2021-03-21T20:58:37-04:00
YouCanTrade is an online media publication service which provides investment educational content, ideas and demonstrations, and does not provide investment or trading advice, research or recommendations. Click here to read important disclosure, disclaimer and assumption of risk information. Active trading generally, and options, futures and digital assets trading in particular, may not be suitable for all investors. Past performance, whether actual or simulated, does not guarantee or predict future results.
TradeStation Securities, Inc. provides support and training channels hosted on its affiliate YouCanTrade. Any other services offered/hosted by YouCanTrade are not sponsored, endorsed, sold, or promoted by TradeStation Securities and it makes no representation regarding any YouCanTrade goods or services.
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
CME GROUP or CME GROUP GLOBE are trademarks of Chicago Mercantile Exchange Inc. and have been licensed by YouCanTrade for use in connection with the FAST channel and the Spring Summit. Any services offered by YouCanTrade are not sponsored, endorsed, sold or promoted by Chicago Mercantile Exchange Inc. or its Affiliates and none of them makes any representation regarding any such goods or services.
Go to Top