Morning Market Briefing
Morning Market Briefing – Home On The Range
September 17, 2021
Good Morning!
Thursday’s market action was familiar. Decline in the overnight session into the morning, followed by a late morning, early afternoon pop to highs. The pattern is setting up again on Friday, with overnight futures action bringing us back into the larger range. In the charts of the ES and NQ below, you can see the larger ranges we’ve mostly been stuck in for the last several sessions. While a move in either direction is possible on a given day, we might find ourselves stuck in this range until the FOMC meeting next week. At this point the market may decide what the next step is. Tough environment for direction biased swing traders, as we seem either ready to break out or break down on almost an hourly basis. Day traders are finding some nice scalp trades within the larger range, however, and this could be a perfect time to learn some of those kinds of strategies from our YCT coaches.
/ES price action mostly contained within 4,480-4,335 areas.
15,550 level needs to break, and hold, for /NQ to resume trek to new highs.
YouCanTrade Coach Shan’s Play Of The Day
The Mosaic Company ($MOS LTP $33.74) is one of the world’s leading crop nutrition companies with a focus on potash and phosphate, two of three most vital nutrients. The stock has been outperforming the market for the last couple of days with strong growth momentum from the 50EMA, RSI and Stochastic. Even though there is an immediate resistance level at $34.45, but beyond that the stock could further rally up to the previous high level of $38.
On the downside, in case is hit by resistance as above then it can further get back to 50EMA support level of $31.88 or beyond.
YouCanTrade Coach Shaun’s Play Of The Day
So someone bought 1.4 million shares of CLOV yesterday at the close and today had an announcement that should have driven prices higher which it did but pulled back . I like this for a move up here again and will simply buy shares at open tomorrow morning and will sell the $9.00 call expiring Oct 1 against it . Premium is very good on this stock and i get paid quite well if the stock gets called away and if not i bring my cost basis down significantly.
Watch List
| Symbol | Why We’re Watching |
|---|---|
| AMD | Watch for push over 8 EMA and move to $110 +. |
| BA | Possible breakdown to 200 on move below $210. |
| JWN | Possible Snapback play. |
| BRKR | RSI (2) play. |
| DAL | Possible breakout on push above $42. |
YouCanTrade Scanner Ideas
| Symbol | Idea Direction |
|---|---|
| BABA | Short |
| LOW | Long |
| TSLA | Long |
| LULU | Long |
| BBBY | Short |
For more information on the YouCanTrade scanner, click here.
Upcoming Event
Trade Sizing and How it Affects Profitability and Losses
September 21, 2021
Presented by Gouthum Karadi, YouCanTrade Crypto Coach
Each trader has a different amount of risk and reward that they can tolerate. In this webinar, YouCanTrade Crypto Coach Gouthum Karadi will walk you through methods that may potentially reduce risk and matching trade size to a goal using different cryptocurrencies.
You will learn:
• How to measure a form of risk and reward ratio using technical analysis of cryptocurrencies
• How some traders choose their different risk tolerances
• How to size a trade based upon specific risk tolerances
