Morning Market Briefing – I SPY

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Morning Market Briefing – I SPY

Morning Market Briefing

Morning Market Briefing – I SPY

March 26, 2021

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The SPY rallied from a small gap down in Thursday’s session and finished strong to put together one of its strongest looking candles in weeks. Follow through in today’s session is important, and traders will be watching if the QQQ can  get out of its own way and power up toward the 50 SMA. Banks, retail, and travel stocks lead the way in early morning trading. If tech stabilizes and begins to move up, some big names that are at or below their 200 SMAs could come into play.

SPY held the 50 SMA Thursday, and needs to reclaim 390 price level to head back to new highs.

If the 310 price level fails to hold, could begin a slow march to the 200 SMA.

Watch List

Symbol Why We’re Watching
AAPL Could base & bounce at 120 price level, needs QQQ to pick up.
AMD Not much support below $75 if tech breaks down.
AXP Possible fish hook pattern above 143.
ZM Could get to 300 price level quickly if it breaks 312.
GOOG Long term watch above 2100 or below 2000.

YouCanTrade Scanner Ideas

Symbol Idea Direction
AMZN Short
BK Long
C Long
FDX Long
QCOM Short

For more information on the YouCanTrade scanner, click here. 

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