Morning Market Briefing – Inside Day

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Morning Market Briefing – Inside Day

Morning Market Briefing

Morning Market Briefing – Inside Day

May 18, 2021

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 at the top of your member’s dashboard.

Monday’s session saw the SPY put in an ‘inside’ day, where all of the price action sits inside the previous candle. These days usually precede a continuation of the previous trend after a quick rest. We still want to be careful, however, as both the SPY and the QQQ would need to break Friday’s high for a push back to highs. The QQQs again show relative weakness, as they briefly broke Friday’s low before a strong final hour pushed back near the $325 area. Pre-market action leans toward a green open, and we’ll wait for first hour confirmation to move into new positions.

Inside day in the SPY, need $417.50 to push to new highs.

50 SMA acting as short term resistance in the QQQs.

Watch List

Symbol Why We’re Watching
SNAP 8 EMA breach could trigger a short term rebound trade.
CVS Possible breakout above $85.
PTON Reclaiming the 21 EMA could push above $100.
TSLA Could breakdown below $559
TWTR Failure to retake 200 SMA could signal next leg down.

YouCanTrade Scanner Ideas

Symbol Idea Direction
AMD Short
GS Long
BK Long
TSLA Short

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