Morning Market Briefing – Tech Leading From Behind

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Morning Market Briefing – Tech Leading From Behind

Morning Market Briefing

Morning Market Briefing – Tech Leading From Behind

May 25, 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.

The markets got the week started with a strong bullish move. The SPY is now back within shouting distance of all time highs and the QQQ cleared the cluster of moving averages lining up above it and seemed poised to join the SPY in marching back to the top. The next hurdle for the tech sector is multiple big names, such as AAPL, AMZN, ROKU, QCOM, AMD, etc, are right around their 50 SMA. A strong push above in these names in the next week would be a clear bullish signal for the next several weeks. AAPL especially has lagged behind the markets a bit and is now more than a month removed from it’s last 3+ day run up. This could be a bellwether in the tech sector for the next few sessions.

SPY bumped its head on the $420 price level yesterday, once that’s cleared it can reclaim all time highs.

QQQ cleared the 50 SMA yesterday, we’ll use that as short term support for now.

Watch List

Symbol Why We’re Watching
DIS Back above trendline, could see quick pop to $180
ZM Possible breakout above 50 SMA.
WYNN Watch for hold above 50 SMA.
HD If it holds 50 SMA, could make move to $320+
ROKU Broke 50 SMA yesterday, a hold of that level needed for next run.

YouCanTrade Scanner Ideas

Symbol Idea Direction
AIG Long
BA Long
UAA Short
QCOM Short

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