Morning Market Briefing – March Madness

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Morning Market Briefing – March Madness

Morning Market Briefing

Morning Market Briefing – March Madness

March 15, 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.

March Madness is officially upon us, in both college basketball and the markets. The S&P and the Dow continue to flirt with new highs while the QQQ remains below its 50 SMA. Tech still has the best upside value provided it can hold above the short term trendline. The big tech names dragged the markets upward throughout last spring and summer, and this relative weakness may just be a little reckoning of that move. Or it could signal a slowdown of growth in those names as the world begins to open up from the pandemic.

SPY hit new highs last week , with 391 as short term support.

The 50SMA / 320 price level area will be the next area to watch for resistance in the QQQ.

Watch List

Symbol Why We’re Watching
AMD Needs to hold 81 for a quick move up to the 21 EMA.
CLX Caught in small channel between 185 and 190.
NVDA Completed the ‘V’ pattern by touching 520, could have 50SMA on deck
WYNN Possible breakout above the 140 level.
DIS Contracting price action on the daily and hourly, could move back to highs above 198.

YouCanTrade Scanner Ideas

Symbol Idea Direction
PG Short
VZ Short
LOW Long
ZM Short

For more information on the YouCanTrade scanner, click here. 

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