Morning Market Briefing – Market May I?

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Morning Market Briefing – Market May I?

Morning Market Briefing

Morning Market Briefing – Market May I?

May 3, 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 on the “Insights” tab.

With the calendar rolling over into May, we are officially in “Sell in May and Go Away”, right? Fortunately for us swing traders, that’s mostly a myth that we explored on last Thursday’s “Beyond The Bell”. But even if it were true, and even if the markets were at the same levels in August that they are at today, the odds are still good we would have some up and down movement to arrive back there. Which gives us opportunity. So where is the opportunity now? As we wake up this morning, futures point to a flat-to-green open. We’re still not seeing as much volume as we’d like, and outside of Thursday, last week’s ranges were small. We tend to default back to the trend in periods of consolidation, and the trend is still very much up. You’d be hard pressed, however, to find a directional swing trader that isn’t rooting for a nice 5-10% correction to bring some long side value back to the markets.

We’ll use Thursday’s high of $420.72 as short term resistance.

Still in a bit of a range between $334 and $343.

Watch List

Symbol Why We’re Watching
BA Big recent support level at $230.
AAPL Possible base & bounce at 21 EMA.
INTC Possible next leg down on break of $57
SQ Tightening price action, could break down below $240 or breakout above $250.
ZM Long term watch. Stuck in a range between $300 and $350.

YouCanTrade Scanner Ideas

Symbol Idea Direction
BUD Long
PTON Short
CVS Long
LLY Short

For more information on the YouCanTrade scanner, click here. 

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May 4, 2021

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