Morning Market Briefing – New Week

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Morning Market Briefing – New Week

Morning Market Briefing

Morning Market Briefing – New Week

May 24, 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.

Friday’s market action saw the SPY and QQQ fail to hold their morning levels, with both ETF closing near session lows. The QQQ failed to hold its 50 day moving average going into the weekend, and that’s a key area traders will be watching this week to gauge the tech market’s chances at getting back to highs. We have several Fed speakers on deck today and tomorrow, and with concerns about inflation being talked about more frequently, those talks could be worth keeping an eye on. Next Monday is Memorial Day, so we can expect to see volume taper off as the week progresses, barring any major news.

SPY has some short term resistance at $417.

Watching for a retake of the 50 SMA in the QQQ.

Watch List

Symbol Why We’re Watching
TSLA Could push over 8EMA / 200 SMA.
ZM Possible breakout above 50 SMA.
WYNN Watch for move above 50 SMA.
SNAP Rejected once at 50 SMA, could get a second try today.
ROKU Yet another tech name right up against its 50 SMA.

YouCanTrade Scanner Ideas

Symbol Idea Direction
AIG Long
BA Long
UAA Short
PG Long
QCOM Short

For more information on the YouCanTrade scanner, click here. 

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2021-05-24T08:06:17-04:00
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