Morning Market Briefing – Brand New Week

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Morning Market Briefing – Brand New Week

Morning Market Briefing

Morning Market Briefing – Brand New Week

March 8, 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.

With the chaos of last week behind us, we look ahead to another week. Markets rallied hard Friday afternoon, and the first thing swing traders will do is look for confirmation of that move or a breakdown below last week’s lows. The market had multiple intraday reversals last week, so caution is warranted before entering any new trades.

Three things experienced traders will do this week:

1.Wait for confirmation on every move

2. Reducing position size and/or cutting losing trades even tighter than usual.

3. Not feeling like they have to watch every second of the price action.

Friday’s action took us back above the 50 SMA, with a confirmation move above the 8 and 21 on deck.

The 8EMA crossed below the 50SMA last week, signaling an uncertain week ahead. Lots of long side value in tech if markets head back up.

Watch List

Symbol Why We’re Watching
INTC Held up relatively well last week, closed above 8EMA on Friday
DKS Breakout play above the 21EMA or breakdown below the 50 SMA.
TGT Possible breakdown below 167 price level.
HD Could pop above the 255 price level.
LYFT Possible next leg up above 65 price level.

YouCanTrade Scanner Ideas

Symbol Idea Direction
BK Long
C Long
CLX Short
FB Short
MA Long

For more information on the YouCanTrade scanner, click here. 

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