Morning Market Briefing – And Now Our Watch Begins

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Morning Market Briefing – And Now Our Watch Begins

Morning Market Briefing

Morning Market Briefing – And Now Our Watch Begins

May 11, 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.

Big Tech led the way down yesterday, and early futures point to another rough day today. This could create some nice long side value when things stabilize, base and bounce. But it’s important not to jump the gun here. These are times in trading where you’re trading mindset can be challenged. It’s very easy to want to try to time the bottom. Any trader who’s not heavy on the long side should be rooting for a solid, multiday decline to create as much value as possible. Important not to panic into or out of trades here. If you came into yesterday or today short consult your trading plan to see if you should be taking some gains.

No watchlist today, as we’ll be waiting to maximize the potential gains on a turnaround.

Bearish engulfing candle on the daily. 21 EMA next level on deck to the down side.

5o day SMA breached, we’ll watch $320 as next level of support. 200 SMA below that.

Upcoming Event

How I Organize My Charts

May 11, 2021

There are so many indicators, studies, systems and other assorted bells and whistles you can put on your trading charts. Where do you start? Join professional trader and YouCanTrade coach Matt Hensley as he breaks down how he builds his swing and day trading charts from the ground up.

You will learn:

  • How Matt constructs his charts to quickly read price action without getting overwhelmed by information
  • The differences in building swing and day trading charts
  • How not to overthink support and resistance
Matt Hensley
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2021-05-11T08:46:30-04:00
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