Morning Market Briefing – Pain

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Morning Market Briefing – Pain

Morning Market Briefing

Morning Market Briefing – Pain

September 29, 2021

Good Morning!

Tuesday’s price action was….definitive. Unrelenting selling throughout the morning as traders showed their concern for a lack of resolution on a debt ceiling extension. After lunch showed a little hope that we could regain some of the losses, before we rolled near low of day into the close. So what now? Futures point to a green open, but one still within yesterday’s price action. In the SPY, nothing is settled until we break the high or low of yesterday’s candle, around 440 to the upside and 433 to the downside. Should be another good day for the day traders, as we will likely see some large intraday swings within yesterday’s price action.

A break of yesterday’s low in SPY could send us reeling into the weekend.

$350 next area to watch on break of lows in QQQ.

YouCanTrade Coach Shan’s Play Of The Day Group Limited ($TCOM LTP $30.01) is a leading one-stop travel platform globally, integrating a comprehensive suite of travel products and services and differentiated travel content.

Recently they announced their 2nd Quarter earnings with EPS of $0.19 on a revenue of $912.0 million. These results were fantastic for the pandemic ridden company beating all market estimates by long. The company has a very positive outlook once the economy opens up as there would thousands of people queuing up for holidays during the upcoming festive season. Amidst Tuesday bloodbath in the market, it was mildly down by 0.16% while the broader S&P500 went down by 2.04%. The stock is nicely placed in the charts with strong bullish momentum in the next few days to reach to pre-pandemic levels in the next couple of months.

On the downside, most of the short term future would depend on general market conditions and the opening up of the economy. The next support level of the stock is at 50EMA $28.60 and beyond that the stock would have further strong support at $23.90 levels

YouCanTrade Scanner Ideas

Symbol Idea Direction
MU Short
PTON Short
QCOM Short
PYPL Short

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