Morning Market Briefing – Pivot Day

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Morning Market Briefing – Pivot Day

Morning Market Briefing

Morning Market Briefing – Pivot Day

May 14, 2021

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If we’ve seen the short term lows of the markets, we’ll look at yesterday at the pivot day. The SPY and the QQQ both had inside days yesterday, which is when the entire day’s price action stays within the candle of the previous session. In this case, yesterday we didn’t break Wednesday’s range in either direction. Pre Market trading shows us possibly at or above Wednesday’s highs, which would set an optimistic tone heading into the weekend. Unless, of course, the markets pull a mid day reversal, which would certainly fit into the theme of this week. Tech seems to be where the best value will be if this is the short term bottom, but we’ll stay vigilant and watch our charts for any possible moves into the weekend.

Wednesday’s high of $322.62 is the first area to watch for a breakout to the upside.

In the QQQs, not much support until the 200SMA. 50 SMA can act as short term overhead resistance.

Watch List

Symbol Why We’re Watching
DIS Earnings loser. Looking for possible base and bounce next week.
AAPL Push up above 50SMA / 8 EMA.
MSFT Needs to reclaim 50 SMA on the upside.
NVDA Bounce off $550 could pop back over 50 SMA.
ZM Watch for retake of $300 for push to $350.

YouCanTrade Scanner Ideas

Symbol Idea Direction
AAPL Short
CAT Long
BAC Long
LULU Short
SNAP Short

For more information on the YouCanTrade scanner, click here. 

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2021-05-14T08:14:17-04:00
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