Morning Market Briefing – Pivot Day

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Morning Market Briefing – Pivot Day

Morning Market Briefing

Morning Market Briefing – Pivot Day

June 4, 2021

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Good Morning! We enter Friday looking like it could be an important pivot day in the markets. Was the recent price action a rest before we reclaim new all time highs? Or the beginning of a small market correction, like what we saw in the QQQ in early March? Most economic data points upward as the country moves closer to fully reopening, but some pundits are pointing to inflation and a possible housing bubble looming on the horizon. For several sessions now, the markets feel like they’re taking a breath and gearing up for the next move, and today could begin to signal in which direction that will be.

SPY needs to retake 8 EMA for run at highs into the weekend.

A hold of the $330 price level and push above 50 SMA next area to watch to the upside on QQQ.

Watch List

Symbol Why We’re Watching
AMZN Trapped in a $3,300 to $3,200 range.
JNJ Possible breakdown below $165.
IBM $146 potential breakout trigger to the upside.
LLY Possible breakout above $205 price level.
AAPL Possible base & bounce off the 200 SMA.

YouCanTrade Scanner Ideas

Symbol Idea Direction
EBAY Long
DIS Short
GOOG Long
MA Short
KO Long

For more information on the YouCanTrade scanner, click here. 

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2021-06-04T08:34:10-04:00
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