Morning Market Briefing – Push Back

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Morning Market Briefing – Push Back

Morning Market Briefing

Morning Market Briefing – Push Back

May 17, 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.

Just as the stock market had to deal with, and eventually price in the tweets of former president Trump, it appears the crypto markets must do the same for the self proclaimed “Dogefather”. Personality can go a long way in the trading world, no matter the asset class. TSLA, COIN and the cryptos themselves are getting sold into the weekend tweets of Elon Musk. It’s a new world when a recent host of SNL can move billions with a tweet.

The SPY and QQQ are set to open slightly lower this Monday morning, and we’ll watch for a red to green move for short term confirmation of last week’s push higher. Tech names will continue to catch the eye of value based long biased traders, with some of the blue chips getting disproportionally beat up over the last several weeks.

In the SPY, we want to see the 8 EMA hold, then a red to green move for continued push up.

50 SMA acting as short term resistance in the QQQs.

Watch List

Symbol Why We’re Watching
SNAP 8 EMA breach could trigger a short term rebound trade.
ROKU Watch for hold of 200 SMA and push back to $350.
PTON Reclaiming the 21 EMA could push above $100.
NVDA Retake of $575 could push to $600.
TWTR Failure to retake 200 SMA could signal next leg down.

YouCanTrade Scanner Ideas

Symbol Idea Direction
AMD Short
GS Long
JNJ Long
UAL Long
CSCO Long

For more information on the YouCanTrade scanner, click here. 

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2021-05-17T08:14:34-04:00
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