Morning Market Briefing – Rangebound & Down (Or Up)

Home/Blog/Morning Market Briefing/Morning Market Briefing – Rangebound & Down (Or Up)

Morning Market Briefing – Rangebound & Down (Or Up)

Morning Market Briefing

Morning Market Briefing – Rangebound & Down (Or Up)

August 4, 2021

Good Morning! Today we debut a brand new feature at YouCanTrade, the Live Trading Community Room! This free, weekly feature will have one of our trading coaches spend an hour with our free clients walking through the markets, scanning for trade ideas, and taking your questions. Join us each Wednesday at 3:00 PM EST!

Today Options and Futures trader Matt Hensley will lead off the session by walking through a live scan of the markets and show you how he uses his indicators to find setups. There will also be time for Matt to take your questions on anything trading related (or Chicago dining recommendations)!

SPY at the top of the $438-$442 range.

QQQ have key support level at $365.

YouCanTrade Coach Shaun’s Play Of The Day

Today I am looking at PAAS  ( Pan American Silver ) – It has been slowly moving downward due to the decrease in Sliver prices
the past couple of months but loos like it has bottomed out here in the near term .  If the market opens up tomorrow with the price 26.50 or higher i will be looking to do an Iron Condor  expiring Sept 17.I will be looking to STO the 27 put and BTO 22 put and STO 29 BTO 30 call expires Sept 17. I should be able to collect at least $1.35 credit if the price has not deviated too far overnight. With this trade i have no risk to the upside if stock closes higher than our 30 strike. My maximum profit   will be  .35 cents which would result in a 5% return on my margin .If the stock closes between 27 and 29 on Sept 17 , I will  keep the entire premium . Our breakeven on the trade is approx. $25.65 if i  collect the $1.35 on the original trade . My  margin on the trade is $500.00 so my  max risk would be $365 loss potentially . In 2021 the price has stayed above that level so I am anticipating it to continue to stay above that level with our indicators on the daily looking bullish again

YouCanTrade Coach Shan’s Play Of The Day

$CAT (Caterpillar Inc.) recently reported impressive 152% YoY earnings growth in their 2nd Qtr report along with 29% YoY growth in revenue. The stock touched around the support level of 206 recently and poised to cross the 20EMA and 50 EMA in the next few days on the back of positive sentiment in the investors’ mind based on strong demand in their core products. With the economy further opening up and new Infrastructure focus announced by the US Government, there is possibility of further growth. Market Indices are up near record high on Tuesday and I’d be looking forward for the stock to short and medium term break out crossing 150 EMA and 50 EMA subsequently to the level of 220 or higher.

On the other hand, technically the stock is below the 150 EMA mark and could lose further ground on profit booking and short term correction below 200 support level to 180 or around.     


Watch List

Symbol Why We’re Watching
STX Room to run if it holds the 50 SMA
FUBO $26-$28 range.
LYFT $57.50 could be potential long trigger.
NVDA Does it take another run at $200 to take back all time highs?
CVS Moving into key price area at $84, could make quick move to $86.

YouCanTrade Scanner Ideas

Symbol Idea Direction
CDW Long
INTC Short
MGM Short

For more information on the YouCanTrade scanner, click here. 

Upcoming Event

Benefits of Futures Trading

Aug 10, 2021

In this webinar, Jerry Baldwin, Futures Coach, will walk you through the potential benefits of being a futures trader. You will learn what futures trading has to offer. Jerry will teach you the advantages of a 24-hour market and discuss futures trading’s favorable margin rates and low commissions.In this webinar you will learn:
• Benefits of being a futures trader
• Advantages of a 24-hour market
• Favorable margin rates
• Low commissions on futures

Register Now
See all Events
YouCanTrade is an online media publication service which provides investment educational content, ideas and demonstrations, and does not provide investment or trading advice, research or recommendations. Click here to read important disclosure, disclaimer and assumption of risk information. Active trading generally, and options, futures and digital assets trading in particular, may not be suitable for all investors. Past performance, whether actual or simulated, does not guarantee or predict future results.
TradeStation Securities, Inc. provides support and training channels hosted on its affiliate YouCanTrade. Any other services offered/hosted by YouCanTrade are not sponsored, endorsed, sold, or promoted by TradeStation Securities and it makes no representation regarding any YouCanTrade goods or services.
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
CME GROUP or CME GROUP GLOBE are trademarks of Chicago Mercantile Exchange Inc. and have been licensed by YouCanTrade for use in connection with the FAST channel and the Spring Summit. Any services offered by YouCanTrade are not sponsored, endorsed, sold or promoted by Chicago Mercantile Exchange Inc. or its Affiliates and none of them makes any representation regarding any such goods or services.
Go to Top