Morning Market Briefing – Rest Day

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Morning Market Briefing – Rest Day

Morning Market Briefing

Morning Market Briefing – Rest Day

March 31, 2021

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Both the SPY and QQQ put in ‘rest’ candles yesterday, with each firing off an NR7 candle. “Narrow Range” candles indicate the smallest range in the past X candles, in this case 7. Technical analysts can use these to help determine an possible expansion of price action. With the short week, it’s possible we don’t see much definitive movement heading into the Easter weekend. Of course, the markets have a recent history of lulling us to sleep before a big move, so regardless of what they may expect, experienced traders will be ready for anything.

396 is overhead resistance while the 393 area would be short term support.

Price action caught halfway between 310 support and 50SMA resistance.

Watch List

Symbol Why We’re Watching
MA Needs to hold 366 for next leg up.
AMD Held $75 support, needs to reclaim 8 EMA for upside momentum to build.
DD Back above 50 SMA, could move back toward 200 SMA.
ZM Possible breakdown below $312
WMT Possible run to the 200 SMA if confirms break of $135

YouCanTrade Scanner Ideas

Symbol Idea Direction
NFLX Short
LUV Long
UAL Long
V Short

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