Morning Market Briefing – Rounded Top

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Morning Market Briefing – Rounded Top

Morning Market Briefing

Morning Market Briefing – Rounded Top

June 3, 2021

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Good Morning! Both the SPY and QQQ look poised to erase yesterday’s modest gains at the open, and we could be in the midst of a rounded top. Gradually weakening buying followed by accelerated selling over the past several sessions have set us up for what could be a tough end of the week for the bulls. Granted, these markets have spent many sessions in the past month showing intraday reversals, so most smart traders won’t be piling into puts at the open. The SPY has what may be a nice double top forming as well, with the 60 minute opening range having been broken to the down side four sessions in a row.

Holding the 21 EMA is key for the SPY to push back to highs.

QQQ should test $330 level today, watch for bounce or brerakdown.

Watch List

Symbol Why We’re Watching
AMZN Trapped in a $3,300 to $3,200 range.
ZM Possible breakout above $335.
CVS Watch for base off $85 and recapture of the 8 EMA.
EXPE Possible breakout above $180 price level.
AAPL Possible base & bounce off the 200 SMA.

YouCanTrade Scanner Ideas

Symbol Idea Direction
AMD Long
DIS Short
MA Short
WYNN Short

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