Morning Market Briefing – Short Term Support

Home/Blog/Morning Market Briefing/Morning Market Briefing – Short Term Support

Morning Market Briefing – Short Term Support

Morning Market Briefing

Morning Market Briefing – Short Term Support

February 22, 2020

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.

The markets kept us guessing most of the holiday-shortened week. Both the SPY and QQQs showed flashes of strength and weakness, even changing between the two intraday. When the dust settled at the close on Friday, we ended right at short term support levels. Most swing traders will be watching the 8 and 21 EMA levels as support heading into Monday. The past two weeks of price action don’t give us much of a trend to go on, so we’ll have to see if we continue to pogo between S/R, or finally made a move below short term support. This isn’t the time for “hero trading”, watch for first hour fake outs this week.

Hovering around 390 support. 21EMA on deck below there.

Friday’s pullback is two consecutive closes below 8 EMA. 21EMA next support level.

Watch List

Symbol Why We’re Watching
FB 200 SMA has acted as rising support during 2021.
BA Defied the markets on Friday to move right back to 218 resistance.
EBAY Nice support at the 62 level. Could bounce or break depending on markets.
AAPL Needs to reclaim the 50 SMA
WMT Risky long play here but  good risk/reward with support at the 200 SMA.

YouCanTrade Scanner Ideas

Symbol Idea Direction
BUD Short
C Long
NVDA Long
LOW Long
LVS Long

For more information on the YouCanTrade scanner, click here. 

Upcoming Event

My Favorite Day Trading Strategy

Day Trading, Intraday Trading, Scalping, etc. These are all names for a style of trading you are in and out of a position on the same day. Many people start trading with the specific goal of becoming a day trader and some swear they’ll never try it.
Join Matt Hensley as he walks through one of his favorite day trading setups, how he got into day trading and what you should consider if you’re thinking about going down the same path.
You will learn:

  • Why day trading is risky
  • The importance of paper trading to practice without risking real money
  • One of Matt’s favorite rules-based setups
  • The myth of the “60 Minute Workday”
Matt Hensley
Register Now
See all Events
2021-02-21T19:01:58-05:00
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