Morning Market Briefing – Short Term Support

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Morning Market Briefing – Short Term Support

Morning Market Briefing

Morning Market Briefing – Short Term Support

February 22, 2020

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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
LOW Long
LVS Long

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