Morning Market Briefing – Slight Slow Down

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Morning Market Briefing – Slight Slow Down

Morning Market Briefing

Morning Market Briefing – Slight Slow Down

July 15, 2021

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Good Morning! Big Tech continues to carry to market but both are showing signs of a slowdown to the buying. If this were any other time in the past several years, swing traders would be holding off new long positions in favor of waiting for a pullback for better entries. The past several weeks have not rewarded patience, however, as new high after new high has burned anyone who has prudently waited for a better entry. We may finally be seeing a short term top as tech slows it’s buying, banks reacting negatively to the first round of earnings, and the travel industry in a short term bear market. Even amid predictions of a continued bullish summer, a quick 3-5% pullback would be a trader’s dream as we wait to reload and shoot back to all-time highs.

SPY locked in a three day $435-$438 range.

Watch 8 EMA for support if the QQQs pull back.

Watch List

Symbol Why We’re Watching
CLX Could make quick move to $185 on break of $181.
MAR Options buying and a break of $143 could signal breakout.
PPG Ascending triangle could breakout above $173.
CAT Stuck in a $210-$220 range.
TWLO Long term watch on break of $380-$400 range.

YouCanTrade Scanner Ideas

Symbol Idea Direction
EXPE Short
LYFT Short
MCD Long
BAC Long
DUK Short

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2021-07-15T07:43:01-04:00
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