Morning Market Briefing – Sprinting Of The Bulls

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Morning Market Briefing – Sprinting Of The Bulls

Morning Market Briefing

Morning Market Briefing – Sprinting Of The Bulls

August 24, 2021

Good Morning!

It’s important to remember the markets are what they are. They’re not out to get you, or to help you. They’re not your friend or your enemy. They’re simply a collection of that various traders think about a group of equities at any given moment. That being said, during yesterday’s morning run it’s hard to think of the markets in any other terms outside of Davy Crockett running into the woods and murdering every bear that stands in his way. Every trader who tried to get cute and pick the top get skewered. Every trader waiting for a pullback for entry, kept waiting. It wasn’t even until power hour that most of the index futures even got anywhere near VWAP. So what does this mean for today? Morning futures are flat to green. We’ll watch yesterday’s highs for confirmation of the move up, An inside day could be on deck.

Holding $447 is key for SPY.

QQQs have $370 as initial support.

YouCanTrade Coach Shaun’s Play Of The Day

Up, up and away in my beautiful balloon !  That old time song is a lot of what we saw in many stocks today ! The selling of last week seems to be a long way away already. Today’s trade is on a Cannabis stock CRON. I like how it is finally reacting after this flush out and think its finally deciding to look north in pricing! If the stock is around $6.50 i will be buying 100 shares and I will be Selling the 6.5 put and buying the 4.5 put for protection and I am going to sell the $7.00 call ( all strikes expiring Sept 17) . I should be able to bring in around .55 cent credit. Risk is the width of the spread less the premium , as well as the stock in theory can go to zero .

YouCanTrade Coach Shan’s Play Of The Day

As per the pattern developed today $NDAQ (Nasdaq Inc. LTP $190.60) provides a possible break out opportunity in the upside. Fundamentally, Nasdaq is the best destination for all the new age Technology based stocks including those in the Crypto space and the recent listings are reflection of the same. Technically, all the indicators RSI, Stochastic and MACD display a short term upward momentum besides being nicely placed on top of the 20EMA. Since there’s no resistance at this level, the stock could beat the all time high and beyond, in the next few trading days.

On the downside, if it fails to break the previous high, for a short term it may see a pullback to the next support level at $182.20.  

Watch List

Symbol Why We’re Watching
AXP Watch for price action to reclaim $162 and the 8 EMA.
AMD Push above $110 could move to $115 quickly.
AMZN Big support level of $3,200 being tested.
ROKU Could pop if it gets above both $360 and 200 SMA.
FB $367 needs to break for push to new highs.

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2021-08-24T08:21:51-04:00
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