Morning Market Briefing – Take A Breath

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Morning Market Briefing – Take A Breath

Morning Market Briefing

Morning Market Briefing – Take a Breath

March 17, 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.

With St Paddy’s day upon us, the markets decided to rest up a bit. At times the major indexes all showed both strength and weakness, and eventually settled flat-to-slightly-green on the day. Some of the blue chip tech names began to wake up, however, and we’ll see if that acts as a harbinger of a QQQ rally, which has yet to regain its highs from mid February.

Stalled a bit yesterday, with 398 as first overhead resistance.

Failed to push strongly over the 50SMA, may need to reject and make another run at it in the coming days.

Watch List

Symbol Why We’re Watching
WFC Rejected 8EMA yesterday, could breakout to 40.
CLX 190 price level break needed for next push up.
WMT 135 price area is overhead resistance. Could make a quick move to 200SMA with a break.
TSLA Needs push above the 700 price level / 21 EMA for next push up.
DIS Contracting price action on the daily and hourly, could move back to highs above 198.

YouCanTrade Scanner Ideas

Symbol Idea Direction
AMZN Short
CVS Long
IBM Long
TAP Long

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