Morning Market Briefing – Tech Catches Up

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Morning Market Briefing – Tech Catches Up

Morning Market Briefing

Morning Market Briefing – Tech Catches Up

June 23, 2021

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Good Morning! For weeks we had been talking about the tech sector lagging behind and the blue chip names having some catching up to do. On Tuesday, we had our second new all-time highs in the QQQs in the last four sessions. Names like PTON, ROKU, NFLX, FB, NVDA AAPL, and TWTR, among others, had moves to the upside of at least 1%. The SPY was no slouch either, as it finished above the 8 EMA for the first time in five sessions. While we may need a rest day to process these moves, the bulls have control for the moment. However, the travel and bank stocks still have some work to do to get back in on the uptrend, as most of the names in those sectors are at or near June lows.

The SPY needs to hold the 8 EMA for next leg up.

$345 is what we’ll use as short term support on a pullback.

Watch List

Symbol Why We’re Watching
AMD Break and hold of $84 price level could see push to $90.
BBBY Potential base & bounce at 50 SMA.
STX Possible bottom bouncing play off $84.
WDAY Potential breakout above $240.
INTC Long term watch as its caught between the 50 and 200 SMA.

YouCanTrade Scanner Ideas

Symbol Idea Direction
BIDU Short
INTC Short
IWM Long

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