Morning Market Briefing – Tech Takes Over (Yet Again)

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Morning Market Briefing – Tech Takes Over (Yet Again)

Morning Market Briefing

Morning Market Briefing – Tech Takes Over (Yet Again)

June 29, 2021

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Good Morning! If Friday’s engulfing candle in the QQQ caused anyone any concern, Monday’s candle should have done away with those. Led by some of the usual suspects, such as NVDA, MSFT, AAPL, ZM, etc, the Qs screamed to new all time highs for the fourth time in five sessions. This nearly unrelenting buying in the tech sector will need to blow off some steam at some point, but it seems ‘buy the dip’ may be a theme for the summer. It wasn’t all rosy during Monday’s session, however, as the travel stocks took a beating. Airlines like AAL, LUV, & UAL all broke below short term support, as new worries of the spread of the delta variant continue to stall the possibility of full international flights in the short term. We’ll continue to keep these names on watch for the short term, but it appears the bottom isn’t yet it.

SPY hit new all-time highs again on Monday. $425 short term support for now.

Huge day for the Qs on Monday. $350 short term support for now.

Watch List

Symbol Why We’re Watching
C Breakout potential above $72.
CVS Possible breakout over 21 EMA or breakdown below 50 SMA.
CSCO Possible run if it can reclaim $53.30.
IBM Could push up with break of $147
DIS Rejected at 50 SMA on Monday, watch for another run at that level.

YouCanTrade Scanner Ideas

Symbol Idea Direction
AMD Long
DAL Short

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