Morning Market Briefing – The Battle Continues

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Morning Market Briefing – The Battle Continues

Morning Market Briefing

Morning Market Briefing – The Battle Continues

September 10, 2021

Good Morning!

The battle in the SPY continues to be fought around the $450-$449 levels across multiple asset classes. The shorts drive the price to those levels and the bulls fight them off. Early futures look to open above those levels but the odds favor the bears taking another shot at it into the weekend. The level of buying we’ve seen at support is a little weaker each time, and an hourly candle closing below 4490 on the ES could cause the bulls to get defensive. A sustained push below that level could lead to the 5% SPY pullback that history tells us we’re long overdue from.

On behalf of all of us at YouCanTrade, we want to send a special thank you to all first responders and their families as we remember the 20th anniversary of 9/11 this weekend.

SPY needs close above $253 to break rounded top pattern.

QQQs have $380 as first level of downside support.

YouCanTrade Coach Shan’s Play Of The Day

$ADI (Analog Devices) is a leading global high-performance semiconductor company. Today the company updated its capital allocation priorities and accelerated the accretion timeline following the completion of its acquisition of Maxim Integrated on August 26, 2021. The stock is breaking out from the 50EMA with a whopping 3.51% growth on Thursday post the announcement. With strong momentum in Stochastic and RSI, in the short term the stock could go up to $175 if not beyond.

On the negative side, a reversal below 50 EMA could lead to the next support level at around $160.00. I will watch it for the next couple of days.

YouCanTrade Coach Shaun’s Play Of The Day

I am looking to clean up on today’s trade idea !  CLX  ( Clorox Co) So excuse my pun on cleaning but i am looking for a bullish move up over the next month potentially . We are breaking back above the 200 EMA and the daily Stochastics and MACD are looking stronger
If the stock  is around $170.00 at opening I will  BTO 165 call STO (2) 180 calls and BTO 185  call expiring Sept 24( Butterfly type trade but only risk to the downside ). I should be able to buy this debit spread for around $6.20 which would then be my max risk and max reward would be if the price closes right at $180 in which case I would make approx. $380.00

Watch List

Symbol Why We’re Watching
CPB Could see upward momentum at the $44 price level.
UPS Range bound between $190 & $200.
LYFT Could see pop on break of $50.
ZM Needs $300 to attempt to enter gap.
DAL Possible breakout on push above $44.

YouCanTrade Scanner Ideas

Symbol Idea Direction
C Short
V Short
W Short

For more information on the YouCanTrade scanner, click here. 

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