Morning Market Briefing – Return of The Shorts

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Morning Market Briefing – Return of The Shorts

Morning Market Briefing

Morning Market Briefing – The Return of The Shorts

September 15, 2021

Good Morning!

Wednesday was the next chapter in one of the more interesting bull/bear battles we’ve seen post COVID crash. At the New York open, the NQ popped to highs, then immediately retreated, mostly hanging below VWAP before a lunchtime explosion to highs. Both the SPY and QQQ moved to the top of recent highs, setting up (yet another) pivotal day in the indexes. Futures point to a red open, and we’ll see if the lower ends of the ranges are tested again. Keep in mind we have FOMC next week, so we could be in for a chop fest into that announcement.

$444 downside is area to watch in SPY.

QQQs have rejected $376 to the downside in last 3 sessions.

YouCanTrade Coach Shan’s Play Of The Day

If there’s any monopoly in any enterprise grade specialist customer engagement software then undoubtedly it’s Salesforce ($CRM LTP $256.51). On Wednesday, the stock moved back from below 50EMA to cross the line to form a Bullish Candlestick pattern One White Soldier. The company entered into a multiyear partnership with FedEx ($FDX) to enhance the e-commerce experience of the merchants as well as the customers. The solution would integrate Salesforce Commerce Cloud and Salesforce Order Management with capabilities from FedEx and its e-commerce platform, ShopRunner. Other indicators like RSI and Stochastic are in bullish upswing from oversold position. The stock could probably regain the recent high level of $275 or more in the next few days.

 On the other hand, if the news fails to have serious enthusiasm amongst the investors, then it can slide back below the 50EMA once again. There is however a strong support could be at $240 levels.

YouCanTrade Coach Shaun’s Play Of The Day

I am looking to dip my toes back into ROKU.    If the price is under $320.00 I am going to look to put on a broken wing butterfly. I will STO 320 put BTO 300 put spread and STO 320 BTO 330 call spread and should get filled for around $12.25 credit. I have no risk to the upside and breakeven will be if the stock closes at $307.75 or higher.

Watch List

Symbol Why We’re Watching
AMD Watch for push over 8 EMA and move to $110 +.
LUV Possible breakdown on move below $48.
HOG Possible Snapback play.
BRKR RSI (2) play.
DAL Possible breakout on push above $42.

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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