Morning Market Briefing – The Longs Strike Back

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Morning Market Briefing – The Longs Strike Back

Morning Market Briefing

Morning Market Briefing – The Longs Strike Back

September 14, 2021

Good Morning!

For us market nerds, the past few sessions have been a fascinating display of the bull/bear battle in real time. Yesterday one of the best battles happened in the ES, the futures contract based on the S&P 500. The 4,480-4,490 level has been a key area going back to last week, and it played out that way yet again. This time, it actually setup to look like a breakdown, and most market internals were pointing that way. Then power hour hit and we pushed straight through VWAP and turned very bearish looking daily candles in the SPY and QQQ into “wait and see” candles heading into Tuesday’s session. Futures pointing to a mostly flat open, so we’ll have to wait and see where the opening range takes us.

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

QQQs have 21 EMA on deck as next level of support.

YouCanTrade Coach Shan’s Play Of The Day

Comcast Corporation ($CMCSA LTP $59.91) recently reached all time high of $62.80 on 2nd Sep. In the 2nd Qtr earnings the company reported 20%YoY rise in revenue. Fundamentally this stock is well placed to live up to the investors’ expectations for some more time. On Friday it finished at the 50EMA after it started declining with the broader market in the last few days. However,  on Monday, it went up by more than 1% bouncing back from the 50 EMA support level. If the market in general do not slip further aggressively, then this stock could go up beyond the recent high once again.

However, the market has softened up a lot in the last few trading sessions and it might be hard for this company to keep the momentum going. If it breaches the 50EMA again, then probably there’s enough support for it at $57 level.

YouCanTrade Coach Shaun’s Play Of The Day

I am looking at BA for a move back to the upside. I have found support here at $210.00 level and if the stock is $215 or lower i will put on the following trade . I will STO the 190 put and BTO the 185 put for approximately .50 cent credit. This way if the $210 does not hold I still have over 10 percent downside protection still. Max risk is the $5 strikes less the premium received.

Watch List

Symbol Why We’re Watching
AMD Watch for push over 8 EMA and move to $110 +.
DD Possible breakdown on move below $70.
EBAY Could pop if it reclaims 8 EMA.
MGM Watch for break out of $42-44 range.
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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