Morning Market Briefing – Yet Another Try For Highs

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Morning Market Briefing – Yet Another Try For Highs

Morning Market Briefing

Morning Market Briefing – Yet Another Try For Highs

May 27, 2021

Have you seen our live shows? Join us for “The Trend” each market morning at 9:00AM EST, and “Beyond the Bell” at the close. See what’s trending in the markets and find out what our traders are watching each day! Check them out at the top of your member’s dashboard.

Wednesday’s market action gave us markets that seem about to break out back to new highs. Both the SPY and QQQ remain in the middle to top of their three day ranges, and could be coiling to a breakout over the next couple of sessions. Not much has changed in the past 24 hours, and in this case no news is good news. Most market signals point to continued move up, but that doesn’t mean we may not rest, or even pull back for another session or two. Our watchlists stay mostly intact again today, as we wait for breakout or breakdown in our potential plays. Pre market action points to a flat-to-red open, but that could change as we move closer to the bell.

$417 is first level of support in the SPY, and $420 continues to hold as overhead resistance.

QQQ showing $330 price level as short term support, with the 50 SMA just below that for backup.

Watch List

Symbol Why We’re Watching
DIS Back above trendline, could see quick pop to $180
ZM Possible breakout above 50 SMA.
WYNN Watch for hold above 50 SMA.
HD If it holds 50 SMA, could make move to $320+
ROKU Broke 50 SMA yesterday, a hold of that level needed for next run.

YouCanTrade Scanner Ideas

Symbol Idea Direction
QQQ Long
MSFT Long
UAA Short
FB Long
QCOM Short

For more information on the YouCanTrade scanner, click here. 

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2021-05-27T08:42:46-04:00
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