Morning Market Briefing – Two Day Two Step

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Morning Market Briefing – Two Day Two Step

Morning Market Briefing

Morning Market Briefing – Two Day Two Step

January 6, 2020

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 on the “Insights” tab.

The first two days of the new trading year have given us a little bit of everything. Strong action in both directions, intraday turnarounds, sudden price acceleration, etc. Important not to put too much on either day as the large funds take profits and establish new positions headed into 2021. Plenty of action and setups to come this week, but smart traders are letting the early year action work itself out before jumping in the deep end.

From the entire team here at YouCanTrade, we hope you and your family have a wonderful 2021!

SPY closed above the 8 EMA Tuesday after testing the 21 the day before. We’ll keep an eye on the 8 as early market action points to a red open.

If downward action continues, we could have a nice mid month setup of a test of the 300 level as the 50SMA moves up to meet it.

Watch List

Symbol Why We’re Watching
SQ Nice curling action. Needs 230 for next leg up.
INTC Testing 51.50 resistance.
C Weekly double top at 62. Looking for post COVID highs.
NFLX Testing 520. Caught between the 8 and 21 EMAs.
NVDA Long Term Watch for breakout above 550 or breakdown below 510

YouCanTrade Scanner Ideas

Symbol Idea Direction
ABBV Long
IWM Long
PTON Long
PYPL Long
LVS Long

For more information on the YouCanTrade scanner, click here. 

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2021-01-06T08:11:44-05:00
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