Morning Market Briefing – Two Face

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Morning Market Briefing – Two Face

Morning Market Briefing

Morning Market Briefing – Two Face

July 7, 2021

Good Morning! The market showed us both of its faces yesterday. In the morning, we saw mostly selling. Both the SPY and the QQQ appeared poised to either put in a classic ‘rest’ candle, or full on bearish engulfing price action. Apparently lunchtime in New York was very enjoyable, however, as the afternoon markets reversed back toward highs, forming a tidy ‘V’ pattern on both hourly charts. The QQQ put in its eighth new all-time high in the last ten sessions, setting up for a possible needed pullback into the end of the short week.

Two groups whose afternoon rebound was less than stellar were the banks, and the much maligned travel stocks. Resort names like CZR, MAR, LVS, MGM, etc continued their recent downward trends, with no base in sight.

Nice rebound candle for the SPY. $430 short term support.

QQQ shook off a red morning to finish at new highs. $355 short term support.

Watch List

Symbol Why We’re Watching
AMD Possible quick move to $100 on break of $95 price level.
UBER Breakout possible over $52.
CSCO Possible run if it can reclaim $53.30.
TWTR Needs another push above $70 to reclaim upward movement.
DASH Possible reload for next move up above $184.

YouCanTrade Scanner Ideas

Symbol Idea Direction
BA Short
INTC Short
PTON Long
HD Long
EBAY Long

For more information on the YouCanTrade scanner, click here. 

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2021-07-06T21:57:30-04:00
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