Morning Market Briefing – A Tale of Two Markets

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Morning Market Briefing – A Tale of Two Markets

Morning Market Briefing

Morning Market Briefing – A Tale of Two Markets

June 2, 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.

Markets gapped up at the open yesterday, with the SPY coming within 0.10 of new all-time highs. Then came the selling. Within the first hour of market action the gaps were gone and most equites went form green to red. The QQQ put in a bearish engulfing candle on the daily, and the SPY looks like it’s in the process of forming a double top. Early market action points to a flat open. So what now? With Tuesday’s action being the first day of the week, we’ll use those candles as our weekly opening range. A break of the high or low of yesterday’s price action will give us our short term bias, with new highs as the upside target and the 50 SMAs as the downside target.

$420 area to watch on the SPY

Engulfing candle could have the trendline on deck below in the QQQ.

Watch List

Symbol Why We’re Watching
AMZN Trapped in a $3,300 to $3,200 range.
ZM Possible breakout above $335.
CVS Watch for base off $85 and recapture of the 8 EMA.
EXPE Possible breakout above $180 price level.
EBAY Needs to take, and hold above $62 for next leg up.

YouCanTrade Scanner Ideas

Symbol Idea Direction
FB Long
MGM Long
MA Short
GE Long

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