Morning Market Briefing – Wait & See

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Morning Market Briefing – Wait & See

Morning Market Briefing

Morning Market Briefing – Wait & See

June 24, 2021

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Good Morning! After two days of strong upside price action, the markets took a day to reload for the potential of new highs into the weekend. The QQQs did put in a new high at $348.92, and we’ll watch that area today for a sign tech is ready to keep going. The banks, such as BAC, C, JPM and more, have spent this week putting in a base for a possible rebound move over the next few sessions. Value based traders will continue to keep their eyes on the travel stocks as the US completes its reopening. Names like AAL, LUV, MGM, LVS, and other airline and destination stocks, will be on our radar. After multiple days of new highs across the board in the last couple of weeks, it wouldn’t be unexpected for a small, 1-2 day pullback in the next week or so, which could provide a chance to reload some of the top names.

The SPY needs to retake $425 for next leg up.

$345 is what we’ll use as short term support on a pullback.

Watch List

Symbol Why We’re Watching
AMD Break and hold of $84 price level could see push to $90.
AAP Hold of the $200 price level could see push back toward $210.
STX Possible bottom bouncing play off $84.
CVS Held the 50 SMA, could push back to $86 on move above 8 EMA.
INTC Long term watch as its caught between the 50 and 200 SMA.

YouCanTrade Scanner Ideas

Symbol Idea Direction
BIDU Short
INTC Short
TMUS Long
IWM Long
PTON Long

For more information on the YouCanTrade scanner, click here. 

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2021-06-24T07:51:55-04:00
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