Morning Market Briefing – Watching, Waiting, Anticipating

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Morning Market Briefing – Watching, Waiting, Anticipating

Morning Market Briefing

Morning Market Briefing – Watching, Waiting, Anticipating

September 8, 2021

Good Morning!

The first ‘fall’ trading session of the markets came and went without much fanfare. The QQQs put in yet another new high, while the SPY put in another candle that sure feels like a rounded top in progress. Volume was slightly higher across the board, signaling that the big money is biding its time to move into new positions, or waiting for a correction to do so. Market internals were mixed, with the $ADD showing an extreme negative reading, while VIX and $TICK were neutral to slightly bearish most of the session. This week will show us whether the rounded top we see in SPY is valid or not. A break of $455 to the upside means the pattern is broken, while a break of $450 to the downside is confirmation. Of course, the pattern could confirm and we still move to new highs quickly, but it’s something to watch into mid week or this holiday shortened week.

SPY ‘s rounded top in progress on deck this week.

QQQs have $380 as first level of downside support.

YouCanTrade Coach Shan’s Play Of The Day

$PENN (Penn National Gaming LTP $85.23) announced today that it has opened a career centre and that it is expecting job applications for 375 new positions. The stock was up by 4.40% on Tuesday. The company returned excellent numbers during the 2nd Qtr results announcement. It is on a bullish trend since last few days and on Tuesday it broke the immediate resistance level. With strong momentum in Stochastic and RSI, the stock could go high of $100 or beyond.

On the other hand, once it loses momentum, it can possibly fall to the 50EMA level of $73.80, which might work as a strong support.

YouCanTrade Coach Shaun’s Play Of The Day

Todays trade is on WYNN ( WYNN resorts ) After bottoming out in mid July it looks ready for a move the upside again . If the stock is around the $105 level tomorrow i am going to STO the 95 put  and BTO 90 put spread expiring Oct 15 . Premium received should be approximately .80 cents . My risk on the trade is the $5 wide strikes less premium received.

Watch List

Symbol Why We’re Watching
COP Needs to break and hold 50 SMA for move to $62.
LVS Watch for break or 50 SMA for move to $50.
LYFT Could see pop on break of $50.
PYPL $293 short term resistance area.
LOW Possible range play on break of either $203 or $210.

YouCanTrade Scanner Ideas

Symbol Idea Direction
HD Long
JWN Short

For more information on the YouCanTrade scanner, click here. 

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