Morning Market Briefing – What Now?

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Morning Market Briefing – What Now?

Morning Market Briefing

Morning Market Briefing – What Now?

April 19, 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 on the “Insights” tab.

With the early market action leading to a potential red opening, We need to look at where we could be heading in and when a dip occurs. Important to note a dip, or brief selloff, does not mean a correction. With the moves the market has made since April rolled over a dip may just mean a multi day pause in the buying. Even as new highs were being made last week, volume was slowing down.

For shorter term swing traders, we’ll use the 8 EMA as our first line of defense on a pullback in both the SPY and QQQ.

As noted, we’ll use the 8 EMA as short term support.

Using the top of the Valentine’s day run at around 338 as short term support.

Watch List

Symbol Why We’re Watching
DIS Big area of resistance at $190.
JNJ Back above 50 SMA. $165 on deck.
ROKU Needs to retake 50SMA for move to $400.
VIAC Could find next leg down below 200 SMA.
NFLX Needs $557 level for potential breakout.

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Symbol Idea Direction
FDX Long
KO Long
CLX Short

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