Morning Market Briefing – Gaps Galore

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Morning Market Briefing – Gaps Galore

Morning Market Briefing

Morning Market Briefing – Gaps Galore

November 6, 2020

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With the FOMC and the election behind us, the markets are poised to perhaps dip slightly after a very strong week. Thursday marked the third strong gap up day in a row for both the SPY and QQQs. Both indexes were initially rejected at their next major areas of resistance, and could be in the process of forming double tops on their daily charts.

For long biased swing traders, the almost 10% move in the SPY so far this week removes much of the long side value. We’d look for a second run at those resistance levels as soon as next week, but be cautious in case a pullback gives us more entry opportunities.

The airlines and banks have been waking up a bit over the last couple of sessions, and would likely be forefront on any resumption of stimulus packages in a lame duck congress.

SPY held it’s gap up yesterday morning, making a run at the next resistance area around 352-353, before coming into the 350 area into the close.

QQQs with similar action as the SPY, with a possible double top forming around the 297 area.

Watch List

Symbol Why We’re Watching
NFLX COVID Play, could see uptick in subs with whole countries back into lockdown
ZM Similar to NFLX, what few workers that had returned to the office will likely be moving back to the wonderful world of online meetings
TSLA Yesterday’s price action moved above several major moving averages
AAPL A ‘surprise’ event announced next week could cause a run up into the news
DAL With airlines getting some action, watch as this makes it’s first post COVID run at the 200 SMA

Upcoming Earnings

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