Morning Market Briefing – 46

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Morning Market Briefing – 46

Morning Market Briefing

Morning Market Briefing – 46

January 20, 2020

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As Joe Biden takes the oath of office today, traders will naturally ask what this means for the markets. The immediate answer is: likely not all that much. Biden’s economic team seems to feature several Wall Street friendly names, and thus far he hasn’t announced any intention to try to roll back any of the deregulation or tax cuts of the previous administration. The first major piece of legislation traders will have their eye on will be the latest stimulus, though we don’t have a timetable on that yet.

Spy shrugged off Friday’s downward action. 380 on deck as overhead resistance.

Classic gap-and-go action on Tuesday. Looks to open at or near all-time highs.

Watch List

Symbol Why We’re Watching
AAPL Strong support at 127.
BA Needs to reclaim 50SMA and 21EMA for move up.
BAC Banks could bounce on Biden stimulus.
LVS Gap retrace and go?
NVDA Long Term Watch for breakout above 550 or breakdown below 510

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Symbol Idea Direction
CLX Short

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