Morning Market Briefing – False Flag?

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Morning Market Briefing – False Flag?

Morning Market Briefing

Morning Market Briefing – False Flag?

February 12, 2020

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Flag pattern or rounded top? That is the question. Are the markets in a flag pattern, resting before their next leg up, or does this action move into a rounded top, implying we’ve hit our highs for the next several sessions? Friday will essentially be day three of the markets resolving this, and the early action doesn’t suggest it has made up it’s mind yet.

The stimulus will seemingly get passed in some form and earnings season starts to wind down in the next week, so markets will be looking for a new narrative going forward.

Thursday: PEP, DIS, KHZ, DDOG

Another rest(ish) day sets up for an expansion of price action over the next couple of sessions, in theory. 386 first level of downside support.

Similar action to SPY, with 330 first level of support.

Watch List

Symbol Why We’re Watching
MSFT Flag forming with support at 240.
AAPL Holding 134 for now, could dump if it breaks below that level.
FB Could run if it holds the 50 SMA.
QCOM Break of 144 for next leg down.
TSLA 800 key level of support, could break down below.

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Symbol Idea Direction
TMUS Short
AXP Long
BA Long
NKE Long

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