Morning Market Briefing – New Highs

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Morning Market Briefing – New Highs

Morning Market Briefing

Morning Market Briefing – New Highs

February 5, 2020

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After yet another strong day across the markets, the SPY and QQQ both sit at or near all time highs. Sectors that could be positively affected by the latest stimulus, such as banking, have shown the most strength since back in November.

If you’ve had a good week trading, be mindful of your trade management into Friday. Many beginning swing traders can want to accelerate gains by loading up positions in an environment like this, only to be caught on the inevitable pullback. More experienced traders will typically book some gains, take a lighter portfolio into the weekend, and wait for a pullback to reload.

SPY broke through 386 resiatance to new all-time highs and looks to hold above at the open Friday morning. We’ll use that as sort term support heading into the weekend.

QQQ poked it’s head just above 330 resistance on Thursday. That’s the area we’ll watch for support as we push higher Friday morning.

Watch List

Symbol Why We’re Watching
AAPL Making a move back above the 8EMA
AMZN Earnings beat could put all-time highs back in play.
FB Contracting range could set up for push in either direction
ROKU Could follow the recent market action to all-time highs
NVDA Setting up to finally break out above 550?

YouCanTrade Scanner Ideas

Symbol Idea Direction
NKE Long
UAA Long
WMT Short

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