Morning Market Briefing – New Normal

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Morning Market Briefing – New Normal

Morning Market Briefing

Morning Market Briefing – New Normal

February 1, 2020

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As the market world continues to obsess over Gamestop, the rest of us will focus on other, less ulcer-inducing trade ideas. The SPY finished below it’s 50 SMA for the fist time in over three months. With early action suggesting a slightly green open, we’ll watch a break below Friday’s close in both the SPY and QQQ as a possible signal we’re headed lower. Long side value traders will be paying special attention to a possible base-and-bounce either this week or next, with some high quality names following the markets lower.

This is not a time for “hero trading” and trying to call and catch the short term bottom. Some key levels of support are in play.

Earnings to watch for:

Tuesday – AMZN, BABA, BP, XOM, HOG, EA, UPS, GOOGL

Wednesday – QCOM, PYPL, EBAY, ABBV

Thursday – YUM, SNAP, PTON, TMUS, CLX

Move back above, and hold, the 50 SMA is key for Monday.

Next support level is at 310. We’ll watch the 21EMA for move to the upside.

Watch List

Symbol Why We’re Watching
AAPL Dinged a bit on earnings. Possible base and bounce.
AMD Below 85, could see a quick move to 80
MCD Moved off 200 SMA on Friday.
UAL 40 is a big short term support level.
NVDA Headed back toward 510 support.

YouCanTrade Scanner Ideas

Symbol Idea Direction
MSFT Long
GOOG Long
LOW Long
EA Long
DUK Short

For more information on the YouCanTrade scanner, click here. 

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2021-02-01T08:19:35-05:00
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