Morning Market Briefing – Pause

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Morning Market Briefing – Pause

Morning Market Briefing

Morning Market Briefing – Pause

February 10, 2020

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The indexes seemingly decided to take the day off on Tuesday, with little to no movement as they rested after a long run up. Both appear to be ready to open green this morning, at or near recent highs. Earnings and stimulus keep pushing the markets higher, and we’ll be cautious with our longs as the markets have no overhead resistance at these levels to guide profit taking. Could see a small pullback to short term levels on support, which would allow us to move into positions for the next leg up.

Tuesday: TWTR, CSCO, FISV, LYFT

Wednesday: GM, UBER, CME, MGM, UAA

Thursday: PEP, DIS, KHZ, DDOG

Rest day on a narrow range candle set up for an expansion of price action over the next couple of sessions. 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.
MCD Needs above 216 to break out.
FDX Could run to 50 SMA if gets over 260.
QCOM Break of 144 for next leg down.
NVDA Broke out on Monday, needs 575 for next leg up.

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Symbol Idea Direction
AMZN Short
AXP Long
BA Long
ZM Long
UPS Long

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