Morning Market Briefing – Sky High

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Morning Market Briefing – Sky High

Morning Market Briefing

Morning Market Briefing – Sky High

December 2, 2020

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The SPY and QQQ both made new all-time highs during Tuesday’s session, but were unable to maintain their upward momentum into the close. Without a clear direction in the pre market action, we’ll need to put in a 60 minute opening range to give us some clue as to the session’s outlook. The VIX finished flat to green yesterday but showed signs of life even as new highs in the markets were being hit. While each situation is unique, this scenario has led to short term pullbacks a few times already this year.

A gap-and-go open made a run at session lows in the final hour. Yesterday’s high and low will be areas to watch in the short term.

Very similar action to the SPY, with the 300 level becoming short term support.

Watch List

Symbol Why We’re Watching
PTON One to watch as Apple is close to releasing a competitor
ZM Hard post earnings move, watch for base and bounce around the 400 area
MSFT Range bound between 210 and 218.
NVDA Rejected the 540 level Tuesday, watch for another run this week
NFLX Possible long trigger at 21 EMA, 50 SMA on deck

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Symbol Date
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