Morning Market Briefing – Strong Push

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Morning Market Briefing – Strong Push

Morning Market Briefing

Morning Market Briefing – Strong Push

February 3, 2020

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After a lot of hand wringing on Friday, the SPY has rocketed off the 50 SMA over the last two sessions, hitting it’s ATR on the upside in each day so far this week. The next level of overhead resistance for both the SPY and the QQQ is the previous all-time highs. We’re in the heart of earnings season, which has been mostly positive so far. Early action points to a green open, and it wouldn’t be unusual for the markets to need a rest candle after the strong push of the last two sessions.

Earnings to watch for:

Wednesday – QCOM, PYPL, EBAY, ABBV

Thursday – YUM, SNAP, PTON, TMUS, CLX

All-time highs on deck is the upward movement continues.

We’ll use the 8EMA as short term support with 330 above as overhead resistance.

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.
JPM Strong move off recent lows, watching a hold of the 8 EMA
C Possible fish hook pattern in play above 21 EMA
NVDA Setting up to finally break out above 550?

YouCanTrade Scanner Ideas

Symbol Idea Direction
MGM Long
NFLX Long
ORCL Long
PYPL Long
TWLO Long

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2021-02-03T08:14:07-05:00
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