Morning Market Briefing – Unstoppable

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Morning Market Briefing – Unstoppable

Morning Market Briefing

Morning Market Briefing – Unstoppable

January 22, 2020

Have you seen our live shows? Join us for “The Trend” each market morning at 9:00AM EST, and “Beyond the Bell” at the close. See what’s trending in the markets and find out what our traders are watching each day! Check them out on the “Insights” tab.

The SPY and QQQ made new all-time highs yet again on Thursday after a strong day following the inauguration. Tech showed more relative strength, pushed higher on NFLX’s earnings beat. Speaking of earnings, we begin to ramp up reporting over the next couple of weeks, so watch any open positions and make sure to be aware if a company has reported or not before you enter a new position.

We’re official on “Stimulus Watch 2021” and the early news seems to be a ETA of early Feb.

While Thursday’s candle hit new all-time highs, it was less explosive that Wednesday. Our first level of short term support is around the 382 area.

We’ll use 323 as first support on a pullback, then 320. Will likely be responsive to tech earnings over the next couple of weeks.

Watch List

Symbol Why We’re Watching
AMD Watching move above 21EMA
DIS 170 support on deck
INTC Just reported. Watch 58 for bounce or break
MSFT Coming into resistance and possible quad top
NVDA Long Term Watch for breakout above 550 or breakdown below 510

YouCanTrade Scanner Ideas

Symbol Idea Direction
DKS Long
KR Long
NKE Long

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