Morning Market Briefing – Watch the VIX

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Morning Market Briefing – Watch the VIX

Morning Market Briefing

Morning Market Briefing – Watch the VIX

December 7, 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.

Early morning action shows a mostly flat SPY and QQQ, but volatility instruments trading higher as we head toward the open. With 3 out of the last 4 days in the SPY showing us new all-time highs, a small pullback wouldn’t be that unusual. We’ll watch for the classic market/VIX divergence as clue to the length and magnitude of the pullback if there is one. If volatility sells off this morning, we could see new all time highs for the fourth time in our last five sessions.

Strong Friday action. Will use high/low of Friday’s candle for short term support/resistance.

QQQ has 306 as short term overhead resistance. Technical retracement to 306 possible if strength wanes.

Watch List

Symbol Why We’re Watching
AMD Friday bounce off 8 EMA has us watching for a break of the 95 level
NFLX Has struggled to hold above 50 SMA
TSLA Big 600 level on deck
LVS If it can get back above 60, a quick move to 61 is possible
ROKU Will they get a deal done for HBO Max?

YouCanTrade Scanner Ideas

Symbol Idea Direction
GM Long
GS Long
JPM Long
SQ Long

For more information on the YouCanTrade scanner, click here. 

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My Goals for 2021 and How to Set Yours

December 8, 7:00 PM EST

To state the obvious, 2020 was a wild and crazy year, and it’s not quite over. As we wait to see if the murder hornets make another appearance on the 2020 stage, it’s the perfect time to begin to think about your trading goals for 2021.
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Matt Hensley
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