Morning Market Briefing – Stories in the Making

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Morning Market Briefing – Stories in the Making

Morning Market Briefing

Morning Market Briefing – Stories in the Making

January 27, 2020

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Ok, raise your hand if you had AOC, Ted Cruz, Elon Musk, Ben Shapiro, Jim Cramer, and Mark Cuban all on the same side of an issue on your 2021 bingo card. To say the least, the GME saga has made for an interesting lesson in the machinations of the markets. And it’s no exaggeration to say we’ll be unpacking the events of the last few days for many years to come.

For those of us who choose not to play something that may move $100+ against us in 15 min, there’s been limited options over the past couple of sessions. Wednesday was one of the strongest red candles on the SPY we’ve seen in many weeks, and Thursday’s attempt at a rally was shot down in the last 30 min. We’re deep into earnings season now, and the markets are blowing off a little steam. A brief technical correction is likely overdue, and would potentially have some nice value on the other side. For now, we wait.

If we hold below the 21EMA, we’ll look to the 50 SMA for next macro level of support.

Been holding up slightly better than the SPY. Has only closed below the 21EMA once since Nov 3, so that’s the area to watch over the next couple of sessions.

Watch List

Symbol Why We’re Watching
AAPL Dinged a bit on earnings. Possible base and bounce.
ZM Back below the 21EMA, 350 could be on deck
TSLA Caught between 8 and 21 EMAs.
FDX Big area of support at 240 level.
NVDA Headed back toward 510 support.

YouCanTrade Scanner Ideas

Symbol Idea Direction
LOW Long
CDW Long
CMI Long
PG Short

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