Morning Market Briefing – Range Bound

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Morning Market Briefing – Range Bound

Morning Market Briefing

Morning Market Briefing – Range Bound

November 20, 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 markets have mostly stayed within the large candle established last Monday on the news of Pfizer’s vaccine development. Yesterday, both the SPY and QQQ made a run at erasing the large sell off going into Wednesday’s close. Volume continued to be light across the board as traders watch the various restrictions around the country go back into place heading into the holiday season.

Reminder that next week the markets will be closed Thursday and Friday’s session will end at 1:00pm EST.

A 2 point rally after lunch was mostly retracted in after hours trading.

Tech out performed yet again. QQQ short term resistance remains intact at around the $294 level.

AAPL has the 50SMA as support and the $120 level as resistance. Could begin to make a move toward one or the other moving into next week.

Watch List

Symbol Why We’re Watching
AMD Large Options buying and strong price action $87 resistance in sight
ZM “Stay-at-home” stock had a failed rally on Thursday, watch 8EMA resistance
ABBV Technical resistance at $100 has held for 4 straight sessions
AAPL Tightly coiled price action with a possible move above $120
NFLX Possible long trigger at 21 EMA

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