Morning Market Briefing – Short Week

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Morning Market Briefing – Short Week

Morning Market Briefing

Morning Market Briefing – Short Week

November 23, 2020

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A power hour sell off left the indexes at key support levels heading into the short Thanksgiving week. More and more quarantine measures and a lack of clarity of vaccine availability are leaving some frayed nerves heading into the closing month of this very long year. The usual suspects of the stay-at-home names (tech, webinar and meeting software, etc) led the way while the destination stocks (airlines, resorts, hotels, etc.) struggled to find upward momentum.

A short week could mean a magnification of these recent trends or a punt until the following week by the big money to establish the next moves. Cautious traders may want to consider being quick to manage current positions and slow to move into new ones. But as this year has proved, anything in on the table.

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

SPY has 255 support level on deck, short term resistance sitting at Thursday’s high around 358.

All last week kept us in a very tight range in the QQQs, with most of the action coming between 290-293. These are the initial areas to watch on Monday.

Watch List

Symbol Why We’re Watching
PTON Sitting right at 21EMA and 50SMA
CVS Rally, fade, now watch for mover above 8EMA
AMZN Tightening price action with Black Friday looming
AAPL Tightly coiled price action with a possible move above $120
NFLX Possible long trigger at 21 EMA

Upcoming Earnings

Symbol Date
BZUN Today
DQ Today
NTNX Today
AMBA Today
VTRU Today

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