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Morning Market Briefing

Morning Market Briefing – What’s Next?

November 8, 2020

Heads up! Two Roads Trading and SCTrade have new live trading schedules. You can catch SCTrade from 9:30-10:30 am and 1-2 pm Eastern, Monday through Friday. You can catch Two Roads Trading from 2-3:30 pm Eastern, Monday through Friday.

Now that the election is behind us (except for you, Georgia), traders will use the beginning of this week to determine what the narrative will be in the markets. Do we move back to “Stimulus Watch 2020” now that those casting the votes have their races behind them? Or does it move on the latest round of jobs numbers showing those going back to work?

We now have a two weeks of trading before the shortened Thanksgiving week. With the US continuing to see new daily high cases of COVID-19, passing over 10 million cases since the beginning of the outbreak, will the market begin to view winners and losers through that lens? Airlines and travel related stocks have been painting a rosy outlook for 2021 as they’ve released earnings. And some of the tech stocks may have some buying opportunities if you believe the money will move back into them if winter leads to new quarantines.

SPY held serve in Friday’s sesison, making a run at the next resistance area around 352-353, before coming into the 350 area into the close. Friday’s rest candle favors a bigger move earlier in this week if volume moves in.

QQQs with similar action as the SPY, with a possible double top forming around the 297 area.

NFLX getting squeezed in between it’s 50 day moving average and short term resistance at 520. If attention returns to COVID, this could see a run back to the 550 level over the rest of the month.

Watch List

Symbol Why We’re Watching
NFLX COVID Play, could see uptick in subs with whole countries back into lockdown
ZM More schools across the country moving back to remote learning
MCD If earnings impress, watch for a run to the 50 SMA
AAPL A ‘surprise’ event announced next week could cause a run up into the news
MSFT New XBOX releases could cause a pop above 224 resistance.

Upcoming Earnings

Symbol Date
BYND Today
MCD Today
RNG Today
XP Today
NKLA Today

Upcoming Event

Trading CME Futures

December 1, 4:30 PM EST

In this presentation, David Lerman of the CME group will cover the characteristics of several CME Group products across different asset classes through the lens of different analytical tools available to traders on the CME Group website. From Options and Treasury analytics to Open Interest analysis to OPEC/Energy meeting tools, CME Group has developed a suite of sophisticated software tools designed to support the trading activity of all futures traders.

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2020-11-10T17:08:06-05:00
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