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Stocks managed to finish the day slightly higher, with the S&P 500 rising by around 50 basis points, regaining some of the losses from Monday. Still, the index gave back a big portion of its earlier gain, after being up by more than 1%. The markets are still hooked on this concept that a stimulus is coming and was boosted mid-day on some positive talk about a potential stimulus from Nancy Pelosi.
Still, to me, it seems like no deal will be had before the election, but it is in both party’s best interest to drag the process along so that the market remains stable or higher.
I still think the market can go higher into the election as politicians continue to drag the market along. There is potentially a bull flag forming in the SPX, and if that is the case, then we should see a break out later this week.
There appears to be a similar pattern in the Invesco QQQs but not as nicely laid out.
Netflix (NASDAQ:NFLX) is fell after reporting revenue that beat estimates, with earnings and subscriber net additions missing. Additionally, guidance was disappointing. As a result, the stock closed lower and dropped further in after-hours trading to support around $495. That is a big level that needs to hold, a break below would likely set up a drop to $475.
Uber (NYSE:UBER) had a solid day rising over resistance at $35.80. Maybe it will hit that target of $38 I laid out last week.
Snap (NYSE:SNAP) traded at its highest price ever. It took a few years to get back to those IPO highs, but it got there after posting better than expected results.
Micron (NASDAQ:MU) crept higher, moving over resistance at $52.80, yesterday, and still on a path to reach $55.60.
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