14Sep10:36 amEST

Shooting Their Way Back In

Riding the wave of some bullish news this weekend, namely the GILD for IMMU sizable buyout, NVDA buying Arm Holdings from SoftBank, and ORCL getting a piece of the TikTok action, stocks are gapping back inside the QQQ hourly range we were tracking closely both here and with Members the last few weeks. 

As you can see on the updated hourly chart, below, the large cap tech leaders are fighting where they needed to after last week's softness to stave off an imminent bear raid. The $271-$280 range on this chart, which bears marginally broke below into the weekend, has been recovered this morning as bulls feel galvanized for another push higher. 

That said, we have plenty of risk events coming up this week, headlined by the FOMC on Wednesday afternoon but also the political gamesmanship in D.C. right now surrounding another round of stimulus. 

One main scenario we have been considering is to fill out this range a bit more into the FOMC before we get a more decisive move--Recall that this will be the last Fed Meeting before the Election this year, although with the next FOMC after this scheduled for November 4th/5th, we may not actually know the winner of the Election in this pandemic year at the time of the next FOMC. 

To be sure, though, we have enough to worry about between now and then. 

For now, using this QQQ chart and timeframe for context likely makes the most sense in order to keep the various price swings and overnight gaps in perspective. 

Weekend Overview and Analysi... Stock Market Recap 09/14/20 ...


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