It Will Either Be A Miracle or Manic Monday For Stocks On November 2




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Stocks are rising on Monday, in a surprising turn around on what seems like no news. Even Europe is rising despite the UK locking down and much of the continent along with it. At this point, the rebound seems to be nothing more than a bounce. 

Germany (EWG)

In fact, Germany is rising off of support at 11,535 but has not been able to advance beyond the upper part of the range around 11,800. 


Oil was down sharply overnight, by as much 4%, but has managed to cut the decline in half, now down about 2%, trading around $34.70, and finding a bounce off of support at $34.20. 

S&P 500 (SPY)

The S&P 500 futures hover around resistance at 3,300, with the potential for a clean break out to send the index back to 3,360. However, one must be careful of the Monday gap higher and a pullback to fill that gap. We will get the ISM Manufacturing report at 10 am. 

Netflix (NFLX)

Netflix is rising this morning after Loop Capital raised its price target to $650 from $600. The stock has struggled to get over resistance at $495, and I think that is likely to remain the case. 

PayPal (PYPL)

PayPal will report results after the close tonight. It is extremely tough to predict where stocks go around earnings. But we can see the stock has struggled recently, and the momentum has been fading fast. Perhaps it rebounds some, with resistance at $205. However, I think the stock continues to trend lower towards $172.

Square (SQ)

Square will report results later this week too, and the stock has fallen below a key uptrend and is holding on to support at $149. It will need to hold that level into results if hopes to mount a rebound. 

Unfortunately, that is all I have on a quiet Monday morning.


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