Before the Bell April 8

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Tickers:  SPY QQQ IWM FB AAPL TSLA MSFT AMZN GOOGL NFLX SMH

Before the Bell  is premarket prep for active traders. The note provides detailed stock market technical analysis focused on the indexes and FAAMGs. Key levels and trading locations are provided, along with trading plans and timely commentary to keep you on the right side of the trade.

Inspiration 

 

I was chatting with a fellow trader in the trading room the other day.  We are both a little older than most being in our late 50’s, early 60’s.  Comparing notes, we both concluded that neither of us are motivated to acquire material “stuff” as much as we used to be. Money to buy nice things is great, but the happiness in making that purchase will wear off quickly as you move along in life.  Figure out the things in your life that give you enduring happiness sooner rather than later.

Earnings

Companion Video  

The video is a detailed technical review of the indexes and FATMAAN names. All the key trading levels are identified along with commentary and trade plans for each ticker. Trade ideas are also discussed.  Run the video at  1.5x to maximize efficiency without loss of clarity.

Will Return

Macro Data Releases Week of April 4

  • Monday – Factory Orders
  • Tuesday – Intl Trade #’s; PMI Composite; ISM Services; Multiple FOMC Speakers   Lael Brainerd speaks 11am.
  • Wednesday – Harker; Oil Inv; FOMC Minutes 2pm
  • Thursday – Bullard 9am; Jobless Claims; NatGas Inv; Evans 2pm and Williams 4pm FOMC
  • Friday – Wholesale inv preliminary; Rig Count

Macro Backdrop

The combination of aggressive rates hikes and balance sheet run-off are bearish for markets.  Markets thrive in times of ample liquidity and starve in times of low liquidity.  JPOW & Co. now have a singular mission to knock down inflation by the reverse wealth effect. These guys won’t stop until the market is down substantially. There will be lots of trades both bullish and bearish between now and then, but they’ve made themselves clear, they will insist on the market going down. This will be the over-arching theme from now through the summer.

Chart Blast

Here are some static charts of the FATMAAN names and Indexes to start your day.

 

FATMAAN CHARTS

 

INDEX CHARTS

At the index level, yesterday was primarily a day of consolidation with price exploring lower levels before rallying into the close. IWM and QQQ still have gaps overhead to fill.  SPY made a run to fill its gap but fell about 25cents shy of a complete fill.  THe levels have been working well in recent trading.  Watch for breaks higher to fill overhead gaps. On the downside, breaks of the recent lows will open the door to more selling.  As always, watch the last 2 hours of trading for clues to risk sentiment heading into the weekend.

SPY Daily

SPY 2hr

SPY 30min

QQQ Daily

QQQ 2hr

QQQ 30 min

IWM Daily

IWM 2 hr

IWM 30 min

 

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As the host of Trader’s Profit Compass, I work hard to inspire, empower, and prepare aspiring traders to face the markets with fortitude, quiet confidence and inner calm. It’s a protein-rich, sugar free environment without ego or judgement. While I can’t promise that joining our group will change your life, I’d like to think it will help your trading. Give it a spin!  Nothing to lose and potentially much to gain.

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