Before the Bell Aug 25

Tickers discussed: SPY QQQ IWM FB AAPL TSLA MSFT  AMZN  GOOGL NFLX SPLK BABA UPST DKNG

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.

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 1.25x to reduce run time.

Find the Video HERE

Macro Data Releases Week of Aug 23

  • Monday –
  • Tuesday – RedBook, New Home Sales, Richmond Fed
  • Wednesday – Durable Good Orders. Oil inventories, FOMC Mary Daly. 5yr Bond Auction
  • Thursday –  GDP, Jobless Claims,  NatGas Inventory, 7 yr Bond auction
  • Friday – International Trade, Personal Income,  Jerome Powell Jackson Hole Speech

Market Muscle Memory

As we’ve seen over the past 4-6 months, the market is in this cycle of  having sharp sell-offs with short duration, that are quickly scooped up by dip buyers. We’ve seen big bounces in commodities and other reflation / reopening trades.  We’ve also seen fintwit make a big deal about the market not having a 5% correction in 221 days.  Don’t let these bearish factoids get into your head to the point of keeping you out of trades. We watch the trading levels like a hawk. We will know, probably sooner than most, that the environment is changing to the point of wanting to exit longs and adopt either a neutral or bearish posture. Stick with this bullish market profile as long as we can. THe one caveat I will say is to not get too far out over your skis to the point of blind complacency. Things can and do change quickly.  Keep your risk at a comfortable and reasonable level.  Above all, keep an open and flexible mind toward both bullish and bearish outcomes.

Chart Set ups

SPLK – Splunk

Price is at a key spot with earnings after today’s bell.  Active traders can watch carefully for an early morning breakout and run into the print.

$UPST – Upstart

As long as price can hold $210, the chart will stay constructive with a measured move target coming out of the bull flag up around $280 / $290.

INDEX CHARTS

A detailed walk-through of the levels and trading strategy for the indexes is given in the video ( link above) . The static charts are provided for reference. The FATMAAN names are also reviewed in the video along with trade ideas and other charts of interest.

SPY 2 hour

SPY 30 Min

QQQ 2 hour

QQQ 30 min

IWM 2 hour

Alarm $224 for a potential breakout that would target $233-$234 which is not only the ATH, but the top of a big trading range

IWM 30 min

Anything above $221.50 is constructive and keeps the door open to $224

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