Tickers discussed: SPY QQQ IWM FB AAPL TSLA MSFT AMZN GOOGL NFLX ITB RRR HLT
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
Waiting on Powell
The Jackson Hole Virtual Summit begins today. For the most part this is a meeting of global central bankers and high dignitaries interested in monetary policy. Most academic work and presentations are given. THat said, Powell at any moment may torpedo the market with scripted remarks or with a gaff during discussion / Q&A. When there is event risk close on the horizon, the market often goes into suspended / soggy mode while waiting for the event risk to clear. If you find or observe the market is stagnant, resist the temptation to throw darts trying to make it happen. Part of being a trader is knowing when to push and when to rest. If you conclude active trading is not the place to be today, remain productive by diving into charts and setting tons of alarms so that on the next move, either up or down, you will be loaded with actionable ideas.
Chart Set ups
RRR – Red Rock Resorts
Gaming is showing relative strength. Alarm $46 for a break out with a $7 projected measured move.
$ITB – Homebuilder ETF
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
As suspected, Price was rejected on the initial tag of 224. If / when price breaks above $224, get long for a measure move target of target $233-$234 which is not only the ATH, but the top of a big trading range
IWM 30 min
Get inspired, empowered and prepared.
Join us!
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.
Our group of aspiring traders are into active swing trading using technical analysis to find objective, high-probability, low-risk trades. Using these processes we’ve been fortunate to be winning; not perfect but winning. If that is appealing to you, join us! I’d like to think you’d benefit from the work. You’ll get premium content 6 times a week including a copy of my Daily Profit Compass, Weekend Profit Navigator, along with other actionable content delivered directly to your mailbox. You’ll even get an invite to our new trading room on SLACK.
Registration is simple and FREE Visit our homepage HERE
