Before the Bell Aug 26

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

 

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