Before the Bell Dec 1

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Tickers:  SPY QQQ IWM FB AAPL TSLA  AAPL AMZN NFLX GOOGL 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.

Earnings 

Although earnings season is on the downhill, lots of interesting and important names this week including CRM, ZS, OKTA, SPLK, SNOW, CRWD, DG, DOCU, ULTA, OLLI, HIBB, BIG, FIVE, VEEV, PVH

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- 1.5x to reduce run time without loss of clarity.

Find the video HERE

 

Macro Data Releases Week of November 29

  • Monday – Pending home sales; Dallas Fed MFG survey
  • Tuesday – Redbook, Case-Shiller, House Price index, Chicago Fed, Consumer Confidence, JPOW speech w/ Yellen 10am
  • Wednesday – ADP / PMI / ISM / Construction Spending, Oil inv.  Beige Book JPOW part 2
  • Thursday – Auto Sales; Challenger Job cuts; Jobless Claims; NatGas inv  OPEC+
  • Friday – Jobs Report; Factory Orders; ISM Services

Powell Pivot

Yesterday JPOW pivoted from “transitory inflation” to “inflation will be with us a while”.  To further complicate matters, he hinted that the FOMC may decide to accelerate the taper in order to finish the asset purchase program a couple of months sooner. That policy shift pulled the rug on equities and nose – dived bond rates.   THe media wants you to believe Omicron variant played a role in the decline. I dont buy it.  I want to fade Covid fear.  The Doctor that discovered the variant said the symptoms were quite mild.  So for me, Omicron fear is being manufactured.  Yesterdays lows now give us a great line in the sand to go long against.  I think traders will buy the dip and that the market makes a bullish run into years end. If we break the lows and we head lower I will be proven wrong.

Commodities

Looking for key levels in the commodity complex to get long again after a big correction. We’re coming off the largest 4 day gasoline demand since pre-covid.  I think oil goes right back up to the highs.  If you are long equities you want oil to go higher.  The OIL  – SPX correlation is quite strong. If oil continues to nose dive, the chances SPY follows are quite elevated

Aside from oil, I remain a structural bull on the rest of the commodity complex as well.  THe key is to get a good entry point. Stay tuned.

$NYMO and $NAMO work again

Yesterday’s “don’t fight NYMO” guidance again proved to be good advice. Price pushed these oscillators well into oversold territory which was our signal to cover any shorts that we had.  Now we will go into monitoring mode to see how high the bounce will take us.

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 Daily

IWM 2 hour

 

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