Before the Bell June 1

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Tickers discussed: SPY QQQ IWM FB AAPL AMZN GOOGL MSFT NFLX TSLA  $WTIC USO VLO CLR BGCP

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 

ZM, SPLK, CRWD, DOCU, AVGO, FIVE headline an otherwise slower week of earnings releases.

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

Upgrades and Downgrades

Oil Breaking out.

BRENT crude topped $70 in European Trading earlier today despite a widely expected production increase by OPEC producers at their meeting today. WTIC is up almost 3% premarket and is also breaking out to relative highs. As we’ve discussed, Oil comprises 50% of the commodity basket. If oil continues to drive higher it should feed into inflation fears.  Maybe just as important will be the in-your-face aspect of gas prices moving into the low to mid $3 handle range.  You’ll hear more grumbles at this level, but should we make it to the $4’s in gas you’ll see pitchforks in the streets. I think you’ll continue to see a muted response from domestic oil producer supply response. I think domestic producers will be content short term to enjoy wildly profitable prices instead of going on an immediate new drilling binge.  Remember, their ability to easily access capital has been impaired by ESG restrictions and because privately equity got burned the last time they piled into energy.  Look for energy exposure as we head into a high demand cycle with driving season kicking into gear and world-wide covid pressure diminishing.

Parabolic Price / Behavioral Generic Chart

Here is a generic price chart that many stocks tend to follow after parabolic runs.

Lumber Futures – See anything familiar?

Clearly on the downside of the parabolic run.  Lets watch going forward to see if price follows the generic path that is predicted.

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

$IWM 30 Min 

 

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