Before the Bell May 19

Did I help you profit?

Please consider making a modest donation to help me continue producing valuable content.

Tickers discussed: SPY QQQ IWM FB AAPL AMZN GOOGL MSFT NFLX TSLA  GBTC ITB $USD SMH MSTR

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 we are on the downside of earnings mountain, still plenty to keep us busy. Lots of retails names to note: WMT, HD, TGT, KSS, M

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

Gut Check

Bitcoin is down some 12% in the premarket and from the chart below you can see that the 200ema will be violated.  We know TSLA has $1.5B of bitcoin on the balance sheet. How long will Elon be will to hold and risk a big loss on the TSLA financials. Check out $MSTR.  Michael Taylor borrow a boatload of money and added a ton of bitcoin to the balance sheet. It is sitting on the 200ema with a $200 air gap below ( see video ).   Wondering if the Bitcoin troubles ripple into a full scale risk off across the board.

 

$USD at Key Support

On the monthly chart we see the US Dollar at key support on the monthly. A break here would likely usher in a leg down in the $USD. THat would be a tail wind for precious metals and the commodity complex at large.

 

Trade Set ups

Homebuilders on a ledge

A break below $69.50 and the 50ema triggers the next sell signal that would target 67 then 64.

ICE tests low end on big trading range

A break below $110 targets an $8 measured move to the downside out of the well-defined trading range.

Semi’s heading lower.

The bear flag breakdown targets $205 on a measured move basis. A move below $214 would trigger the double top structure which targets $180. That potential move is way down the road. Shorter term, stay short below $227.   Regardless of whether you trade the semi’s or not, watch them for market clues as a key risk on / risk off sector.

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 and QQQ are on Daily SELL signals. IWM will likely trigger today. Watch for potential breaks of the prior lows. A break of those lows would trigger a fresh sell signal and likely usher in more selling. 

SPY 2 hour

SPY 30 min

QQQ 2 hour

QQQ 30 min 

IWM 2 hour

$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

Spread the word?

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest

Leave a Reply

Your email address will not be published.