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
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