Before the Bell May 27

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Tickers discussed: SPY QQQ IWM FB AAPL AMZN GOOGL MSFT NFLX TSLA  $WTIC $GOLD JO FSLY MSOS

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 

As we move to the back half of earnings season we’ll see a lot more retailers and regional banks.  Some big names of interest this week include AZO, JWN, NVDA, APPS, SNOW, OKTA, BBY, COST, CRM, DG, WDAY

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

Stay Patient.  

The market has gone into suspended animation mode ahead of the 3 day weekend.  Trading volume should drop off a cliff as traders start their weekend early. Still it will be important to watch the close to the week as a tell on risk appetite. THis type of environment often frustrates traders and leads them to over-trading and / or jacking position sizes.  Resist that temptation. Stay patient and be willing to only take objective trades that present themselves keeping in mind that may be nothing.

GOLD – Unsustainable Trend

Gold has been on a tear and is now extended from the 8 and 20ema’s. The advance is too steep and I expect a pullback or consolidation. That said, I am going to stick with the trade as long as its working. ( I am in a couple of Gold miners )  With any close below the trend line I will exit the gold miner positions and look to recycle long after a pull back.  Watch the $USD and TLT for clues. Rising USD coupled with falling TLT would be bearish gold.

Oil – Poised for a breakout

Oil is in a tight consolidation at resistance. A breakout above $66.60 would likely result in a flash move to $70 and then find a new location of value. Higher oil prices would stoke inflation as oil is 50% of the commodity complex. Hard to know the timing. Much will depend on how soon the global re-opening accelerates.  I am bullish oil long term but short to medium term is murky.  I discuss the long-term outlook for oil in the video.

Coffee keeps percolating higher

Coffee is breaking to higher ground both on the daily and weekly chart. The next target is $47.   I am long Jun calls. I have moved up my stop to $44.  Now its all about managing the position for max gains while keeping the time to expiration for my options top of mind.  I think coffee goes higher and will likely roll my position out to late summer.

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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