Tickers discussed: SPY QQQ IWM FB AAPL AMZN GOOGL MSFT NFLX TSLA $TNX $WTIC SMH LAC CCJ
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.
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
Reddit Army comes Storming Back
In a week where the indexes and FATMAAN complex have been relatively docile, the reddit army is back at it in the meme stocks. GME / AMC / KOSS and a few others are seeing wild intraday moves. If it is excitement you seek, maybe you are already aware of these names and perhaps even actively trading them. Is this a sign that froth and rampant speculation is back? Maybe. If rampant speculation is back, I’d focus on bitcoin and Etherium as risk appetite tells. Back on the meme stocks. I think since the first episode in these names, market makers have gotten smarter. These guys are paid after all, to win. They immediately jack implied vol to the moon making option bets ultra expensive. If you are trading this space, do so with lottery monies that you are fine losing. Getting out over your skis here is a recipe to take you out of the game.
Trade Ideas
I continue to like the commodity and base materials space. Below are 2 chart set ups that I like.
$CCJ – Breaking higher
Uranium producer Cameco continues to be bid as it dawns on the world that it is impossible to achieve a carbon neutral world without nuclear power. Fundamentals aside, the reason I like $CCJ is because of the technicals. Price is breaking higher from a bull flag consolidation and taking out resistance in the process. On the chart I have overlaid the measured move target at $23.50. I like $CCJ higher.
Liking $LAC
After a hefty 50% pullback, Lithium America looks to be turning the corner. Price has taken out the downtrend line as well as recapturing all the moving averages. I see $16 as T1 but then if price can break higher from there, T2 lies at $19. Note the big volume / price void between $16-$19. Price would likely move quickly through this area. I like targeting the July $15 Calls.
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
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
