Before the Bell May 3

Tickers discussed: SPY QQQ IWM FB AAPL AMZN GOOGL MSFT NFLX TSLA SMH CRUS SWKS TWTR PINS PTON

Daily Profit Compass provides stock market technical analysis for the stock market today and is 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.

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. Run the video at 1.25x to reduce run time.

Find the Video  HERE

Upgrades / Downgrades

Sell in May?

THe seasonality tailwind in April turns more bearish for May as recent outcomes are mildly in the red.  THe key is simple. Can SPY / QQQ breakout to new highs to open the door to a leg higher? Also, I will be looking to see if the cyclical / re-opening trade re-asserts itself in May after being down about 3% in April. In the video I cover off relative strength of QQQ vs SPY and IWM. Understanding the relative strength will help us in our positioning.

I dont want to sell in May just for the sake of doing it. We have no sell signals at this point. Lets stay objective and make decisions based on levels.

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.

SPY 2 hour

SPY 30 min

QQQ 2 hour 

QQQ 30 min

IWM 2 hour

$IWM 30 Min 

 

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