Before the Bell May 4

Tickers discussed: SPY QQQ IWM FB AAPL AMZN GOOGL MSFT NFLX TSLA SMH KO PEP CVS

Before the Bell 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

Be Patient

The indexes and to a large extent, the FATMAAN names have been trapped in trading ranges.  While a few of the FATMAAN names popped on earnings, only $FB and $GOOGL have held those gains. AAPL and AMZN saw their gains faded.  MSFT and NFLX moved lower off earnings and have been consolidating those moves within their brackets.  How these names resolve themselves will largely dictate the next leg of market moves.  During this period its easy to get bored and force trades. Be patient….let the market come to us.  Once the indexes either break higher or lower we will be ready with highly objective trade locations and can set up more of a duration trade vs trying to trade micro levels.

Are Semi’s trying to tell us something?

The semis are a risk on / risk off sector.  After a torrid run, the group seems like its rolling over. From the chart below we can see price violating its uptrend line off the March 2020 lows.  THat’s a sell signal.  Although some of us just entered a tactical short on the SMH, taking a bigger swing with a duration trade would be aggressive. I’d prefer to see the Q’s break down first before taking a big swing on the short side.

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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