Before the Bell Nov 10

Tickers:  SPY QQQ IWM FB AAPL TSLA MSFT AMZN GOOGL NFLX  SMH ITB GLD WTIC   TNX  VIX

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 

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

Macro Data Releases Week of November 8

  • Monday – Clarita and Powell both speak today but nothing much expected
  • Tuesday – NFIB small business optimism index, FOMC Bullard, PPI final,  10 year bond Auction 1pm
  • Wednesday – CPI, Jobless Claims, ATL Fed inflation expectations, Oil Inventories 10.30,  NatGas inventories noon  30 yr bond auction.  Rivian IPO
  • THursday – Veteran’s Day. Governmental Offices will be closed but Market will be open
  • Friday – Consumer Sentiment, JOLTs

$140 Billion Evaporates

The TSLA drama unfolded Tuesday with a sharp 12% sell off. While it certainly would be a panicky moment if you were one of the traders leveraged long for the gamma squeeze, for others it was a nice trading opp if you were focused on the technicals.  Notice on the 60min chart. Key support was clearly identified. We also highlighted a big void in the volume / price profile where price often moves quickly. Then as price moved into high volume / price support and the unfilled gap, price momentum slowed down and had reactions in the expected locations. Now looking ahead, There is a thin band of support between $1020-$1000.  A break of $1000 opens the door for a run to the unfilled gap at $942 – $910. There is a big level of support at $875 that i would expect to be a floor.

Market Insights

Gold trying to make a move

Honestly, gold has been a pathetic performer, especially given the inflationary environment.  Crypto has stolen the show.  Setting that aside, GLD above $171 opens the door for a potential double bottom measured move to the $180’s.  Watch that level plus $1835 on the /GC gold futures chart. Above that may bring in bore technical buyers.

Soft Rates boost Homebuilders

Price is attacking the prior highs. A breakout would target $82.  The ETF is extended so some consolidation here under resistance would be helpful.

More on ESG ( Energy Stops Growing )

Remember the oil sell off?    It lasted 48 hours. 

Buy the breakout; step in on dips as price pulls into ema or technical support.

Vitol Group sees Oil demand and prices going higher. 

 

 

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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