Tickers discussed: SPY QQQ IWM FB AAPL TSLA MSFT AMZN GOOGL NFLX ITB U PRPL LYFT
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.
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 Aug 30
- Monday – Pending Home Sales, Dallas Fed
- Tuesday – Redbook / Case Shiller Home Prices, FHFA Housing Prices, Chicago PMI, Consumer Confidence
- Wednesday – ADP, PMI MFG, ISM MFG, Construction Spending, Oil inventories
- Thursday – Challenger Jobs report, Jobless Claims, Productivity / Costs, Factory Orders, NatGas Inv
- Friday – August Jobs Report, PMI Composite, ISM Services
Small Caps Grind Higher
Small caps continue to work higher. My expectation is for price to hold $224 on any pull back and to test $233 / $234 on the upside. THe key to the thesis is for a gentle rise in rates and at the very least rates holding 1.3% on the 10 year. If rates break hard below 1.3% it will be a big headwind to the IWM trade. Another potential headwind is for covid to re-emerge to the front page of the headlines throwing cold water on the re-opening trade.
Market Snapshots ( via Market Ear )
Chart Set ups
PRPL – Purple Innovations
Bulls and Bears alike will certainly want to make note that price is at key support. For bulls, buying here is the best its going to get with price at the lows o the year. For bears, you set your alarm just below $24 at the point where you’d like to get short. When the alarm triggers, get short w/ a stop just above $24. If / when price breaks below $24 there will be a lot of bulls that will exit their long positions if key support does not hold. THat will be fuel to any downside move.
$LYFT – LYFT Rideshare
Same exact set up as with PRPL shown above. Here, price is at key support at $47. Get long now if you like the name with a stop just below $47 according to your risk tolerance. If you’re bearish, set an alarm at or around $46 at the point where you want to enter a short position. Lots of room to the downside if / when $47 were to ever break.
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
IWM 30 min
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