Before the Bell Sept 1

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.

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 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.

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 Daily

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

Spread the word?

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest

Leave a Reply

Your email address will not be published. Required fields are marked *