Friday’s price action was horrible. Today’s daily market outlook in the Profit Compass focuses on the market’s current technical posture and possible next moves. Key levels and trading plans are provided with commentary aimed at keeping you on the right side of the trade.
Inside the Daily Profit Compass
Trading Psychology Tip of the Day
Entitled ” The obstacle is the Path” I take a look at how we can handle obstacles and bad events that confront us. In the end, it’s all about how we react to bad events rather than the event itself. This short section is one of the most popular aspects of the Daily Profit Compass. Take a look.
Trade Ideas
A couple of charts are provided on $FIVE and $LULU. Both have sizable thin zones beneath their current levels and could fall quickly if these levels break.
The Indexes: SPY, QQQ, and IWM
Horrible price action Friday slammed price down to support on all 3 major averages. I am favoring a break of these levels and am positioned that way, but fully open to a rebound and a continuation of the chop fest.
In the Profit Compass I show that the overall posture of the technicals remains bearish with the key indicators remaining on the lower end of the range.
Potential Catalysts for Today
Pretty quiet day for data.
Because of the number of charts and for your own convenience, a copy of the Daily Profit Compass can be downloaded from DropBox with this link.
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