Tickers discussed: SPY QQQ IWM FB AAPL AMZN GOOGL MSFT NFLX TSLA XBI DKNG NVDA BLL OI IP PKG WRK
The Daily Profit Compass 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
Big Banks kick off the earnings season on Wednesday.
April Earnings Preview
While not comprehensive, the calendar highlights most of the big names scheduled to report this month beginning next week with the money center banks.
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
Gappers
Vaccine Hiccup
THe CDC putting the brakes on the JNJ Covid vaccine due to safety concerns. THe overall risk is very small but regardless it is a development that needs to be recognized. THe news caused a drop that is so far contained. We’ll need to watch carefully as the news flow possibly dictates more market moves.
30 year bond auction today.
Market seems to be waiting for catalysts of bank earnings tomorrow and inflation expectations crystallizing going forward.
I think the backdrop remains bullish for the reasons cited below.
- Bullish Tailwinds
- New Highs are bullish ; not Bearish
- The run up into the next earnings cycle is usually bullish
- Seasonality: 15 of the last 16 Aprils saw price on SPY go higher
- TLT / Rates. Rates have taken a breather but IMO it is a pause before rates head higher. THat would be bullish commodities, cyclicals, banks. Potentially bearish high-flier bubble stocks but we’ll suspend judgement until that day comes.
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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