Daily Profit Compass April 21

Tickers discussed: SPY QQQ IWM FB AAPL AMZN GOOGL MSFT NFLX TSLA SMH, TLT, XOP, MSOS GLD GDX

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 

Earnings kick into a higher gear this week.  KO / IBM / JNJ / PG / NFLX / NEE / VZ / LCRX / LVS/  CMG / AXP / HON are among names that may shape sector performance and sentiment.

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

Feels like Risk Off 

Both SPY and QQQ appear to be rolling out of extended runs and are poised for more corrective activity.  I am not expecting some catastrophic melt down but simply a move lower to some well defined levels where I’d expect buyers to step in. The reflation / re-opening trade has stalled with energy, regional banks, airlines, travel and other re-opening plays pulling back. You can see the underperformance in IWM compared to both SPY and QQQ.

NFLX Netflix rug pull

THe pulled the rug on Netflix after earnings and now price is set to open with a huge gap above. This is a good set up for a bracket trade.  I am inclined to think price would move down to re-test the low side of the trading range at $470.  That would be a very objective place to try a long with a stop just below.

 

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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