Daily Profit Compass April 22

Tickers discussed: SPY QQQ IWM FB AAPL AMZN GOOGL MSFT NFLX TSLA SMH, XOP, CORN, DBB, CANE

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

Synchronization

Yesterday, for the first time in a long time, all 3 of the major indexes advanced together.  Too early to tell if this was a one-off anomaly  or the beginning of a next leg higher. All 3 of the indexes are near important pivots which traders can key on for todays trade. Also today i spend some extra time today on the video to offer some trading strategies as relatBoth 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 

Given yesterday’s sell off, the stock is primed for a bracket trade with a $35 open gap to fill.

Commodities

Time to look at commodities if you have not done so. Certain commodities have put in important bases while others are either at important technical levels or breaking out. The nice thing about commodities are 2 fold. Number one is that they are non correlated.  Copper does not care about what Facebook does. They march to their own drummer. Also they tend to run in big cycles. CORN for instance is emerging from a 10 year bear market.  It isnt beyond imagination that we have seen the first six months of a 5-7 year run.  Point being dont think you’ve “missed the move”  Details inside the video.

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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