Daily Profit Compass April 5

Tickers discussed: SPY QQQ IWM FB AAPL AMZN GOOGL MSFT NFLX TSLA TLT  SMH, XLB, SLX, ITB

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 

Slow week on the earnings front but still some noteworthy names. PAYX, LW, LEVI, JKS

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

 

Downgrades / Upgrades 

Blue Skies for SPY 

Discussion Topics – 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
  • Strong Jobs number on Friday reinforced narrative of improving real economy
  • No pull back on Q1 rebalancing nor the following day on April 1 heading into 3 day weekend show risk appetite remains positive.
  • With the strong open, be aware of the opening gap below. If we get a technical move to fill the gap, it would provide an object place to get long after the gap fills.

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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