Tickers discussed: SPY QQQ IWM FB AAPL AMZN GOOGL MSFT NFLX TSLA GLD GDX KL NEM RGLD SIL WPM
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. LEVI, JKS
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
Downgrades / Upgrades
Melt UP
Price continues to grind higher as bond yields moderate and the economy continues to make progress re-opening. Prices are getting extended to a certain degree as we’ve had an extended run. While we can continue to melt up, some consolidation or gentle pull back can happen and would probably be productive as it would burn off some overbought conditions.
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
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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