Tickers discussed: SPY QQQ IWM FB AAPL AMZN GOOGL MSFT NFLX TSLA
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
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
Institutional Order Flow Snap Shot
Bears raid QQQ
Yesterday traders were reminded that stocks sometimes go down. The selling pressure was focused on the Q’s that were down 2.26% while both SPY and IWM were down less than 1%. THis is only a guess, but I suspect the FATMAAN names are being used as an ATM to fund the onslaught of marquis IPO’s hitting the market. Being 25% of the QQQ’s any diversion of funds from the megacap names will be felt by the index. The thing is that more big IPO’s are in the pipeline and could put more pressure on the indexes. In the video and on the static charts below, the key “GTFO” levels are highlighted. If you are loaded with tech names, don’t keep your head in the sand. If levels begin to break, either exit them or hedge out the risk with QQQ PUTS.
IMO SPY and IWM are in much better technical shape. Still levels to watch of course, but for me, the immediate concern is with the Q’s. Reminder…. we are still in a seasonally bullish period and there are many forces at work that want / need higher prices into year’s end. Wall Street wants higher prices for higher bonuses. Powell continues the bubble blowing. We’ll get a relief bill prior to the holiday recess. I remain optimistic that we can push higher into year’s end but don’t know if we need another day or two of selling first.
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.
SPY Daily
SPY 2 hour
SPY 30 min
QQQ Daily
QQQ 2 hour
QQQ 30 min
IWM 2 hr
IWM 30 min
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