Tickers discussed: SPY QQQ IWM FB AAPL AMZN GOOGL MSFT NFLX TSLA KRE ATVI BIGC EH FSLY GD GT MJ ACB
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 along with a few chart set ups, open position review and cannabis 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
Economic Calendar
- 8.30 CPI
- 10am Atlanta Fed Inflation Expectations
- 10.30 Oil inventories
- 1pm Big 10yr Bond Auction
- 2pm Jerome Powell Speaks at the Economic Club of New York
- China Markets closed for a Week for new Year’s holiday
Time for FATMAAN to Wake Up
Although there was plenty of churn and tradeable action under the surface, at the index level, it was a quiet day. The bias remains bullish but momentum has waned a bit. Not unexpected since we’ve been up 7-8 das in a row. IWM continues to outperform at the index level.
One of the most interesting things yesterday was the explosive open in FB / MSFT / and NFLX. These names opened strong and although they faded in afternoon trade, all three closed above key support and thus leaves the door open for follow through and higher prices. Maybe these 3 names can prod life back into AMZN / GOOGL / TSLA / AAPL who remain either in consolidation and / or chop zone.
FATMAAN Names
In the companion video, I cover off the FATMAAN names using the daily timeframe. In recent days the FATMAAN names have again turned soggy and lifeless. THis can make for frustrating and sloppy trading. If yu are interested in these names I suggest setting some alarms at locations where either there would be a clear breakout or breakdown. This will increase the odds of a meaningful move you can profit from.
Trade Set ups and Cannabis Names
In todays video I offer several trade set ups and review some of the cannabis names.
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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