Daily Profit Compass Feb 3

Tickers discussed: SPY QQQ IWM FB AAPL AMZN GOOGL MSFT NFLX TSLA  MJ MSOS ACB GRWG USO

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 

Watch how GOOGL and AMZN trade coming out of blowout earnings.  Do they follow FB / AAPL / NFLX that traded poorly post earnings, or follow MSFT which traded well.  PYPL, ALGN, SPOT, QCOM are the marquis names reporting today.

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. Trade ideas are also discussed.

Run the video at 1.25x to reduce run time.

Find the Video HERE

Economic Calendar

  • Wednesday: Mortgage applications; ADP ; PMI Composite; ISM Services; Harker, Mester, Bullard, Evans, Kaplan speak
  • Thursday: Challenger Job cuts, Jobless Claims, Productivity, Factory orders,  Daly speaks
  • Friday: Jan Jobs report; Consumer credit.

Bulls Reload as /WSB Fades

Big Players appear to be re-loading leveraged risk -on bets as the WSB moment in the sun fades.  Price action has been bullish, but now at the top of the range we’ll need to see if the bulls have any remaining power to breakout. If we do get the breakouts, it will be a good place to re-set stops / strikes and give us a new line to shoot against.

  • Watch the oil breakout against the backdrop of a rising USD and lagging energy equities.  If the USD rolls over and oil pops further, look for an energy equity catch up move. If USD remains strong, the oil move may prove to be a false breakout.
  • $MJ and Cannabis space in general looks bullish.   MJ / MSOS / ACB / GRWG  are moving to the upside.   Levels to alarm are in the video.
  • FATMAAN:  Watch AMZN and GOOGL price action carefully.  FB / AAPL / NFLX traded poorly post earnings. Bulls dont want to see AMZN and GOOGL moves faded.
  • Indexes and other equity names:  Look for bullish entries.  Short entries are counter trend and should be reserved for the truly nimble and active traders.

FATMAAN Names

In the companion video, I cover off the FATMAAN names using the daily timeframe. Some very interesting trade locations are on the horizon that will set up well for swing traders on the daily time frame.

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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