Daily Profit Compass Feb 4

Tickers discussed: SPY QQQ IWM FB AAPL AMZN GOOGL MSFT NFLX TSLA  TLT TNX XLE XOP

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 

PINS / SNAP / PTON / ATVI headline earnings AH 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

  • Thursday: Challenger Job cuts, Jobless Claims, Productivity, Factory orders,  Daly speaks
  • Friday: Jan Jobs report; Consumer credit.

Q’s Wobble; Yields POP

Discussion Topics
  • Yields pop / TLT drops and reflation trade picks up steam
  • Bullish oil trades are working.  XLE / XOP
  • Basic Materials –  Breaking out of bull flags after pulling back the past 2 weeks.
  • Other sectors – Re-opening names should pick back up which should support IWM which outperformed in early 2021
    • Travel / Cruise Lines / Banks / Value / Cyclicals / Industrials
  • QQQ mega-cap is soggy.
    • Watch AAPL price action after new car development pop
    • Watch AMZN which traded poorly yesterday
    • GOOGL held the line; watch closely
    • Watch Semi’s which got whacked yesterday and QCOM / QRVO getting hit AH
    • Only 26 QQQ 100 names were green yesterday. GOOGL masked broad tech weakness.

TLT Measured Move target is much lower

Rising yields are forcing TLT lower. Key support has broken. The downside measured move target is 138 taken from the symmetrical triangle structure.   I am short TLT.

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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