Daily Profit Compass June 12

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Tickers discussed: SPY QQQ IWM  FAAMG update          Strategy & Tactics

The Daily Profit Compass provides the stock market analysis for the day. Key levels and trading locations for the indexes are provided, along with trading plans and timely commentary to keep you on the right side of the trade.

Trader’s Couch –  Will Return



 Strategy and Tactics  – Re-orient your mind and positioning

  • We are on daily sell signals across SPY / QQQ / IWM for the first time since the bounce.
  • While I put nothing past the ability of dipsters to gobble this up, for me I have to trust the technicals because that is what I do.
  • Having sell signals, does not necessarily mean gonzo short. SPY below 300 and QQQ below 233.50 would emboldened the downside case.
  • I am a 2 way trader so I will play this bounce until it peters out. THat may be as soon as today.
  • My bias is now bearish. IWM has been the weakest and has therefore been the focus of my bearish campaign for active trading
  • FAAMG – Unless we see these break, the market cannot truly crack. Keep them in focus.
  • I realize its difficult, but don’t lock it on an idea or thesis. Stay open and flexible in your thinking. Let price be our guide. Stay mentally flexible here.

FAAMG Update & Trading Guidance

Given the gap down; I will send you an early update on the key levels here.

  • FB –  Prices above $221.71 keeps the daily chart bullish; below favors 50ema test at $210.50
  • AAPL – $325 coincides with prior ATH and 20ema. Favor a move there for a back test.
  • AMZN –  A move below the 8ema at 2477 favors a move to test the 20ema at 2540
  • MSFT  – Needs to hold 185; other wise a 50 ema test is favored at 178.
  • GOOGL – 1420 is the toggle. Above is good for bulls, below favors move to 50ema 1361.  lower favored. .

Index Chart Review

SPY Daily

SPY 2 hour

SPY 30 min

QQQ Daily

QQQ 2 hour

QQQ 30 min

IWM Daily

IWM 2 hour

IWM 30min

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