Daily Profit Compass June 15

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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


Sector Snap Shot

News Flow

  • Futures fall; Bonds rise as Virus fears re-emerge
  • China’s slow recovery may point the way for our experience
  • BP set to write off the largest amount in a decade as Covid re-draws demand curve
  • Nissan email thread details plot a year in the making to take down former CEO Carlos Ghosn

What to watch this week

  • Powell to testify on Capitol Hill Wednesday
  • Friday – Quad witching / June OPEX.

Roil Returns

 Strategy and Tactics  – Re-orient your mind and positioning

  • THe follow up selling in the overnight futures sets up for a tricky open
  • A gap will be overhead. Be ready for a flash run higher to fill that gap, then reverse. THat would be a chance to open some short exposure near Friday’s close.
  • Was hoping for a big bear flag consolidation but we may not get that.
  • Price is set to further validate the daily sell signals noted over the weekend.
  • SPY below 300 and QQQ below 233.50 would emboldened the downside case. IWM below $135 targets $130
  • 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

  • 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  – Key off the 20ema at $185.22. Above ok for bulls;  below would favor a 50 ema test is favored at 178.
  • GOOGL – 1410 is the toggle. Above is ok for bulls, below favors move to 50ema 1361.  lower favored. .

Index Chart Review

SPY Daily

June 15 Supplement: Price set to open around $297, mid way between support at 295 and resistance at 300.  In general, i think you can buy $295 and sell $300.  Be aware that on the open there will be a gap above.

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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