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
Earnings
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
Get inspired, empowered and prepared. Join us!
As the host of Trader’s Profit Compass, I work hard to inspire, empower, and prepare aspiring traders to face the markets with fortitude, quiet confidence and inner calm. It’s a protein-rich, sugar free environment without ego or judgement. While I can’t promise that joining our group will change your life, I’d like to think it will help your trading. Give it a spin! Nothing to lose and potentially much to gain.
Our group of aspiring traders are into active swing trading using technical analysis to find objective, high-probability, low-risk trades. Using these processes we’ve been fortunate to be winning; not perfect but winning. If that is appealing to you, join us! I’d like to think you’d benefit from the work. You’ll get premium content 6 times a week including a copy of my Daily Profit Compass, Weekend Profit Navigator,along with other actionable content delivered directly to your mailbox. You’ll even get an invite to our new trading room on SLACK.
Registration is simple and FREE Visit our homepage HERE
