Daily Profit Compass March 10

Tickers discussed: SPY QQQ IWM FB AAPL AMZN GOOGL MSFT NFLX TSLA  TLT  GDX  GLD

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 

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..

Run the video at 1.25x to reduce run time.

Find the Video HERE

Big Bounce Theory

Yesterday, the big bounce helped SPY and IWM recapture their 8 and 20 ema’s giving them firmer footing and a bullish tilt.  In QQQ however price remains well below the 50ema and therefore, at least as we stand now, the bounce is still within the downtrend.

Discussion Topics
  • SPY & IWM recapture key EMA’s and thus keep the charts constructive.
  • QQQ – tons of work to do as price only bounced to the 38% fib level. Price still well below the confluence of the 50% Fib / 50ema level. Until price can take out that level, traders should view yesterday’s dramatic bounce as simply a bounce within a down trend. 
  • TSLA – big bounce potential was in the charts with a divergent double bottom low. Nice technical study on a double bottom measured move which played out almost to the penny.  TSLA 670 is a uber important level
  • TLT stabilized yesterday but still firmly in a downtrend. Important bond auctions today and tomorrow.
  • Bottom line. Be careful being sucked into QQQ names on a strategic level. Tactical longs are fine if you’re actively trading. Time frame is everything.
  • Let’s see if price can build on yesterday’s gains or if it was a one -day wonder.
  • Covid Relief Bill set for a vote and passage either today or tomorrow.

Order Flow Insights

$NIO saw some strong order flow yesterday. Detail below.

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 Daily

SPY 2 hour

SPY 30 min

QQQ Daily

QQQ 2 Hour

QQQ 30 min

IWM Daily

IWM 2 hour

$IWM 30 Min 

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