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.
- 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
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
