Tickers discussed: SPY QQQ IWM FB AAPL AMZN GOOGL MSFT NFLX TSLA
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 along with a few chart set ups, open position review and cannabis 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
Navigating the Whipsaw
I think the market is still digesting last week’s disturbing bond yield spike and is not yet sure what to do with it. Most of Monday’s rip was negated yesterday as the indexes closed on the lows of the day. Overnight saw markets broadly higher so we’ll have to see if that sticks. If bond yields grind higher, the effects will be most acutely felt in the tech bubble stocks which carry some insane valuations but no earnings. We’ve seen stocks like $ZM yesterday report a stellar quarter but then faded from green to deeply red by EoD. Keep an eye on BubbleVille for clues on tech.
- SPY – Trapped between 390 and 385. Moves outside the range would set up well for a swing trade with higher degree of success for follow thru.
- QQQ trapped between $324 and $318. A wide range for nimble traders but swing traders should wait for a range break to re-engage or chances of frustrating whipsaws remain elevated.
- IWM a big gap below $223 that is trying to fill. I’d be tactically short below $223 if you’re active and nimble
- FATMAAN names again turned soggy in yesterday’s trade. THe pivot levels have worked well. Lean on them for your active trading levels.
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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