Daily Profit Compass March 8

Tickers discussed: SPY QQQ IWM FB AAPL AMZN GOOGL MSFT NFLX TSLA ARKF ARKG ARKK ARKW ARKQ PRNT

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. Additionally time is spent on the ARK Invest family of funds that have been a focal point of the selling.  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

Asia and the NASDAQ Melt

Asia is coming off a rough session and the NASDAQ is down as rates tick higher again.  In the video i explain the the QQQ is in bear mode.  ARK Invest remains in the crosshairs due to their hi-valuation names.  The key i am looking for is to see if the selling remains a sector rotation event of if it morphs into a market wide correction.

Discussion Topics
  • Vol returns as Rates tick higher and following a rough session in Asia
  • Selling remains contained primarily to QQQ.
    • This keeps the sector rotation idea in tact.
    • If IWM / SPY lose their 50 ema then a broad market correction will take hold.
  • QQQ – Bears are in control and the chart is bearish.
    • I would not be in too much of a hurry to call a bottom.
    • Time frame is everything but as stimulus roles out you’d have to think rates will continue to creep higher. 
  • ARK Invest Family will remain in the epicenter of selling if rates continue to move higher.  Traders may see value in FAAMG names that have valuation support
  • TSLA is on a daily sell signal as seems destined for a 200ema test down around 500.
  • Trade School: I share how my self-developed narrative Friday afternoon psychologically blocked me from a potential massive win. Dont make the same mistake in your own active trading

 

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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