Tickers discussed: SPY QQQ IWM VZ DKNG LOW WORK
The Daily Profit Compass provides stock market technical analysis for the indexes and other market moving names. 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 covers a detailed technical review of the indexes, FAAMG and a few trade set ups. Also discussed are some trading psychology topics and our approach to today’s trading.
Find the Video HERE
Charts of Interest
$LEVI
A bull flag has formed below resistance. Clearing $16.75 / $17 opens a path to a measured move target of $21 / $22. Set yourself an alarm.
$LOW
The gig might be up here. The massive red bar dwarfs almost anything else on the chart. THe drop below the $25 trading range has the door open to $130 / $125. Notice the volume / price void below price in the distribution profile. Price could move fast. I like it short against $155.
$VZ
Price breaking out on the weekly chart with rising RSI and PPO supporting the move. Not a complicated trade; get long against $59.50 / $59…looking for $66 over time.
$WORK
Regardless of whether you like $WORK or not, here is your spot at key support. You can be long against $25 w/ a stop below. If you are more skeptical this time around, set an alarm just below $25. Hit it short on a break below and look for $20.
INDEX CHARTS
Commentary on the levels for the indexes and FAAMG names are in the video.
SPY 2 hour
SPY 30 min
QQQ 2 hour
QQQ 30 min
IWM 2 hr
IWM 30 min
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