Daily Profit Compass Nov 17

Tickers discussed: SPY QQQ IWM FB AAPL AMZN GOOGL MSFT NFLX TSLA  XLC XLE XLF XLY

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 covers a detailed technical review of the indexes, FAAMG names, plus several SPDR Sectors which are at/ near actionable levels.  Run the video at 1.25x to reduce run time.

Find the Video HERE

Dorsey and Zuckerberg back to Capitol Hill Today

Both are set to testify again before Congress on privacy issues.

Amazon announces Amazon Pharmacy

Amazon announced that it is entering the pharmacy business and that customers will beging being able to order all their pharma needs for next day delivery via Prime.   Retailers CVS / WBA are getting hit; Drug distributors MCK / ABC / CAH  also on watch.   Active traders may fine some nice trading opps on this catalyst today.

Tesla goes into Orbit

$TSLA

It was announced after last night’s closing bell that $TSLA will be included in the S&P 500 no later than Dec 21.  A specific date was no given. Neither was it given which company will drop out of the index.  There is wide speculation as to how much buying this will result in as the index re-balances along with all the funds that have SPY proxies that they have in their holdings. Many thought TSLA would be included 90 days ago and there was a fair degree of buying into that non-announcement. What also is not known is the degree to which the other FAAMG names will be used as a “source of funds”

60min

There are 2 very clear lines to shoot against on the chart.  The prior high at $466, and the prior All-time high at $502.50. There will be massive $50 gap below on the open.  If price can clear and hold $466, it would be a nice place to get long with a stop just below. Price set to open near $460

Daily

 

INDEX CHARTS

SPY 2 hour

SPY 30 min

QQQ 2 hour

QQQ 30 min

IWM 2 hr

IWM 30 min

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