Tickers discussed: SPY QQQ IWM SAGE KL NTNX OLLI
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 few charts of interest along with a look along with a focus on the indexes. With breaking news on positive covid vaccine results, markets are moving fast. Watch cyclicals ( back to normal ) vs Stay at home names. Once markets settle in i will do an update video.
Find the Video HERE
Charts of Interest
$SAGE
Its taken a year, but $SAGE has clawed its way back from nothingness in March to the gap entry left behind in Dec 2019 which is some $75 wide. Given there is little to no lateral resistance in this gap zone, I expect price to continue to grind away and make progress to eventually close the gap. Prices above $75 keep the chart unquestionably bullish.
$OLLI
Premier discount retailer Ollie has been in a funk over the past 6 months. THat may be about to change. Price is coming out of a double bottom test of the 200ema with bull divergence flashing on PPO. A break above $95 projects a $15 move to a $110 target. A move above $95 would also put price above all the moving averages which is a bullish condition.
$KL
Gold Miner Kirkland Lake has been consolidating along with gold for the past 3 months. You can see the nice, well-defined channel on the chart. A price break above $50 gets this one going with price above all the moving averages, breaking above the channel, RSI breaking out. With such a move you’d likely get PPO breaking above zero line which is the last part of the technical puzzle. Alarm $50 for a long entry.
$NTNX
Forgotten software name Nutanix may be finally ready to make a move. Price is moving into a thin zone / gap to $32. Traders have a low risk entry right here against $25. Risk $1 for potential $6 return if price closes the gap to $32.
INDEX CHARTS
SPY 2 hour
QQQ 2 hour
IWM Weekly
Price set to gap above 167.50 and plow new highs different set up here. Chart remains unquestionably bullish above $164. Although you probably would not want to sit through a pull back to $160, anything above $160 keeps the chart bullish and would offer a nice objective long entry. Prices falling below $160 would open the door to more selling.
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