Daily Profit Compass Oct 14

Tickers discussed: SPY QQQ IWM  FATMAAN names, JPM, C, XLF, KRE, HACK, IGV, SKYY BIGC

The Daily Profit Compass provides a technical review of the stock market today. Key levels and trading locations for the indexes are provided, along with trading plans and timely commentary to keep you on the right side of the trade.

Earnings 

 

Companion Video 

  • The companion video provides the key actionable levels and trading plans for the indexes, FATMAAN names, and other charts of interest. Viewers are welcomed to run the video at 1.25x to reduce run time without loss of quality.

$JPM and $C Earnings

  • Loan loss provisions were lower than expected.
  • Earnings in-line to better -than-expected.
  • But downbeat comments from the C-suite sink both stocks
  • XLF and KRE get rejected at key spots on their charts

$NIO Pops

EV maker NIO is up about 10% premarket. We are long Nov $21 calls so we’ll have to decide how we want to handle that position.

Software Sector and Subsectors test prior highs

$IGV Software ETF

$HACK  Cyber Security Sub Sector

$SKYY  Cloud Computing Segment

Swing Trade Active Watch list

  • STLD, UBER, GIII, BURL, KWEB, TEAM
  • GLD / SLV / GDX
  • HACK / SKYY / IGV

Intra-day Active Trader

  • FATMAAN names
  • BIGC –  Get long on break of $104

INDEX CHARTS

SPY 2 Hour

Price was rejected at overhead resistance and has come back to test the gap. A gap fill and hold of the trend line would not be the worst thing in the whole world. The uptrend would still be in tact. A move below $346.50 and below the trend line would send up yellow flags. .

SPY 30 min

$349 is gap support. A break below favors a gap fill to $346.85. 

QQQ 2 Hour

Price was rejected at the OH gap and spent the day consolidating within a wide range between $293-$297.50.  A break below $293 would favor a move to test the lower gap at 289.50

QQQ 30 Min 

Traders could get long at the bottom of the box at $293 and eye a move to the top of the box at $297.50 and possibly higher. A break of the trend line would favor a move to test the gap at $289

IWM 2 hour

While $160 is the “gotta hold” level,  holding $162 would be a lot simpler.  You never want to see price break below a trend line.

IWM 30 Min

A drop below $162 would favor a move to the pivot point at $160. As long as $160 holds, the door is open for a move to $167.50 which was the prior high.

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