Daily Profit Compass Sep 22

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The Daily Profit Compass provides the stock market analysis for the day. 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.

Trader’s Couch – Will return

Companion Video

The Daily Profit Compass video provides a detailed technical view of the indexes, FATMAAN names along with plenty of market commentary aimed at keeping you on the right side of the trade.  Tickers: SPY, QQQ, IWM, FB, AAPL, AMZN, MSFT, GOOGL, NFLX, TSLA, SCPL, MCD


News Flow

  • Powell and Mnuchin head to Capitol Hill for Covid Relief Testimony required by the CAREs Act.
  • $USD strength takes a bite out of Precious Metals
  • Europe halts stock slide. US Markets
  • Republicans craft strategy for filling SCOTUS vacancy
  • TSLA hosts the much anticipated “Battery Day” starting at 4.30pm East Coast time.

3 Bar Hammer Reversal

Yesterday you may have seen Fintwit buzzing over “the hammer forming”.  If you don’t know what that is, here are a couple of graphics to help explain.  Hammers tend to form after bullish or bears runs. So yesterday, the bears had been in control with multiple days of selling. Yesterday, with price still deeply red, the bulls stepped in driving price higher.  On the candle this is shown by a long shadow below the body of the candle.  The 3 bar reversal set up is as follows.  Red candle in a downtrend, Hammer bar, then a green bar today confirming the hammer reversal.  In candle stick charting and interpretation, there usually needs to be that follow up bar for confirmation.  Particularly nimble and aggressive traders often buy the hammer bar and set a tight stop when they see the hammer forming and do not wait for confirmation.


Swing Trade Set Up Idea


McDonald’s is backtesting its breakout level and 20ema. THe set up is an objective long against $215 with a stop jst below.


Twitter has held up remarkably well and is looking bullish as price forms a base at $39. Not sure I want a tech long into the teeth of a tech sell off but from a chart perspective, looks very good.


Active Trade set ups / Positions


Sept 18  rolled AAPL to oct 2 105 P and booked 100% on the 112.5P;  Bot PPD oct 75 P; Bot QQQ sept 25 268P at the close per mid-day note. 

Sept 16 AAPL Sept 25 $112.5 puts at 3.25

Sept 15  Followed unusual options activity and promising chart into  SCPL NOV 15 calls at 1.95.   Speculative Trade

Sept 14   Entered NTR Nov 40 Calls

Index Charts 

SPY, QQQ, and IWM are reviewed on multiple time frames in the Companion Video



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