Daily Profit Compass Sep 23

Tickers discussed: SPY QQQ IWM $USD $EUR GLD GDX  FATMAAN names  SCPL, MCD

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.

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, GLD, GDX, $USD, $EUR, FB, AAPL, AMZN, MSFT, GOOGL, NFLX, TSLA, SCPL, MCD

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Earnings

News Flow

  • China threatens to kill the TikTok deal
  • Gold loses $1900
  • JNJ set to commence massive trial for 1 dose covid vaccine.
  • TSLA’s Battery Day drains trader optimism

Headwinds for Gold Stiffen

In the recent blog post on Gold  HERE      I suggested those wanting to get long gold and the miners hold off and take a wait and see approach. Additionally to focus on the EURO and $USD for clues.    Now, from the first chart below of the EURUSD shows price being rejected from a key resistance area.

The Euro looks to be rejected at long term resistance. ( a result of Dollar Strength )

The $USD has a technical look of something about to happen

The $USD appears to be close to opening up a path to $96 where key resistance lies. If in fact the USD breaks higher here it will be interesting to watch the speed of the move.

Gold and the Commodity Space in general do not like a rising $USD

With Price below key support and all the fast moving averages, at the least, its one to avoid on the long side. Favoring a pull back to the daily support level at $171 which also coincides with the weekly uptrend line.

$GDX Gold miners

Price looks vulnerable below $41 with $37 being a key support zone below. Can’t be long here with gold looking vulnerable.

 

Active Trade set ups / Positions

++++++++++++++++++++++++++++++++++++++++++++++++++++

Sept 22 – Exited PDD and AAPL shorts with upswing underway.

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 

Commentary on the charts below can be found in the companion video.

$SPY 2 hour

$SPY 30 min

$QQQ 2 hour

$QQQ 30 min

$IWM 2 hour

$IWM 30 min

 

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