Mid – Session Update

Did I help you profit?

Please consider making a modest donation to help me continue producing valuable content.

Tickers discussed: SPY QQQ IWM   Strategy & Tactics

The Mid Day update provides the stock market analysis at mid-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.

Rotation Continues

The mass exodus from high flying and market leading tech names continues.  Software and FAAMG getting hit. As we discussed this morning, because of the sheer cap weighting of the FAAMG names, beaten down names can do well in the face of declining market averages. Let’s look at the indexes.

Index Chart Review

Charts are as of about 11.20 – 11.30

SPY 30 min.

SPY undercut support at $298 but has since recaptured it with a decent bounce. Going forward a break back below $298 is bearish and likely targets the bottom of the gap at $295.44.  A recapture of $300 is bullish although I suspect price might find some resistance if it makes it back up to that level.

QQQ 30 min

Price found support at $224 and is putting in a big bounce. On the way up, look for the prior gap levels at 226.86 and 227.50 to act as resistance. A downside target for this move is to fill the gap to $223.27. Below that $222.50 is a major level where lots of prior battles have been fought. I’d expect bulls to step in big time if we get that far.

IWM 30 min

They faded the premarket pop 100%. Now price is below $140. THat is your toggle price. Above is ok to be long, but while below the gap remains open and is yet to be filled. Expect IWM to be resilient with lots of financials and other cyclicals in the index.

 

Get inspired, empowered and prepared. Join us!

As the host of Trader’s Profit Compass, I work hard to inspire, empower, and prepare aspiring traders to face the markets with fortitude, quiet confidence and inner calm. It’s a protein-rich, sugar free environment without ego or judgement. While I can’t promise that joining our group will change your life, I’d like to think it will help your trading. Give it a spin!  Nothing to lose and potentially much to gain.

Our group of aspiring traders are into active swing trading using technical analysis to find objective, high-probability,  low-risk trades.  Using these processes we’ve been fortunate to be winning; not perfect but winning. If that is appealing to you, join us!  I’d like to think you’d benefit from the work.  You’ll get premium  content 6 times a week including a copy of my Daily Profit Compass, Weekend Profit Navigator,along with other actionable content delivered directly to your mailbox. You’ll even get an invite to our new trading room on SLACK.

Registration is simple and FREE   Visit our homepage  HERE

Spread the word?

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest

Leave a Reply

Your email address will not be published.