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Swing Trade Idea – June 3, 2022

Market Setup pre-800ET

•Global Markets:  USA, Europe, Japan, China, Hong Kong Asia – Mixed  global set-up

•Commodities:  Gold, Silver, Oil and natgas, Grains, industrial metals (aluminum, copper, nickel palladium, zinc)

•Yields: Yields slight lower

•News: USA: Non-Farm Payrolls, UE rate; ISM services  Europe: Retail sales -1.3% vs 0.3%; Services PMI 56.1 vs 56.3 FED Brainard 1030ET

•Stocks: OKTA +15%  beat raise;  STNE beat; KSS Sycamore bid; TSLA cutting 10% of staff; Elon feels “super bad” about economy; AAPL MS concerned with App store growth; GS Hold; MSFT warned Thurs due to forex-> stock higher J; ASAN, HCHP beat; COIN rescinding job offers; Gemini laying off 10%- Winklevoss “Crypto Winter”

•Indices: USA indices pulling back overnight after Thurs short squeeze move. SPY below 415  gamma level with 412 VPOC and 410 support and 415&420 resistance. QQQ above 310 gamma level which is support with 315 resistance and 300 lower support. VIX futures uninverted and < 30 which is supportive to equities. SPY 1.6% move based on volatility.  High short term call buying is leading to pullbacks today. Setup for a potential down trend day with SPY 412 and 410 targets. Usual for bounce Fri AM due to Opex but watch for continuation or reversal with SPY 415 key

•Stocks to watch: OKTA TSLA AMD NVDA LYB MU  Spec Names: ARKK COIN

Pre-800ET

Earnings ASAN CRWD HCP IOT LULU OKTA PD RH

Indices XBI SLV ARKK /btc SMH QQQ XLK KWEB XLY faangmt SPY EFA SPY IWM

S&P500 LYB TSLA MU CCL ALB AAPL NVDA AMD MMC ETSY AMD CRM AMAT TRV PYPL QCOM NKE FB UAL

IWM TPTX AEO RH SI AI AMC LTHM SAVE VERU PLUG

WSB TSLA COIN NIO AFRM RIVN AMC NVDA AMD PLUG BABA MSTR BA

Trade Idea: TSLA
TSLA is a potential short idea if market continues to pullback today. Premarket low 734 with short term support  732. TSLA moves in increments of 50, so look for 700 as first target. Likely will bounce on open so one can look for reversal through  VWAP