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Swing Trade Idea – September 16, 2022

Color Key: Positive – Negative – Neutral

Market Setup

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

•Commodities:  Gold, Silver, Oil and natgas, Grains, Industrial Metals

•Yields: Yields flat

•US$ +.29% EUR +.38% YEN +1.2% GBP -.44%  Swiss +.61%

•News: USA: UofM Consumer Sentiment, Inflation Expec 10ET Europe: CPI 9.1% Y-Y UK: Retail Sales -1.6% vs -0.3%

•Stocks: FDX -20% preannounced and removed guidance UPS -6% AMZN -2.9% SHOP -3% ; GE -4% supply chain woes continue; ADBE -2% downgraded UBER -4% Cyber hack NCR -14% Dividing company

•General: Leading: Bitcoin Lagging: ARK China Internet, Consumer Discretionary

•Indices: USA indices are lower premarket into Opex. SPY currently below 385 gamma level with 385, 390  resistance and 380 strong support. SPX AM options will expire at the open and likely adding to premarket weakness. Potential weakness down to 380 which is likely support. Large expiration today will lead to high volatility into the close. QQQ below 290 gamma level which is resistance and above 285 support. FDX warning is weighing on transports and online retailers.

•Stocks to watch  NTLA FDX UPS JETS AMZN SHOP ZIM UBER Spec Names: HKD

Pre-800ET

Earnings

Indices /btc ARKF KWEB XLY SPY LIT QQQ DIA ICLN XLB XBI SOXX

S&P500 FDX UPS IP GE PKG ETSY DXC AMZN ADBE CSX CHRW UNP NCLH EBAY WRK

IWM NTLA AA CPRX PLUG RIVN X NVAX GT GME M LTHM SPWR

WSB AMZN PLUG NET RIVN NVDA BA AMD GME CLF

Trade Idea: SPY
SPY currently 384 premarket. Straddle approach today with long > 386 with target 390 and 400. A pullback to 380 is a potential long with target 385. 380 is in theory strong support today. A break below would be a serious concern.