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Swing Trade Idea – January 13, 2023

Color Key: Positive – Neutral – Negative

Market Setup Pre-8:30 AM ET

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

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

•Yields: Yields are higher

•Currencies:  US$ +.21%, Euro -0.36%, Yen +0.45%, GBP -.38%

•News:  USA: UofM Consumer Sentiment 10:00 ET; Kashkari 10:00 ET •Europe: Industrial Prod 1% m/m UK: GDP m/m 0.1% vs -0.2%

•Stocks: TSLA  -6% Cutting process; JPM -2.8% lower guidance sees mild recession. All banks are reporting trading lower. DAL -5% weak forecast FTNT -3.7% downgrade UNH -.8% lower forecast

•General: Leading: Bitcoin, Airlines, GDX, EFA Lagging: China Internet

Indices: USA indices trading lower post bank earnings. Macro setup are negative with yields higher, US$. SPY 393 has support of 390, and 385 with a resistance of 395, and 400. QQQ 276 has a resistance of 280 and support of 275, 270, and 265.  Indices remain stretched above expected moves for week driven by short squeezes and 0DTE option trading. OPEX today, in my opinion, has a potential for sharp moves late in the day, especially with MLK holiday Monday.

•Stocks to watch: BABA, GFI, TSLA, JPM, DAL, LMT, AMZN, NVDA  Spec Names PLUG, SPCE

Pre-800ET

Earnings BAC, BK, C, DAL, JPM, UNH, WFC

Indices KWEB, UUP, JETS, EWZ, XLY, TLT, SOXX, /BTC, QQQ, SMH, XBI LIT, XLK, XME, ICLN

S&P500 ANET, TSLA, DAL, SBNY, WFC, FTNT, GM, F, LMT, NOC, C, AAL JPM, BAC, RTX, UAL, MOS, LUV, PNC, AMZN, NVDA, AMD

IWM GME, PLUG, NVAX, MSTR, RUN, AI, CROX,

WSB SPCE, BBIG, BABA, TSLA, RIOT, BBBY, GME, AMC, AFRM, RIVN, COIN, HUT, F, PST

Movers EDU, HCM, FREY, GFI, AU, NVO, MLCO, NTES, TSLA, DAL, GME, LOGI, SBNY, WFC, C, STLA, GM, RIVN, F, COIN, LMT, JPM, NOC,  AAL, UPST, BAC, DB, RTX

My Trade Idea: SPY
SPY pulling back premarket from overbought levels with bank earnings and J Dimon economic forecast catalyst. Key levels: 391.88 Thurs low – fade below. Bounces look for 395 as resistance. In my analysis, there could be an expected move +/-2.7 but risk of a larger move given that indices are technically stretched