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Laurie’s Abbreviation Index:

‘div’ – dividend 

‘m/m’ – month over month

‘y/y’ – year over year

‘Inven’ – Inventories

Date: Feb 17, 2023 

Market Setup Pre-8:30 AM ET PRE PPI Report

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$ +.69%

News: USA: Bowman 845ET;  UK: Retail sales +.5%; EUR: German PPI m/m -1% vs .2%

Stocks: DE +2% DASH +5% AN +1.6% DKNG +8.6% AMAT +1% DE +2% HUBS +10% Earnings beats; AEM -3% Negative earnings reaction; TSLA recall hit the stock yesterday but is a software upgrade

General: Leading: US$ Lagging: Bitcoin, China Internet, Gold Miners, Spec Tech, Energy

Indices: USA indices falling since Thursday close. Macro setup is negative with European indices lower, US$ higher, yields higher. SPY 405.6 displays a support of 405 and 400 with resistance at  410, 415, and 420. SPY expected move +/- 3.9 today. QQQ 300.6 with resistance of 305, 310 and support of 300, 295. In my opinion, the open today is creating a window of weakness extending from today into next week where larger moves are possible. Catalysts display higher yields and the US$ yield market is now pricing in potential for 50bps Fed Funds rate in March in addition to an overbought market driven by speculative call buying. Key bull/bear levels: SPY 405 and QQQ 300. Large short term ES put positions Feb. 17 4050, Feb. 21 4050 March 3950 and May Vix call buying indicate large money hedging. The ES is remaining above 4050 which may lead to higher prices into the close. There are 2 SPX settlements today so look for volatility at the open and the close. FAANGMT key support levels : TSLA 200, META 170, AMZN 95, NVDA 215, AAPL 150

Stocks to watch DKNG, DE, HUBS,  TSLA, NVDA, AAPL, MRNA Spec Names ISEE, AXSM

Pre-800ET

Earnings AMAT, DASH, DKNG, ABR, ED, DE

Indices UUP, /BTC, KWEB, GDX, ARKK, EWZ, XLE, XOP, LIT, EFA, QQQ, XLK, XLB, SMH, IWM, ICLN, GLD

S&P500 DE, AMAT, MRNA, VTRS, NVDA, HAL, OXY, FCX, ALB, COP, SLB, CTRA, PRU, ON, META, AAPL

IWM ISEE, AXSM, TXRH, AI, EPRT, LMND, MSTR, DOCN, FSLY, BTU, MGNI, LHM, CPE, SDTN, PMT

WSB UPST, MSTR, AFRM, BABA, GME, RIVN, NVDA, NET, PLUG

Movers HUBS, DKNG, ISEE, DASH, ZIM, MANU, DE, ROKU, AXSM, XP, CGNX, TXRH, MRNA, INMD, AI, GOOS, BIDU, TS, SBLK, U

My Trade Idea: SPY
SPY is hovering above the 405 level which is a level which can act as support or lead to an acceleration lower with target 400 below or 410 above. Likely will bounce at open due to negativity but take care on break of VWAP. There is a window of weakness extending into next week so take care. 0DTE option traders are in control so keep an open mind that moves are possible in either direction but macro and technical set-up is pointing to potential for lower levels. Volatility at open and close should be expected