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Laurie’s Abbreviation Index:

‘div’ – dividend 

‘m/m’ – month over month

‘y/y’ – year over year

‘Inven’ – Inventories

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$ +.13%

News: USA: Services, MFG PMI 945ET, Home Sales 10 AM ET; EUR: MFG PMI < 50 mixed; Service PMI > 50 CDN: CPI 8:30 AM ET;

Stocks: WMT -3.3% – guidance; HD -3.8% – guidance;  MTW + 4.6% big beat; MDT +1% beat; META +1.7% Paid subscription Faangmt: MSFT -.9%, TSLA -1.5%, NVDA -1.35%, AMZN -1.5%

General: Leading: US$ XOP  Lagging: Bitcoin, China Internet, Spec tech, Consumer Discretionary, Semis, Home builders, Europe

Indices: USA indices have been falling since Friday’s close. Macro setup is negative with European indices lower, US$ are higher, and yields are higher. SPY 403.8 displays support of 400 and resistance at 405, 410, 415, and 420. The SPY I believe is expected to move +/- 3.0 today. QQQ 298  shows resistance of 300, 305, and 310 with support  of 297.3 and 295. Week post Opex tends to be more volatile and a large number of calls expiring provides negative pressure. Higher US$ and yields are a negative catalyst as is the weaker guidance from HD and WMT. SPY 400 is a key level should the market slide lower, a potential break can lead to a much larger decline. Recapture of 405 could lead to another short squeeze.  Consumer discretionary weakness may weigh further on AMZN, LOW, and TGT

Stocks to watch: GIS, META, MDT, TSLA, NVDA, AAPL, HD, WMT, LOW, BABA Spec Names: VIR, SGML

Pre-8:00 AM ET

Earnings CPRT, BCRX, ELAN, EXPD, FLR, HD, HSBC, HUN IR, MDT, WMT,

Indices UUP, XOP, KWEB, ARKK, XLY, SOXX,  /btc, XLK, TLT, faangmt, IWM, FEZ, DIA, ARKF

S&P500 MDT, GIS, META, ALB, HD, WMT, LOW, MOS, GNRC, CF, TGT, SWK, PPL, NVDA, ETSY, AMD, AMAT, AAPL, COST, PARA

IWM APLS, VIR, TVTX, LTHM, FRO, LPSN, AI, DDD, PACB, FSLY

WSB BABA, PLUG, AFRM, NET, RIVN, AMZN, NVDA, AMD, UPST, TSLA, GME,

Movers SGML, APLS, VIR, TVTX, SNN, TECK, HSBC, RIO, LTHM, MDT, GIS, HMC, SBLK, SQM, LAC, META, AA, CRM, JDD, PDD, DOCU, HD, LPSN, AI, S, BABA, DB, HUN, FND, STM, LOW, WMT, ASML, GNRC

My Trade Idea: AMZN

I believe that AMZN is under pressure with the macro setup and weaker guidance from HD and WMT. I have a high put open interest at 95 which creates a line in the sand.  One can consider a fade < 95. However,  > 96 could be a potential long, should a short cover rally behavior continue. My fade targets are 92, 90, 80.