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Laurie’s Abbreviation Index:

‘div’ – dividend 

‘m/m’ – month over month

‘y/y’ – year over year

‘Inven’ – inventories

‘mfg’ – manufacturing 

+/- – plus or minus, positive or negative

Color Key: Positive – Neutral – Negative

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

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

•Yields: Yields are higher

•Currencies:  US $ -.08%; $EUR +.14%

News: USA: CPI at 8:30 ET; FOMC meeting minutes at 14:00 ET;  Canada: BOC rate decision at 10:00 ET Japan: PPI y/y 7.2%
 Stocks NATI +8.4% EMR potential acq;  Upgrades: SHOP, MDB, CFLT, BDX Usual Suspects: FAANGMT flat pre CPI

General: Leading:  Energy, EFA, financials, healthcare Lagging: China Internet, bitcoin, airlines, bonds

Overview: USA indices are consolidating ahead of CPI report. SPY 410 displays support of 410, and 405 with resistance of 415, and 420. SPY expected move +/- 3.0. QQQ 315.9 with resistance of 317, 320, and 325  displays support of 315, and 310. QQQ expected move +/- 3.2.

Potential for a large move on CPI and Fed meeting minutes (14ET). Moves greater than the expected moves can lead to outsized moves in either direction. Risk-off will be signaled with US$ higher, equities lower and potentially bonds lower.

Stocks to watch NCMI, SHOP, BDX, TSLA, TLT, BABA  Spec Names  RIOT

Pre-800ET
Earnings

Indices XLE, EFA, XLF, XLV, DIA, IWM, XLP, GLD, euro, XOP, KWEB, bitcoin, LIT, JETS, TLT, EEM

S&P500 GPN, MGM, AAL, PCG

IWM ARWR, GNL, MARA, RIOT, FRO, ANF, ARNC

WSB UPST, BABA, RIOT

Movers NATI, MDB, AU, INMD, SHOP, GFI, EQNR, GSK, NVO, STLA, AZN, SHEL, SNY, CRUS, MARA, PCG, JD, UBS, RIOT, FRO, BILII, XPEV, BABA, AAL, BUD, BEKE, PDD

Trade Idea: SPY

In my analysis, SPY > 412.9 look for 415. Watch for fade below 412 towards 410 and below 410 towards 406. FOMC meeting minutes at 14:00 ET may be market moving. In my opinion, expected move is +/-3 so 413 is expected.