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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

Underlined text – higher volume premarket

Color Key: Positive – Neutral – Negative

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

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

·         Yields: Yields lower

·         Currencies:  US $ +.26%

·         News: USA: JOLTS 10ET; Beige Book 14ET Chine: MFG PMI 48.5 missed Services PMI 54.5 missed

·         Stocks AI names: NVDA, AMD, AI, IONQ, and SMCI continue to be squeezed through option market and short squeezes.

·         General: Leading: /JETS faangmt GDX UUP XLU   Lagging: btc USO XOP XLE SOXX SMH EFA

·         Overview: In my opinion the global setup for a trend day is lower. USA SPY 418.4 displays support of 418.5 and 415 with resistance levels of 420 and 425. I expect the SPY to move +/- 2.2. The QQQ 348.5 shows resistance levels of 350 and 355 with support levels of 348, 345, and 340. I expect QQQ to move +/- 2.8. Macro setup is risk-off with yields lower, US$ is higher and global equities are lower. Classic risk-off setup with global equities weak, US$, Yen, and bonds are higher. I feel that it is a potential trend down day with markets elevated, with few stocks participating, and weak China data re-raising global growth concerns.  Mitigating the negative set-up is EOM which is usually positive. JOLTS 10ET may be market moving as will a potential vote on the debt ceiling which is expected to pass. Several FOMC speakers sprinkled throughout day to add some spice.

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·         Stocks to watch: BOX, MSFT, AMZN, AAL, CVX,  NVDA, AMD, CLF   Spec Names:  AMBA, RIOT, AI, BOX 

Pre-800ET
Earnings BOX, FRO, HPE, AAP, CPRI

Indices /JETS, faangmt, GDX, UUP, XLU, /btc, USO, XOP, XLE, SOXX, SMH, EFA

S&P500 CRM, AAP, HPE, HAL, SLB, DVN, XOM, NVDA, AMD, QCOM, CVX, TSLA

IWM EXTR, QTWO, BOX, FRO, AI, IONQ, CPE, MTDR, SMCI

WSB BABA, AI, UPST, RIOT, COIN, PLTR, AFRM, AMD, TSLA, CLF

Movers ZLAB, AU, PERI, TCOM, AZN, STM, BABA, AAP, HPE, FRO, AI, IONQ, BP, CVNA, UPST, COIN, RIOT, SHEL, HAL, SLB 

Trade Idea: SPY

In my opinion, the SPY is setup for a potential down trend day, below 418 with targets of 417 and 415. In my analysis, A bounce on open is likely with 419 potential resistance. Caveat is EOM and the first of new month usually bullish with window dressing so there is potential for recovery.