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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

** ‘d’ – day

**govt – government 

Color Key: Positive – Neutral – Negative

·       Global Markets:  USA, Europe, Japan, China, Hong Kong Asia – Slight negative equity global set-up

·       Commodities:  Gold, Silver, Oil, natgas, AGGS, Industrial Metals 

·       Yields: 30Y Yields +.24% Currencies:  USA +.05%

·       News:   USA: Richmond FED, CB Consumer Confidence 10ET; FOMC Waller 10ET EUR: Private loans 0.6% vs 0.7% y/y JPN: CPI 3% vs 3.4%

·        Stocks:  PDD +14% SDRL +5% ZS -4% BNS -1.5%    Earnings moves ADBE -1.2% UK pushing back on Figma deal
Overview: USA SPY 453.3 displays support of 453 and 450 with resistance of 455 and 457.3. I expect the SPY to move +/- 1.67. QQQ 387.8 with resistance of 390 and 392 and support of 387.2 and 385, I expect it to move 2.32.  USA indices are pulling back premarket along with global indices.  Macro setup is negative with long yields higher and US$ lower.  Tech and small caps are taking a breather. TSLA is the only positive MAG7 with AMZN being the weakest. ZS earnings are weighing on security stocks. Positive movers are the energy complex, bitcoin names, and precious metal miners.  Indices are in positive gamma, which is supportive, but SPY has tested the bottom of the expected daily move so in my opinion caution is necessary if the level does not hold. Take care at 10ET with economic data and Waller speaking. Market moving data releases Wed and Th may lead to some hedging today which can dampen markets. Today’s daily expected move levels: SPY (457-453.6) QQQ (391.8-387.2), IWM (181.8-176.9) SPX(4576-4542.7). 

·       Stocks to watch BA, PDD, SDRL, BNS, ZS, SHOP 

·       Spec Names GFI, CROX, RIOT, AFRM

Pre-800ET
Earnings   SDRL, ZS, BNS, PDD

Indices /btc, USO, KWEB, EEM, GDX, XLE, UUP, EFA, TLT, XBI, IWM, XLK, XLY, QQQ, XLV, faangmt, HACK

S&P500 WRK, BA, IFF, EW 

IWM SWTX, CWEN, IMVT, CROX, MSTR, RIOT, FSLY
Movers PDD, SWTX, CG, IMVT, GFI, CROX, AU, LI, BA, RIOT, FSLY, AFRM, XPEV, ZS, SHOP, NVO, JD, AZN

Trade Idea: ZS

ZS pulled back on earnings after a beat but no change to guidance. Price dropped to the expected move of 177.5 and bounced to 182.2. I will take the Straddle approach: long > 184 and fade < 180 to 177.5 or lower.