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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

** ‘Y’ – year

**govt – government 

Color Key: Positive – Neutral – Negative
Global Markets:  USA, Europe, Japan, China, Hong Kong Asia – Negative global set-up

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

·       Yields: 30Y Bond +.3%  Currencies:  USA$ -.15% CAD +.19% YEN+.27%  BTC/USD -1%  Vix: 17.75

·       News:  USA: Chicago PMI, Pending Home sales 830ET JP: mfg PMI 49.6 vs 49.5

·       Stocks: BA-3.3% 737 crash in Korea 

·       Overview: SPY 589.2 support 586.4 585 and resistance 590 593 SPY expected move +/- 3.9 QQQ 516.9 with support 515 513.2 resistance 520 525  expected move +/- 4.7. USA indices are selling down in NY premarket with weakness in tech and 2024 leaders. SPY and QQQ are below the daily expected move and now negative gamma which can lead to further move lower. Volume will be light so index movement will be controlled by 0DTE traders. MAG7 are all in the red led by TSLA, NVDA. Most are oversold and can continue lower but look to see reaction to bounces. Bitcoin is lower and taking down the related names like MSTR, MARA, COIN. Positive moves in TLT and natgas related names like EQT, CTRA.  SPX 5900 is a level to watch for a reaction move. There is some positive gamma at 5890 which may act as support if 5900 doesnt hold. These are short puts so can accelerate lower if it breaks.

Expected moves SPY (598.9-591.1) QQQ (527.3-517.9) IWM (224.7-220.1) SPX (6009.8-5931.8)

Stocks to watch EQT, TLT, CTRA, USO, ETHE, TSLA, NVDA, BA, AVGO Speculative MARA, RGTI, SMCI, ACHR

Pre-800ET
Indices UNG, ETHE, USO, TLT, GLD, ARKK, IBIT, QQQ, SMH, XLK, SPY, IGV, XLF, XLY, XLC

S&P500 EQT, VRSN, CTRA, BA, TSLA, PLTR, AVGO, SMCI, NVDA, MU, NFLX, GOOGL, DELL, INTC, BAC, META, ANET, AMZN, AAL, CRWD

Trade Idea: TSLA

TSLA is leading the QQQ to the downside. TSLA moves in 5 increments due to the option structure. Below 420 can look for 415 410 400. Weekly expected move low 403. Above 420 can bounce to 425 430. TSLA is technically oversold so bounce at the open would be expected. To avoid shorting in the hole or a bear trap; look for bounce that fails at vwap before shorting.