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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 – Neutral global set-up

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

·       Yields: 30Y Bond -0.1% Currencies: USA$ +.03% CAD -0.04% YEN-.7%  BTC/USD -1.5% Vix: 16.7

·       News:  USA: CPI 830ET; Powell 10ET; 10y Bond auction 13ET  JP: Tool orders 4.7% y-y prior 12.6%
Stocks: Z-5% WAB-5% KHC-5% SMCI +14% EW +3% GILD+4.3% CFLT+13.7% DASH+5.7% UPST+25% MCY+19% CVS+10% QSR+3% EPS TSLA Upgrade

·       Overview: SPY 599.8 Expected move 4.7 Resistance 603 604 605   Support 600; QQQ 523 Expected move 4.8 Resistance 525 527 Support 523 522 520. USA indices fell post CPI print with 3% y-y vs 2.9 expected; 0.5% m-m vs 0.3% expected. Reaction is yields higher, equity lower with small caps the weakest as expected. SPY 600 is the put wall and below can lead to a larger drawdown and conversely above can lead to a bounce as shorts and puts cover. MAG7 are lower ex-TSLA which was upgraded and oversold. China names (e.g. BABA) are higher despite the rise of US$ which is impressive. SMCI the beleaguered name is higher likely since results not worse than expected but still has not filed the SEC docs from last quarter. Earnings names to watch: CFLT UPST SMCI. INTC is continuing to move higher after a large move Tues.  Powell is speaking again today, likely not significant. Today will be a battle between macro and flows with SPY 600, SPX6000 the key levels where bounce or breakdown expected. Below SPX 6000, 5950 and 5900 would be the downside levels. Often there are bounces after bad data due to puts covering so keep an open mind.
 
Expected Move SPX (6115-6021) SPY (610-600.6) QQQ (532.8-523.2) IWM (228.6-222.8)

Stocks to watch TSLA, BABA, INTC, NVDA, TLT, GLD Speculative SMCI, CFLT, DASH, UPST
Pre-800ET
Indices KWEB, FXI, $USD, MSOS, IWM, ARKK, IGV, XLRE, KRE, TLT, GDX, SMH

S&P500 SMCI, CVS, INTC, GILD, KHC, SW, ANET, VMC, GEV, VST, UBER, TGT, PLTR, LRCX, AMAT, MU, IP, FIS, NCLH, PYPL, UAL

Trade Idea: SPY

S&P500 is pulling back with CPI higher than expected. Price is below the SPY 600 put wall. SPX 6020-6000  is likely support or SPY 50sma 598.65. Often the market bounces as shorts cover and 600 is a level that needs to hold for bulls to be in control.