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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 +.19% Currencies: USA$ +.33%, CAD -.16%, YEN-.42%, BTC/USD +1.7%, Vix: 17.05

·       News: USA: PMIs 945ET; Consumer sentiment 10ET CDN: Retail sales EUR: MFG PMI better than expected but < 50, Services weaker but > 50
Stocks: AKAM -9.4%, SFM-3.2%, PODD-0.8%, XYZ-9.2%, NU-7.8%, RIVN-8.4%, VIPS+5.3%, FIVN+17% EPS BABA+3.9% Continuation of China stocks CELH+32% short squeeze on buying Alani Nu; UNH-11.5% DOJ investigating Medicaid billing. UNH is heavily weighted in DJIA and XLV  
Overview: SPY 610.8 Expected move 3.3 Resistance 613.7 615 Support 610 609 608 607; QQQ 539.2 Expected move 3.9 Resistance 540 541 545  Support 536 535 533. USA indices are mixed with IWM positive and leading and DJIA lagging and in the red. DJIA is price weighted and UNH is a major weighting which is weighing on DJIA and the XLV. Macro factors are mixed with US$ higher and 10y yield lower. Small caps are sensitive to yields and have lagged, hence a larger bounce than the S&P500. MAG7 are all green led by META which is at the important 700 level. NVDA earnings next week and price above 140 premarket may lead to another attempt to bounce it. China stocks remain hot and the chase continues with BABA still lifting (140 is call wall so take care) VIPS up on earnings and smaller names like KC BILI LI FUTU all benefiting from the rising tide.  Today is Opex with SPX AM and PM settled options. The premarket rise may be attributed to expiration of SPX puts and what will be key for bulls is SPX remaining above 6100 or SPY > 610. QQQ is testing the 540 call wall which can act as resistance or acceleration above which will need some MAG7 support. Week after Opex is usually more volatile with larger moves possible in either direction and NVDA potentially serving as a catalyst. Set-up premarket is risk-on with bitcoin, IWM bouncing, will need to see if it can follow through. USA PMI and consumer sentiment data may be market moving so take care 945-10ET. Some large earnings moves and can be watched for reversion or continuation. XYZ, FIVN, AKAM, RIVN are some to watch. CELH and UNH are 2 big movers to watch as well. 
Expected Move SPX (6150-6084) SPY (613.7-607) QQQ (541-533) IWM (226-222.4)

Stocks to watch NVDA, BABA, VIPS, UNH, XYZ, AKAM, NU Speculative   CELH, LI
Pre-800ET
Indices ETHE, KWEB, FXI, IBIT, ARKQ, IWM, TLT, QTUM, UUP, XLV, USO, GDX, GLD, XLE

S&P500 SMCI, PLTR, UNH, AKAM, CVS, TGT
Other CELH, FIVN, WRD, INOD, KC, VIPS, BILI, VNET, LI, FUTU, TME, COIN, IONQ, BABA, PDD, XYZ, NU, RIVN, HMY, GSK, TEM

Trade Idea: UNH

UNH is the falling knife of the day on a WSJ report that DOJ is investigating for Medicaid payments. Price has pulled back to April lows. Price is below most put strikes and potential that monetizing of the puts can lead to a bounce. Could be a bounce candidate > 440 with target the 38.2 Fib 462 or 480 which was prior support. Need to be careful as falling knives can hit one in the foot.