.

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 +.27% Currencies: USA$ +.02% CAD +.13% YEN-.6%  BTC/USD -2% Vix: 19.4

·       News: USA: PCE 830ET CDN: GDP 830ET
Stocks: DELL-5.9%, HPQ-2.6%, NTAP-12.5%, RKLB -16%, ADSK+.9% EPS  
Overview: SPY 587 Expected move 5.7 Resistance 589 590 591 Support 585; QQQ 501.4 Expected move 7.1 Resistance 505 507 510 Support 500 495. USA econ data: Core PCE m/m 0.3%, personal spending -0.2% m/m vs 0.2%. Canadian GDP 0.2% vs 0.3%. Reaction to data was TLT slightly lower indicating inflation concerns continuing. Market cap weighted indices are approaching oversold mostly due to an unwind from the widely held MAG7 and the retail faves. Mag7 premarket are mildly positive ex NVDA and TSLA which continue to be distributed. DELL lower on an earnings miss which is spilling over to the troubled SMCI and the AI names which are under distribution e.g. PLTR. RKLB negative reaction is spilling over into other space names like LUNR and ASTS. Bitcoin continues to be sold, reflecting the current disdain for risk and affecting bitcoin related names. Rather than selling all stocks , the market has been rotating from speculative and tech names into staples, financials and DJIA names which is a positive. Investor sentiment is very negative and implied volatility is elevated, which is a set-up for a bounce; however as we saw Thurs they are using bounces as ways to exit positions. NVDA is the key stock to watch today as it continues to slide through support levels. It is weekly Opex so may see some pops as TSLA NVDA put owners close positions.

Expected Move SPX (5918-5804), SPY (591-579), QQQ (507-493), IWM (215-210)

Stocks to watch XLF, NVDA, SMCI, PLTR, DELL Speculative RKLB, LUNR
Pre-800ET
Indices XLF, XLP, TLT, RSP, SPY, ETHE, IBIT, KWEB, FXI, ARKK, ARKG, UNG, GDX, USO

S&P500 AES, SMCI, DELL, PLTR, NVDA, WBA, VST, TSLA,
Other BE, STLA, RKLB, LUNR, VNET, OKLO, XPEV, NBIS, NNE, ASTS, HMY

Trade Idea: NVDA

NVDA Put Wall is 115 and the key level to the downside where bounce or acceleration is possible. Large positions at 120 which may be resistance on a bounce or acceleration above. Today’s option expiration may lead to a bounce as puts expire however the March expiration is much larger so a bounce due to Opex today may be fleeting. Note that volume support is minimal below 115 to is a critical hold level for bulls and ergo important to the market cap weighted indices.