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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 – Positive global set-up

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

·       Yields: 30Y Bond -0.51%  Currencies: USA$ -.24% CAD +0.01% YEN-0.62% BTC/USD+.43% Vix: 23.6

·       News: USA: UofM consumer sentiment and inflation expectations 10ET

·       Stocks: LI-3.5%, RBRK+17%, CCL+6%, ULTA+8%, GOGO+9%, DOCU+10.8% EPS
Overview: SPY 557 Expected move 6.4 Resistance 559 560 565 Support 555 550; QQQ 474.7 Expected move 6.6 Resistance 475 480 Support 470.  Global indices are higher premarket potentially due to shorts covering ahead of the weekend or S&P hitting the magical 10% correction or the USA politicians kicking the debt ceiling football. As expected the names/sectors the most oversold/most crowded are bouncing led by NVDA which is shocking but can attach a report that Tencent is buying a ton of export approved GPUs. The usual AI cohort AVGO MU HPE et al. are bouncing as shorts take profit. Bitcoin, ARK are bouncing which is a setup for a risk-on day however given that pops have been sold, one needs to be wary. US$ is lower which is positive for foreign equities led by China and Europe; gold which is making a new high and silver, which is now gathering optimism from traders that it will follow gold’s path.  Indices are in negative gamma, hence large intraday moves are expected. SPY and QQQ are close to the top of the daily expected move hence may be approaching resistance or a potential to cross the chasm and squeeze higher. SPY 600, SPX5600 are levels that need to be surmounted to suggest that the down side momentum is reversing. So far fading the move below these levels has been lucrative. The UofM report at 10ET is potentially market moving. Fridays have typically been violent in both directions and with Mercury entering retrograde today need to be prepared for moves in either direction.

Expected Move SPX (5585-5457), SPY (557.8-545), QQQ (475-462), IWM (200-196)

Stocks to watch GLD, SLV, NVDA, TSLA, META, TLT Speculative RBRK, SMTC, IONQ, SMCI
Pre-800ET
Indices IBIT, KWEB, FXI, ETHE, ARKK, MSOS, SMH, ARKG, IGV, XLK, FEZ, QQQ, TLT, UUP

S&P500 SMCI, PLTR, MU, NVDA, AVGO, TSLA, CCL, AMZN, AMD, GOOGL, HPE, MSFT, INTC

Trade Idea: QQQ

QQQ has bounced to the top of the daily expected move with MAG7 leading. 475 is a key level, above it can squeeze to 480 or be rejected yet again with a move to 472.5 and potentially 470 which is the put wall and support on a pullback. Take care at 10ET with UofM report.