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Swing Trade Ideas – March 23, 2021

Market View

World markets are weak with USA mixed, Europe red, Japan red, Hong Kong red, China red and Asia red. Yield curve is flatter with yields lower, which weighs on the financials and small caps and supports momentum growth. US dollar higher is negative for equities and commodities.  Oil is sharply lower and testing  an important support level. Bitcoin is weak premarket down .4%.  Nasdaq is outperforming and small caps underperforming, similar to Monday’ setup. FAANGMT are mixed with TSLA and NFLX leading and AAPL lagging. Semiconductors are continuing to have strength. 3900 is an important SPX support level and 3850 is a level where selling can accelerate. 3950 is an important resistance level. News: Powell and Fed members are speaking which can move the bond market and hence the stock market; AZN vaccine report is being questioned by a USA agency – relevant since Europe is relying on it. NFT related companies are the new hot money target

Stocks to Watch

Earnings HUYA TME  ETFs TLT FXY QQQ GLD XLE JETS EEM EWZ IWM XLF SLV XLI XBI DIA  S&P500  CB REGN AMAT TXN TSLA MCHP NFLX INTC ZBRA MU UNP VIAC DISCA OXY MRO ; WSB Names RBLX TSLA RKT GME NOK AMD AMC XNDL APA TLRY  Leaders TKAT AMTX  NFT JFIN TKAT HOFV Bitcoin UEPS CAN NCTY EBON DPW SOS GBTC MSTR

Stock Idea; NFLX

NFLX is outperforming in premarket and is in the XLC which has relative strength. NFLX is below resistance at 533.34 which can lead to a breakout if exceeded. 550 is a potential target for a breakout