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Swing Trade Idea – November 24, 2021

Market Setup

•Global markets are weak with USA red, Europe red, Japan red, Hong Kong green, China green, Asia red

•Yield curve unchanged but long yields very active overnight

•US dollar higher – raising issues in countries like Turkey

News: Covid: Cases rising in Korea, Europe and USA; USA: Prelim GSP, UE claims, durable goods premarket, FED meeting minutes

•Stocks: TSLA lower as Elon sells stock; Retail stocks lower after JWN, GPS earnings miss; Techs mixed post EPS: ADSK PLAN VMW lower but DELL HPQ NTNX higher

•Indices: Risk-off setup with most world markets, and USA indices weak. With tech and financials weak in the USA there is the potential for correlated selling. Key SPX level to watch is 4670, below which selling can accelerate. SPY & QQQ 20 DMA are important support  levels to watch

Sectors: Leading: China Internet, long bonds, Cannabis Lagging: bitcoin natgas retail silver smallcaps

•Stocks to watch: GPS ADSK TSLA HPQ DE MSOS Spec Names: XPEV GENI

Movers

Earnings JWN GPS PLAN ADSK KC VMW HTHT DELL HPQ NTNX PSTG

Indices KWEB TLT MSOS AGG /BTC UNG XRT SLV IWM JETS IBB

S&P500 HPQ DE ETSY FISV BBY GPS ADSK NKE TJX QCOM LIN KHC MRNA UA ADBE F

Movers PSTG SLI HPQ FUTU DE GENI ETSY CSIQ DELL SPOT BBY DLTR  JWN PLAN GPS ADSK KC VMW RDS

WSB RBLX TLRY GME TSLA HUT RIOT 

Idea IWM

Markets are weak in the premarket and Russell 2000 is the weakest.  Look for R2k to lead lower if markets drop and rebound faster should they bounce. Premarket trading at 229.7. A break of 228.6 is a potential short level and a move over 230.5 is a potential long level.