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Swing Trade Idea – April 22, 2022

Market Setup pre-800ET

•Global Markets:  USA, Europe, Japan, China, Hong Kong Asia – Weak  global set-up

•Commodities:  Precious metals, oil and natgas, Grains, industrial metals (aluminum, copper, nickel palladium, zinc)

•Yields: Yield curve flattening in premarket

•News: USA: Powell: May 50bps increase on table, labor market unsustainably hot; Nomura thinks 75 bps; PMI 9:45ET  Europe: PMI beat, UK retail sales miss; Lagarde 9ET CAD: Retail sales 830ET; Oil: China demand down due to Covid

•Stocks: JD special dividend; SNAP miss but not as bad as it could be; GPS guided down Q1 sales low-mid teens vs mid-hi (Apparel co’s hit); CLF beat raises FY22 prices; HCA cuts guidance due to labor costs; ISRG beat but supply chain issues; AXP beat and confirmed guidance

•Indices: USA indices muted bounce from overnight lows with QQQ leading and DIA lagging. Key support levels: SPY 435 QQQ 330 Resistance: SPY 440 442  QQQ 335 340 ; Indices are negative gamma so expect larger moves. Friday opex can lead to large moves late in day. QQQ looks favored over 335 and AAPL is a name that may be bid with earnings next week.

•Stocks to watch: CLF JD TSLA AAPL KMB SNAP GPS Spec Names:  UPWK XM

Pre-800ET

Earnings FE ISRG PPG SNAP AXP CLF GNTX HCA IBN KMB NEM RF SAP SLB

Indices KWEB ICLN EEM UUP fang JETS /btc GDX SLV GLD LIT DBC XOP XLE

S&P500 HAN SLB UAL DOW AAL FB MOS GPS ISRG NEM BWA APTV TPR TJX UAA LIN GE XOM

Movers CLF HBAN DQ PHG SLB DOW UBS NVS AXTA FB ISRG SAP HSBC NEM DVN PINS SNAP TS HA JBLU

WSB CLF BABA PLUG CCJ NIO RIVN HOOD AMD F 

Trade Idea: AAPL
AAPL is a day trade bounce idea. Earnings are next week and AAPL can lead if QQQ bounce. Premarket high 167.50.  Target 170 but only above premarket high. 167 is high volume price level last 10d