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Swing Trade Idea – April 25, 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: Yields lower curve flatter

•News: China: Concern of Beijing Covid lockdown – China lockdowns affecting commodity demand and shipping Europe: Macron won CAD: Macken speaking; Oil: China demand down due to Covid

•Stocks: PHG miss; KO beat; TWTR set to accept Elon 54.20 offer(fluid) – may be negative for TSLA;

•Indices: World indices weak with USA indices red with DJIA strongest. Breadth is broadly negative. Premarket movement is muted. SPY is between 420 and 425 gamma levels; QQQ between 320 and 325 levels. Look for acceleration or bounces at the gamma levels. VIX futures are flat May-Oct which is a high risk signal.  Vix level corresponds to a > 1.9% daily move. Major earnings and month end this week will keep vol hi.

Stocks to watch: TWTR KO AAPL TSLA GOOGL NVDA CCJ Spec Names:  AMPL NIO RIOT

Pre-800ET

Earnings AJRD ATVI KO

Indices TLT AGG UUP yen GDX LIT XOP /btc XLE XME SLV KWEB FEZ JETS TAN EEM

S&P500 TWTR PENN AMD KO NEM TSLA APA FCX DE NUE MOS CCL NVDA TMO F SCHW DAL BA K CTRA

Movers TWTR OTIS BMRN KO PHG WIX NEM TSLA USO GOLD TREX AZN GME NVDA NFLX

WSB CCJ BABA NIO TSLA CLF NVDA F

Trade Idea: SPY
Premarket SPY is between 420 and 425.  420 is a major gamma level where a bounce or major move lower is expected. 425 can act as resistance or a level where acceleration to upside can occur. Breadth today is correlated hence index focus.