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Swing Trade Idea – January 26, 2022

Market Setup 

•Global markets are generally strong with USA green, Europe green, Japan green, Hong Kong green, China green, Asia mixed

•Yields unchanged

•US dollar higher in premarket

•News: BOC statement 11ET; FOMC 1400ET;

•Stocks: MSFT raised guidance with cloud; TXN guidance raise; GLW beat; MAT DIS deal; BA miss due to 787 delays

•Indices: USA indices strong led by QQQ. Market dropped on MSFT earnings release and then bounced on guidance. Premarkets are risk-off with tech and heavily shorted names leading. Indices are extended premarket so some take care chasing into FOMC. VIX futures are starting to normalize and Vix lower will naturally lift markets.  Gamma levels: Resistance 4450 450  Support 4400 4300.  SPX 4300 is a critical pivot level.

•Sectors: Leading: Spec Tech, bitcoin, faangmt, semiconductors Lagging: gold euro staples insurance

Stocks to watch: MSFT TXN TSLA GLW  ABT Spec Names: PLTR DKNG PLUG MMTR ARKK

Movers

Earnings CADE CNI COF MSFT NAVI TXN ABT ADP ANTM APH BA FBP FCX GD GLW HES KMB KNX NSC NYCB PGR ROL T TEL

Indices ICLN BLOK /btc ARKK faangmt SMH IGV SOXX yen euro

S&P500 GLW PENN TXN MSFT F ETSY TSLA NOW HES AMAT ENPH NVDA FCX AMD FFIV KMB NLSN HAS GILD ABT GD CLX

Movers GLW PSFE MSFT PLTR NIO TSLA AMAT HOOD TS CRNC TLRY ALB FFIV NAVI NLSN GILD GD ANTM

WSB PLUG NIO TSLA PLTR RBLX AFRM NVDA F SOFI HOOD

Trade Idea ARKK

ARKK is a risk-on idea if the beaten down companies continue to run. Extended in pre-market, likely pulls back. Premarket high 73.3 can be used for a momentum trade with 78 a target should risk-on continue. Note FOMC today and can consider post meeting once market chooses a direction which could be a sharp move. DKNG, PLTR, MTTR are 3 individual ideas