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Swing Trade Idea – February 02, 2022

Market Setup 

•Global markets are positive with USA green, Europe green, Japan green, Hong Kong closed, China closed, Asia green

•Yields lower and curve flatter, negative for financials

•US dollar lower, positive for commodities

•News: USA ADP -301k vs 185k; Europe Core CPI 2.3% vs 1.9%; Canada Macklem speaking 15ET

•Stocks: GOOGL beat, special div, stock split; AMD beat and raise (Semi sympathy) ; PYPL miss (SQ AFRM sympathy), GM EPS beat; CPRI beat and raise; SBUX miss; SONY beat; MTCH miss

•Indices: USA indices are positive led by Nasdaq due to move in GOOGL and AMD. GOOGL will act as a brake on other stocks unless indices rise. SPX gamma is now positive which will reduce volatility. SPX levels to watch: Resistance: 4600  Support: 4550, 4520

•Sectors: Leading: Steel,faangmt, Semiconductors, homebuilders, Spec tech Lagging bitcoin, financials,

Stocks to watch: CPRI AMD SAIA GOOGL BBWI PYPL CHRW SQ  Spec Names: RUN BBWI BROS TOST DT

Movers

Earnings ABBV AU AMD BBWI BSX CB CHRW CPRI EA GILD GM GOOGL HUM  MTCH MSTR ODFL PYPL SBUX SLAB SONY WM

Indices SLX faangm SMH ARKK QQQ ICLN SOCL TAN FDN SKYY TAN XLE

S&P500 AMD GOOGL NVDA FB QCOM MPC DHI TMO AMZN ISRG EW EXC PYPL BSX MTCH GILD SBUX EA AMCR

Movers SWAV AMD CPRI DWAC UPS TOST FUN GOOGL DAVE BROS GLBE MOS EXC PYPL XMTR DT EHC MDC CRUS

WSB AMD NVDA AMZN NET  CCJ RBLX F RIVN PLUG AFRM

Trade Idea SQ

SQ pulled back with PYPL and is a bounce trade idea. Would look for pullback after the open for a long trade. Premarket low 115 needs to hold or a short trade can be available.  Similar idea can be used with PYPL