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  • Swing Trade Idea – September 13, 2022

    Sep 13, 2022 Uncategorized Comments Off on Swing Trade Idea – September 13, 2022

    Market Setup

    USA CPI print was hotter than expectations and markets are reacting with equity indices moving lower, US$ higher. Higher beta stocks, high short interest names, and commodities linked to the US$ (e.g. miners) are expected to underperform. FAANGMT stocks are important to watch today due to the market weighting.

    •Stocks to watch: TSLA RCL AMZN FCX AAPL Spec Names: GETY

    Trade Idea: SPY
    SPY is pulling back from overbought post the CPI release. Levels to watch are 405, 400 which can be used as inflection levels where bounces or breakdown can occur, Below 400 there is volume support at 398. Bounce at the open is possible but high probability of failure. SPY < 397 increases the odds of a test of 395 and 390.

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