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Swing Trade Idea – September 19, 2022

Color Key: Positive – Negative – Neutral

Market Setup

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

•Commodities:  Gold, Silver, Oil and natgas, Grains, Industrial Metals

•Yields: Yields higher

•US$ +.22% EUR -.17% YEN -.45% GBP -.31%  Swiss -.17%

•News: USA: Biden will defend Taiwan,NAHB housing 10ET Europe: Bundesbank warned German growth contract in winter months

•Stocks: AZO +1% EPS beat; TTWO -4.2% Grand Theft Auto leaked online; BLUE +8.5% dug approved COIN -4.5% bitcoin lower; WIX +5% Activist investor; PRPL KNBE acquisition offers; NFLX +2.2% upgrade; Housing builder names upgraded; KGC buyback; Porsche IPO

•General: Leading: Solar Lithium  Lagging: Bitcoin Energy, Spec tech, materials

•Indices: Global indices broadly weaker premarket. SPY currently below 385 gamma level with 385, 390  resistance and 380 strong support. QQQ below 290 gamma level which is resistance and above 285 support. VIX 27 implies 1.7% daily move. SPY 380 is a major level where bounce or major breakdown is expected.  Macro data light so trading will be driven by fund flows and can lead to larger moves towards end of day

•Stocks to watch:  NFLX WIX AAP LEN  FCX ARRY OXY TSLA  AAPL FDX ADBE Spec Names: KNBE MSTR RIOT 

Pre-800ET

Earnings AZO

Indices TAN DBC SMH IWM XBI XLF XLB ARKK XOP XLE

S&P500 NFLX IP PKG TTWO DVN MRO APA NTAP CTRA OXY SLB FCX XOM CVX PXD COP

IWM MSTR FRO VERU SI CPRX ESTE PBF AR RRV SMCI PLUG GME

WSB PRPL ALLK BLUE ARRY AZO LEN KBH KGC MSTR RIOT MARA COIN TTWO TTE BBBY USO NTAP TSLA AAPL

Trade Idea: SPY
SPY currently 382.6 premarket and premarket low 381.5. 380 is a major gamma level and a potential bounce level or a major breakdown level. Long targets 385 and 390. Indices oversold and no macro news – leaning long today but open minded.