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Swing Trade Idea – September 26, 2022

Color Key: Positive – Negative – Neutral

Market Setup

Market Setup- Pre 830ET

•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$ +.53% EUR -.38% YEN -.57% GBP -.78%

•News: USA: Mester 16ET; Powell and Durable goods pre-market Tues Europe: Lagarde 9ET

•Stocks: MLCO +9.8% LVS +6% WYNN +5% Macau open to tours; LESL +8% added to S&P600

•General: Leading: China Internet, bitcoin Lagging: Brazil, Energy, small-cap, Semiconductors

•Indices: Global assets are weak due to strong US$ (weak euro and pound).  S&P has been falling since the European open. SPY is at 365 gamma level which can serve as a pivot level with  369 and 370 targets above and support 364.4, 363.29, 360, and 358. VIX 30.9 implies a 1.9% daily move. VIX futures are inverted which is a warning flag today.  Markets are in negative gamma which can lead to larger than expected moves. June low 362.17 is a level to watch if markets move lower. SPY 360 is a major gamma level where bounce or acceleration is possible. In theory, markets are oversold and prime for a bounce but volatility suggests an elevated risk for a larger downdraft as is the volatility in the bond market

•Stocks to watch  MLCO LVS BABA  AAPL TSLA OXY FCX Spec Names DEI COIN

Pre-800ET

Earnings XRAY

Indices KWEB /btc  EWZ XLE IWM XOP EFA SOXX ARKK LIT JETS XLB EEM TLT GDX

S&P500 LVS WYNN MGM DVN SLB OXY MRO CVX HAL XOM FCX LIN APA BAC F TGT FANG

IWM TEN FRO AA ESTE NVAX AR CARG RUN SAVA PLUG ISEE

WSB NLY BBIG ARVL BABA NIO HUT DWAC CLOV TLRY BBBY TTCF NOK CCJ F

Trade Idea: TSLA
TSLA is a focus stock today as it has been outperforming S&P500 until Friday. Premarket low 269.8 and 270 is an important support level.  One can consider short below 269 and long above 280. The long target is 290 and 300 to the long side. Short side target 266.50 and then 250, 240