.

  • Swing Trade Idea – November 17, 2022

    Nov 17, 2022 Uncategorized Comments Off on Swing Trade Idea – November 17, 2022

    Color Key:

    Red- Negative

    Purple-Neutral

    Blue-Positive

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

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

    •Yields: Yields are lower

    •US$ +.78% Euro -.7% Yen -.85% GBP -0.98%

    •News: USA: Bullard 8ET , Philly Fed, UE claims, Building Permits 830ET Japan: Trade balance -2.3T Europe: CPI 10.6% Y-Y

    Stocks: NVDA +.5% earnings miss.  CSCO +3.8% EPS beat; BABA -3% Rev miss; BJ +3% EPS beat M +6% EPS beat BBWI +20% EPS beat KSS -3% withdrew guidance 

    •General: Leading: US$ Lagging:  Brazil China_internet, spec_tech Energy Emerging_Markets faangmt

    •Indices: The USA indices are pulling back since the European open. The US$ and yields are sharply higher which in my opinion is a negative catalyst for financial assets. The SPY 391 has major support at 390 which displays a bounce or breakdown can be expected in my analysis.  The SPY support is 390, 385, and 380 with resistance of 395 and 400. The QQQ 282 displays being above a 280 support with 275 and 270 support with a 285 resistance.  In my opinion, the weakness is broadbased with a large cap displaying on tech, financials, energy and healthcare being lower. The SPY 390 is at a critical level for today in my analysis with potential for a large downdraft if it is not defended.  In my opinion the US$ is a key indicator to watch, if a pullback is displayed in my opinion, it will lead to markets bouncing.

    •Stocks to watch:  NVDA CSCO BBWI TSLA AAPL BABA  Spec Names: M BJ ARKK

    Pre-800ET

    Earnings LX DAO CSCO JMIA BJ SQM NVDA DOLE CPRT IIVI BABA KSS WB NTES

    Indices UUP /btc EWZ KWEB ARKK LIT EEM XLE IWM ICLN XLB EFA SPY QQQ faangmt

    S&P500 BBWI CSCO NCLH NFLX META PFG CVX MMM FCX AAP RCL XOM SEDG DU OXY DVN SLB

    IWM M BJ SONO ERII ARNC ABR PLUG X CLF RUN AA TWST

    WSB BOWL PLUG AFRM UPST COIN NIO NET BABA

    Movers BBWI M CSCO BJ SONO TCOM DLO JWN ZIM SQM BZ WB NCLH ABR KSS NFLX PHG EQNR SBLK LI

    My Trade Idea:SPY
    The SPY is pulling back with a rising US$ and a higher yield. Broadbased is selling since 3ET with a price approaching a major support of 390. I will be looking for a bounce of 390, and potentially be on the look for a display below and a bounce to 395. My alternative is a larger drawdown to 385 or 380 if the 390 does not hold.

0 comment
Top