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Laurie’s Abbreviation Index:

** ‘div’ – dividend 

** ‘m/m’ – month over month

** ‘y/y’ – year over year

** ‘Inven’ – inventories

** ‘mfg’ – manufacturing 

** +/- – plus or minus, positive or negative

** Underlined text – higher volume premarket

** ‘d’ – day

** ‘Y’ – year

**govt – government 

Color Key: Positive – Neutral – Negative

Global Markets:  USA, Europe, Japan, China, Hong Kong – neutral set-up

·       Commodities: Gold, Silver, Oil, natgas, AGGS, Industrial Metals, Bitcoin

·       Yields: 30Y Bond +0.38%, Currencies: USA$ +0.12% CAD +0.12% YEN-0.17% BTC/USD -1.6% Vix: 15.7

·       Stocks: EPS
Events: USA: no major reports
Equity: USA indices are slightly lower premarket, with small caps outperforming. Europe stocks are lower, but Asia stocks are higher. MAG7 are general lower with TSLA and META leading to the downside and MSFT and GOOGL outperforming. Semis are weaker with AMD, AVGO and QQQ underperforming the QQQ . Crypto assets pulled back Sunday with both ETHE and Bitcoin lower to the bottom of the daily expected move. ETHE was rising with an elevated IV, which is often a signal for a short-term top. COIN, RIOT, HOOD, and the usual crypto suspects are pulling back. Note that crypto is an early signal for a reduction in liquidity which can lead to equity weakness. Healthcare is continuing to outperform with UNH continuing to be bid post Buffet 13F filing and NVO higher on news that Wegovy can be used to treat MASH. PANW, WMT, TGT, BIDU, HD, TOLL are reporting this week and are names to watch. China names are bid despite last week’s weaker economic data. S&P gamma support is weaker post Opex with 6430 0DTE support and 6460 resistance, and 6400 the line in the sand. Correlation is falling, which means that rotation is to be expected with premarket signal that healthcare outperforming and crypto and speculative tech underperforming. SPY and QQQ will take direction from MAG7 names

SPY 642.7 Resistance 645 646.4 Support 642 640, QQQ 576.3 Resistance 579 580 Support 575 574
Daily Expected Move. SPX(646.4-6420), SPY(646.4-640.5), QQQ(581.5-573.2), IWM(229.2-227.1)

Stocks to watch UNH, NVO, ETHA, IBIT, COIN, TSLA Speculative KC, RUN, SBET
Pre-800ET
Indices KWEB, MSOS, TLT, SLV, GLD, XLV, UNG, ETHE, IBIT, ARKK, FEZ, AMH, ARKF, EFA, QQQ

S&P500 DAY, UNH, COIN, PLTR

Other KC, RUN, NVO, XPEV, UNH, CRWV, BULL, HIMS, BMNR, SBET, SOUN, ETHA, MARA, TEM, MSTR, RIOT, HOOD, IONQ

ETHA

ETHE has pulled back from overbought levels and premarket has made a 38% Fib retracement.  ETHE has been strong and the pullback potentially can lead to a bounce or alternatively the downtrend can continue. ETHE reached the bottom of the daily expected move premarket which is a statistically large move lower. Can consider 32 as a stop level for a bounce. There is gap < 31.68 which will signal that the downtrend may continue. Crypto assets are often an early signal for equity therefore continued weakness in crypto is worth noting.