.

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

Market Setup- Pre-730ET

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

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

·         Yields: 30Y Bond -0.24%  Currencies:  USA$ +0.22% CAD -0.02% YEN-0.35%  BTC/USD-4.85%  Vix: 17.15

·         Stocks:  INTU-5.8% BJ-0.9%   PDD+5.6% EPS  
Events: USA: Powell Jackson Hole Speech 10ET
Equity: Global indices pulling back post Fri squeeze post Powell’s Jackson Hole speech with exception of China names which are continuing to be bid with PDD (stock is wilting premarket)  earnings the latest catalyst.  KDP lower on an acquisition of Peets; WSM, RH lower on Trump furniture tariff tweet; VRNT higher on story of a buyout. MAG7 are pulling back premarket with Fri leaders AMZN TSLA META leading to the downside and GOOGL, NVDA relative outperformers ahead of NVDA earnings Wed. Bitcoin is the big mover with IBIT, ETHA -4.7% weighing on related names like MSTR, RIOT, COIN. Bitcoin is sometimes an early indicator for risk assets so take note. Much of the rise in equities and commodities Fri was due to a sharp drop in the US$ with Powell’s speech interpreted as a swing to prioritizing jobs over inflation. This week’s PCE, GDP and NVDA earnings will be significant this week.  Today SPX0DTE Iron Condor sets a range of 6425-6470 and typically one of these levels will be touched. 6400 remains a key support level and 6500 is resistance into end of Sept due to JPM collared ETF. Pay attention to the daily expected moves today as the Fri squeeze has created low volume support below.

SPY 643.937.5 with Resistance at 644, 645, and 648 and Support at 643 and 642  QQQ 570.2 with Resistance at 571, 572, and 575 with Support at 568 and 565
Daily Expected Move. SPX(6495-6438)  SPY(648-642) QQQ(576-568)  IWM(237-232)

Stocks to watch INTC, NVDA, WSM, W, IBIT, MSTR, Speculative PDD, TIGR, RIOT  
Pre-800ET
Indices MSOS, KWEB, USO, UUP, GDX, ETHE, IBIT, UNG, ARKF, ARKK, EFA, TLT, SLV, QQQ, XLY, XLK

S&P500  INTC, KDP, COIN, PLTR

Other VRNT, TIGR, PDD, BABA, BIDU, INTC, SMR, JD, RBLX, VALE,  KDP, ETHA, IBIT, MARA, MSTR, RIOT, COIN, BTI, S, PLTR

W

Furniture names are lower with Trump tweeting that will be investigating tariffs on furniture. 70 is a large options level which is a bounce or acceleration level. < 70 68.5 is the top of a gap which extends down to 65. RH and WSM are other furniture names moving lower. Given that USA has little 100% USA furniture mfg, a clarification taco moment is possible and with W high short interest, a strong bounce is possible.