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Market Rap 01/03/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures surged thru last Thurs/Fri highs and have now pulled back to the top of that breakout 386.83 the pre mkt high

381.10 the corresponding futures low

SPY 3 months, daily candles Chopping sideways just above recent lows the last 6 trading days. Shaping up to open around last Thursdays highs, and test the daily 12ema (white) first thing. (support)

378.43 Fridays low

376.42

374.77 (resistance)

382.58 Fridays high - trading above there currently for the gap up open set up

384.35

384.54 that daily 12ema

387.41 the last daily "lower high"

387.89 small open gap

389.04 the 50 day MA (blue)


QQQ 5 days, hourly candles Nasdaq futures surged thru last Thurs/Fri highs and have now pulled back to the top of those highs |269.86 the pre mkt high

264.80 the corresponding futures low


QQQ 3months, daily candles Daily downtrend in play as bulls try to play defense above the lows from last year, and see follow thru on the daily bounce attempt. Inside bar day from Friday attempting to break bull first thing based on current futures action.

(resistance)

266.41-267.40 the Fri./Thurs. high - trading just above those levels currently as the gap up open sets up

268.04

269.83 the daily 12ema (white)

270.51

274.78 the last daily "lower high" and spot for bulls to push over if they want to break the downtrend on this timeframe (support)

262.25-262.29 the lows from Thurs/Fri

259.08-259.73

254.26

January Vix futures 3 months, daily candles The muted/weak action to end last year continues as some marginal new lows are being touched

Spot Vix 3 months, daily candles Different look here with a "gap" up to start the year

$DXY 3 months, daily candles Strong candle to start the year here as it finally pushes over the 12ema on the daily (white)

TLT 5 days, hourly candles and 3 months, daily candles Strong start to the year here as well, and setting up for a gap up over the 50 day MA (100.89)


https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: +12.50. Nasdaq futures vs fair value: +56.00.The S&P 500 futures are up 14 points and are trading 0.3% above fair value. The Nasdaq 100 futures are up 60 points and are trading 0.5% above fair value. The Dow Jones Industrial Average futures are up 120 points and are trading 0.3% above fair value. The stock market is poised to start this first trading day of the month and new year on an upbeat note. Gains are likely driven by some bargain hunting activity following a lousy year in 2022. The thinking that the pressure from tax loss selling has dissipated is likely helping the bargain hunting bid. Manufacturing PMI's released over the weekend out of Asia and Europe all came in below 50, indicating global manufacturing remains in a state of contraction. Treasury yields are noticeably lower as participants continue to deal with concerns over economic weakness and the fear of a policy mistake. The 2-yr note yield is down six basis points to 4.36% and the 10-yr note yield is down 12 basis points to 3.76%. The U.S. Dollar Index has made a big move this morning, up 1.1% to 104.69. Separately, the new Congress convenes today with Republicans taking control of the House. A closely watched vote for House Speaker will also take place later today. Market participants will receive the following economic data today:

  • 9:45 a.m. ET: IHS Markit Manufacturing PMI final for December reading (prior 46.2)

  • 10:00 a.m. ET: Construction Spending for November (prior -0.3%)

In corporate news:

  • Tesla (TSLA 118.00, -5.18, -4.2%): reports Q4 deliveries of 405K vehicles; Piedmont Lithium amends agreement with Tesla (TSLA); Piedmont has agreed to deliver approximately 125,000 metric tons of SC6 to Tesla beginning in H2 2023 through the end of 2025

  • Wynn Resorts (WYNN 85.91, +3.44, +4.2%): upgraded to Overweight from Equal Weight at Well Fargo; Optimism connected to reports of Macau reopening

  • PayPal (PYPL 73.04, +1.82, +2.6%): upgraded to Buy from Hold at Truist

  • Ally Financial (ALLY 24.31, -0.14, -0.6%) downgraded to Equal Weight from Overweight at Barclays

  • Li Auto (LI 21.70, +1.30, +6.4%): reports December deliveries increased 50.7% yr/yr


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