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Market Rap 01/05/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candlesS&P futures stayed within yesterdays range 382.19 the corresponding futures low

384.92 the pre mkt high so far

SPY 3 months, daily candles Sideways trading within the recent range continues as we chop around the 12ema (white)(resistance)

383.94 that 12ema

385.88-386.43 the high(s) from the past 2 days

387.41 the last daily "lower high"

387.89 small open gap

389.54 the 50 day MA (blue)

390.45 the 150 day MA (orange) (support)

380 the low from yesterday




QQQ 5 days, hourly candles Nasdaq futures trading contained within yesterdays range 264.40 the corresponding futures low

267.02 the pre mkt high

QQQ 3 months, daily candles Sideways action under the 12ema (white) continues. Bears waiting on a chance to see continuation of the downtrend, bulls hoping they can muster more than defense and go on offense to repair the chart damage. Inside bar day yesterday, watching for a break today/tomorrow. (resistance)

267.45 the high from yesterday

268.51 that 12ema


274.78 the last "lower high" and spot for bulls to get over to break the downtrend

277.74 the 50 day MA (blue) (support)



254.26 the low

Jan. Vix futures/Spot Vix 3months, daily candles Jan. Vix continues leaking to lower lows; Spot Vix staying sticky in the low 20s but unable to push much higher so far to start the year. The sideways action on the broad market will support this type of movement until the range breaks and the next direction is chosen. [BRIEFING.COM] S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: +16.00.The S&P 500 futures are up 1 point and are trading roughly in line with fair value. The Nasdaq 100 futures are up 12 points and are trading 0.1% above fair value. The Dow Jones Industrial Average futures are down 15 points and are trading roughly in line with fair value. The equity futures market is mixed and little changed as participants lack conviction. There's some mixed action in the mega cap space this morning. Those stocks have exhibited fickle behavior recently so market participants are in a wait-and-see mode ahead of the open. The Santa Claus rally ended with a net gain over the seven day stretch, which historically has been regarded as a positive sign for the start of the new year. The second ranking IMF official Gita Gopinath warned that the U.S. has not "turned the corner yet" on inflation, according to FT. The House failed to elect a Speaker yesterday and will return to session at 12:00 p.m. ET today to resume the voting process. The Treasury market trades in mixed fashion this morning. The 2-yr note yield is up two basis points to 4.39% and the 10-yr note yield is down two basis points to 3.70%. WTI crude oil futures are up 2.0% to $74.28/bbl and natural gas futures are down 2.8% to $3.67/mmbtu. Market participants will receive the following economic data today:

08:15 ET: December ADP Employment Change Report ( consensus 148K; Prior 127K)

  • 08:30 ET: Initial Jobless Claims for week ending Dec. 31 ( consensus 225K; Prior 225K) and Continuing Jobless Claims for week ending Dec. 24 (Prior 1710K)

  • 08:30 ET: November Trade Balance ( consensus -$76.4B; Prior -$78.2B)

  • 09:45 ET: December Final IHS Markit Services PMI (Prior 44.4)

  • 10:30 ET: EIA Natural Gas Inventories (Prior -213 bcf)

  • 11:00 ET: EIA Crude Oil Inventories (Prior 0.718M)

  • (AMZN 86.94, +1.80, +2.1%): Amazon plans to eliminate just over 18,000 roles; Several teams are impacted; however, the majority of role eliminations are in its Amazon Stores and PXT organizations

  • Walgreens Boots Alliance (WBA 36.65, -0.84, -2.2%): beats by $0.02, beats on revs; reaffirms FY23 EPS guidance, guides FY23 revs in-line

  • NovoCure (NVCR 133.00, +62.47, +88.6%): announces LUNAR study met its primary endpoint demonstrating statistically significant and clinically meaningful improvement in overall survival over standard therapies alone

  • Western Digital (WDC 34.87, +1.82, +5.5%): aiming to restart merger discussions with Kioxia Holdings Corp, according to Bloomberg

  • Coinbase (COIN 35.16, -2.54, -6.7%): downgraded to Market Perform from Outperform at Cowen

  • Microsoft (MSFT 229.83, +0.73, +0.3%): D.A. Davidson initiated coverage with a Buy

  • Helen of Troy (HELE 115.00, +2.42, +2.2%): beats by $0.15, beats on revs; raises bottom end of FY23 guidance

  • Silvergate Capital (SI 12.80, -9.15, -41.7%): was forced to sell assets at losses to cover withdrawals, according to WSJ; confirms select preliminary Q4 financial metrics and provides business update; Silvergate’s total deposits from digital asset customers declined to $3.8 billion at the end of the fourth quarter

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