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Market Rap 01/06/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures bounced back to the middle of yesterdays range (including pre mkt) and now is back testing yesterdays lows ahead of the Dec. Jobs report at 8:30et

381.36 the corresponding futures high

378.99 the pre mkt low so far

SPY 3months, daily candles The sideways action under the 12ema (white) continues, along with the last 3 weeks being spent back under the 50 day MA(blue). Will that range break after the Dec. jobs report? Stay tuned. (support)

378.76 the low from yesterday





363.54 (resistance)

381.84 the high from yesterday

383.24 that daily 12ema



387.89 small open gap

389.55 the 50 day MA

QQQ 5 days, hourly candles Nasdaq futures saw it's bounce attempt ultimately result in a break of yesterdays lows here in pre mkt 263.11 the corresponding futures high

260.69 the pre mkt low so far

QQQ 3 months, daily candles Heading to test the recent lows after a 12ema(white) test rejection/reversal to start the year.(support)

261.26 the low from yesterday

259.08-259.73 last important support before the low of

254.26 from 10/13 (resistance)

264.21 the high from yesterday

267.44 that 12ema



277.41 the 50 day MA (blue)

Jan. Vix futures and Spot Vix 3months, daily candles Broad market trading within the recent range keeping the action here muted. Finding new lows and expanding that range to the downside seems to be the only thing that would get the Vix complex going back to the upside. [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -17.00.The S&P 500 futures are flat and are trading roughly in line with fair value. The Nasdaq 100 futures are down 15 points and are trading 0.2% below fair value. The Dow Jones Industrial Average futures are up 18 points and are trading slightly above fair value. Equity futures are mixed and little changed ahead of the December Employment Situation Report at 8:30 a.m. ET. Investors will be acutely focused on the average hourly earnings number in that report, which will drive expectations for the potential Fed rate hike path. There is an added sense of anxiousness surrounding this report after strong labor data this week, including the November JOLTS - Job Openings Report, the December ADP Employment Change Report, and initial jobless claims for the week ending December 31. Treasury yields are inching higher in anticipation of the jobs report. The 2-yr note yield is up four basis points to 4.49% and the 10-yr note yield is up one basis point to 3.73%. The U.S. Dollar Index is up 0.5% to 105.56. Energy complex futures are losing ground this morning. WTI crude oil futures are down 0.5% to $73.27/bbl and natural gas futures are down 3.7% to $3.30/mmbtu. Other data releases today include:

  • 10:00 ET: November Factory Orders ( consensus -0.4%; Prior 1.0%)

  • 10:00 ET: December ISM Non-Manufacturing Index ( consensus 55.0%; Prior 56.5%)

In corporate news:

  • Tesla (TSLA 103.45, -6.92, -6.3%): cuts China prices, according to WSJ

  • Southwest Air (LUV 32.85, -0.68, -2.0%): expects to report a Q4 net loss driven by a preliminary estimated fourth quarter 2022 pre-tax negative impact in the range of $725-825 mln

  • World Wrestling (WWE 79.50, +7.46, +10.4%): trades higher on report Vince McMahon plans to return, according to WSJ citing sources

  • Silvergate (SI 10.81, -1.76, -14.0%): downgraded to Neutral from Overweight at JPMorgan

  • Baxter (BAX 52.90, +0.33, +0.6%): announces strategic actions to enhance operational effectiveness, accelerate innovation for patients and drive value for shareholders

  • Bank of America (BAC 33.80, -0.27, -0.8%) and JPMorgan Chase (JPM 134.45, -0.90, -0.7%): downgraded to Hold from Buy at Deutsche Bank

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