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Market Rap 01/09/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures peeking thru the highs from Friday 390.05 the pre mkt high so far

387.58 the after hours low from Friday

SPY 3 months, daily candles Bulls flipped from defense to offense on Friday following the December jobs report. Punched thru the daily 12ema(white) on volume and went up and tested the 50 day MA(blue)/150 day MA(orange), and also filled the 12/15-12/16 gap. Unless bears find a way to quickly reverse the momentum today, bulls are negating the daily downtrend here as they push thru the most recent "lower high" areas. They'll still need to find a "higher low" then "higher high" whenever this run tops out, to confirm a new daily uptrend. (resistance)

389.25 the high from Friday, currently trading a bit over that level for the small gap up open set up ahead

389.61 the 50 day MA

390.05 the 150 day MA

395.25

396.31 small open gap

398.68 the 200 day MA (purple) (support)

383.98 the 12ema

378.76-379.41

377.83

376.42

374.77

QQQ 5 days, hourly candles Nasdaq futures also peeking thru Fridays highs 270.50 the pre mkt high

268.48 the after hours low from Friday

QQQ 3 months, daily candles The big move up here on Friday following the Dec. jobs report has it testing the last "lower high" area from 1/3, as bulls look to see some follow thru to start the week and break the daily downtrend. (resistance)

269.94 the high from Friday (trading a scooch above there currently)

270.15 that last "lower high" from 1/3

Over 271ish volume profile resistance lightens up

274.78

277.10 the 50 day MA (blue) (support)

267.65 the daily 12ema (white)

260.34 the low from Friday

259.08-259.73

January Vix futures 3 months, daily candles More lower lows here Friday, hanging out near those lows so far today

Spot Vix 3 months, daily candles The 50 day MA (blue) has been proving as "resistance" here since it got back below it in August. Both December bounces failed right there, and the attempt to push over that level to start the year was quickly reversed.

TLT 3months, daily candles and 3yr, weekly candles Convincingly got back above the 12ema here on Friday, on volume; with the next daily "higher low" set at Thursdays low of 101.78, just above the 50 day MA (blue).

The weekly bounce got underway last week as well, with the new weekly "higher low" now set at 99.35.


https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: +18.00. Nasdaq futures vs fair value: +59.80.The S&P 500 futures are up 17 points and are trading 0.5% above fair value. The Nasdaq 100 futures are up 61 points and are trading 0.5% above fair value. The Dow Jones Industrial Average futures are up 115 points and are trading 0.4% above fair value. The stock market is poised for a higher open driven by optimism that Friday's rally will continue as market participants take account of lower interest rates and the possibility of a soft landing. China removed all border restrictions, according to The Wall Street Journal. Representative Kevin McCarthy won the election for Speaker of the House after 15 ballots. Jair Bolsonaro supporters stormed Brazil's Congress and presidential offices, according to the NY Times. Economic data today is limited to the November Consumer Credit report (prior $27.0 billion) at 3:00 p.m. ET. The 2-yr Treasury note yield is flat at 4.27% and the 10-yr note yield is up three basis points to 3.60%. In corporate news:

  • CureVac (CVAC 10.46, +2.20, +26.6%): announces positive data on joint COVID-19 and Flu mRNA vaccine development programs

  • lululemon athletica (LULU 288.59, -40.67, -12.4%): provides mixed guidance ahead of ICR Conference

  • Visa (V 220.30, +2.55, +1.2%) and Mastercard (MA 373.50, +5.83, +1.6%): upgraded to Overweight from Sector Weight at KeyBanc

  • Uber (UBER 27.13, +0.73, +2.8%): upgraded to Overweight from Neutral at Piper Sandler

  • Macy's (M 21.00, -1.13, -5.1%): provides Q4 guidance ahead of its ICR Conference; reiterates EPS outlook, expects to reach low-end to mid-point of revenue guidance; says it believes the consumer will continue to be pressured in 2023

  • CinCor Pharma (CINC 27.31, +15.53, +131.8%): to be acquired by AstraZeneca (AZN) for $26.00 per share in cash plus a non-tradable CVR of $10.00 per share in cash payable upon a specified regulatory submission of a baxdrostat product.

  • Albireo Pharma plc (ALBO 42.80, +19.98, +87.6%): to be acquired by Ipsen (IPSEY) for $42.00 per share plus CVR of $10.00 per share related to the U.S. FDA approval of Bylvay in biliary atresia

  • Amryt Pharma (AMYT 14.51, +7.50, +107.0%): plc to be acquired by Chiesi Farmaceutici S.p.A. for $14.50 per ADS

  • Life Time (LTH 12.34, -0.47, -3.7%): sees Q4 revs below consensus

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