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Market Rap 01/11/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures peeking thru yesterdays highs

391.94 the pre mkt high

390.12 the corresponding futures low

SPY 3 months, daily candles Yesterdays daily consolidation held above the 12ema(white) and went back up and closed above the 150 day MA(orange) and the 50 day MA(blue). Bears were unable to do anything with the reversal from Monday and bulls came back in. Its choppy looking but it can be argued we have a new daily uptrend in play here. (support)

389.94 that 50 day MA

389.76 the 150 day MA

386.27 the low from yesterday

385.50 that 12ema

378.76-379.41 the last daily "higher low" area (resistance)

390.65 the high from yesterday - trading above there currently for the gap up open set up

393.70

395.25

396.31 small open gap

398.10 the 200 day MA (purple)

QQQ 5 days, hourly candles Nasdaq futures also pushing over yesterdays RTH high 272.01 the corresponding futures low

273.80 the pre mkt high

QQQ 3 months, daily candles Yesterdays daily consolidation stopped right at the 12ema(white) as bulls played defense at that level and are now looking to go back on offense as they set up for a small gap up open over yesterdays highs. It was a yucky looking candle from Monday, but bulls are putting together a new daily uptrend here. (support)

268.97 the low from yesterday

268.82 that daily 12ema

260.34 the last daily "higher low" (resistance)

272.94 the high from yesterday

275.29

276.95 the 50 day MA(blue)

277.77

280ish the next heavier volume profile resistance

January Vix futures 3 months, daily candles Another rejection at its' 12ema(white) and big crush lower. Hanging out near those lows currently.

Spot Vix 3 months, daily candles 50 day MA (blue) continues to be the ceiling; Finding some lower lows this year as we head to the 20 psychological level test.

https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: +7.00. Nasdaq futures vs fair value: +18.00.The S&P 500 futures are up 6 points and are trading 0.2% above fair value. The Nasdaq 100 futures are up 16 points and are trading 0.2% above fair value. The Dow Jones Industrial Average futures are up 53 points and are trading 0.2% above fair value. The equity futures market is slightly positive, but market participants lack conviction ahead of the December Consumer Price Index (CPI) on Thursday followed by bank earnings reports on Friday. Concerns about the Fed triggering a hard landing and earnings estimates possibly getting cut further have driven choppy price action in the market, so investors will be keenly focused on the CPI report and the start of Q4 earnings reporting season. The World Bank lowered 2023 global growth expectations to +1.7% from +3.0% expected six months ago and sees 2024 global growth +2.7%. A short time ago, the FAA tweeted "The FAA is still working to fully restore the Notice to Air Missions system following an outage. The FAA has ordered airlines to pause all domestic departures until 9 a.m. Eastern Time to allow the agency to validate the integrity of flight and safety information." The 2-yr Treasury note yield is down one basis point to 4.25% and the 10-yr note yield is down three basis points to 3.59%. In corporate news:

  • Apple (AAPL 130.75, +0.02, flat): will make screens in house next year and move away from Samsung, according to Bloomberg

  • CarMax (KMX 65.50, -1.89, -2.8%): downgraded to Underweight from Neutral at JPMorgan

  • Coinbase (COIN 42.18, -1.05, -2.4%): downgraded to Underperform from Neutral at Bank of America

  • General Motors (GM 37.27, +0.16, +0.4%): named a top pick for 2023 by Goldman Sachs

  • Tesla (TSLA 121.23, +2.38, +2.0%): named a top pick for 2023 by Goldman Sachs; Tesla considering spending $775 mln to expand Austin, Texas factory, according to WSJ

  • Keysight (KEYS 175.78, -2.23, -1.3%): downgraded to Neutral from Buy at JPMorgan

  • World Wrestling (WWE 93.99, +3.75, +4.2%): Board of Directors unanimously elects Vince McMahon Executive Chairman; Co-CEO Stephanie McMahon to step down

  • Salesforce (CRM 143.13, -4.31, -2.9%): downgraded to Underperform from Market Perform at Bernstein

  • ICHOR Corporation (ICHR 25.09, -4.58, -15.4%): guides Q4 and 1Q23 revs below consensus due to weakness in wafer fab equipment demand

  • Warner Bros. Discovery (WBD 12.78, +0.22, +1.8%): upgraded to Buy from Neutral at Guggenheim


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