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Market Rap 01/13/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures heading down to test the lows from yesterday as the reaction to bank earnings drag it lower 393.79 the pre mkt low so far

397.45 the corresponding futures high

SPY 3 months, daily candles A push thru the 200 day MA was turned back by close, with a doji candle (reversal? candle, 396.67 would be the level to open/close under to confirm the reversal doji). Daily uptrend in play with the 50 day MA, 150 day MA, 12ema, and the last daily "higher low" from Tuesday underneath as support. (resistance)

397.52 the 200 day MA (purple)

398.49 the high from yesterday (support)

392.42 the low from yesterday


390.65 open gap

390.29 the 50 day MA(blue)

389.53 the 150 day MA(orange)

386.27 the last daily "higher low" and spot for bulls to stay anywhere above once daily consolidation of this recent move gets underway

QQQ 5 days, hourly candles Nasdaq futures heading lower as well but holding up relatively better to the S&P due to lack of exposure to the big banks 276.06 the pre mkt low so far

279.16 the corresponding futures high

QQQ 3 months, daily candles A push and close back over the 50 day MA(blue) has bulls gaining some room for daily consolidation and a defense of that last daily "higher low", in the context of the daily uptrend. (resistance)

280.10 the high from yesterday

282ish area is the thickest chunk of volume profile resistance

283.01 the 12/15 high

283.19 small gap (support)

276.90 the 50 day MA

273.74 the low from yesterday


272.94 small open gap

271.53 the daily 12ema(white)

268.97 the last daily "higher low" and the spot for bulls to stay anywhere above once daily consolidation begins

January Vix futures 3 months, daily candles Pushing off yesterdays lows a bit off "oversold" levels, but still a pretty muted reaction so far

Spot Vix 3 months, daily candles Flush thru the psychological 20 level yesterday as we test the early December lows. Watching to see if it easily blows back thru that 20 level, or hits its head on it this time around. [BRIEFING.COM] S&P futures vs fair value: -30.80. Nasdaq futures vs fair value: -108.50.The S&P 500 futures are down 31 points and are trading 0.8% below fair value. The Nasdaq 100 futures are down 109 points and are trading 0.9% below fair value. The Dow Jones Industrial Average futures are down 243 points and are trading 0.7% below fair value. Things are more negative in the equity futures market today as participants digest the first slate of Q4 earnings reports. The stock market has had a good run leading up this point so there might be some profit taking activity behind this morning's weakness. The S&P 500 closed yesterday just shy of key technical resistance at its 200-day moving average. China reported a decline in imports (-7.5% yr/yr) and exports (-9.9% yr/yr) in December, but the numbers came in better than feared. The Bank of Korea raised its policy rate by 25 bps to 3.50%, as expected. Germany's 2022 GDP was up 1.9% versus the expected 1.8%. The 2-yr Treasury note yield is up two basis points to 4.16% and the 10-yr note yield is up four basis points to 3.48%. In corporate news:

  • Bank of America (BAC 33.80, -0.67, -1.9%): beats by $0.08, beats on revs

  • JPMorgan Chase (JPM 135.49, -4.00, -2.9%): beats by $0.47, reports revs in-line; provides FY23 guidance metrics in slide presentation

  • Virgin Galactic (SPCE 5.4500, +0.83, +18.0%): updates leadership structure; commercial spaceline operations on track for 2Q23 as previously announced

  • Tesla (TSLA 116.96, -6.60, -5.3%): lowers some US priced vehicles by 20% so more buyers qualify for a $7,500 tax credit, according to WSJ

  • UnitedHealth (UNH 484.92, -10.75, -2.2%): beats by $0.17, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance

  • Delta Air Lines (DAL 37.87, -1.73, -4.4%): beats by $0.14, beats on revs; guides Q1 EPS below consensus, revs above two analyst estimate; guides FY23 EPS in-line, revs above consensus

  • Salesforce (CRM 147.48, -2.12, -1.4%): downgraded to Neutral from Overweight at Atlantic Equities

  • Lockheed Martin (LMT 446.50, -15.24, -3.3%): downgraded to Sell from Neutral at Goldman Sachs

  • Boeing (BA 212.46, -1.86, -0.9%): 737 Max from China Southern Airlines (ZNH) took off from Guangzhou, according to WSJ

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