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Market Rap 01/20/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles

S&P futures tightening up in the middle of yesterdays range 390.19 the corresponding futures high

388.36 the pre mkt low

SPY 3 months, daily candles Daily consolidation continued yesterday with a gap down open below the 50 day MA(blue), 12ema(white) and 150 day MA(orange). The gap missed filling by .20 after yesterday afternoon's oversold hourly bounce. Bulls hoping to pivot around here and keep the daily uptrend intact; moving average resistance now back overhead. (support)

387.26 the low from yesterday

386.27 the spot for bulls to pivot above to keep the uptrend intact

378.76-379.41 (resistance)

390.90 the 12ema

391.08 the high from yesterday

391.28 small open gap

391.68 the 50 day MA

396.28 the 200 day MA(purple)

QQQ 5 days, hourly candles Nasdaq futures seeing some benefit from the positively received NFLX earnings report, testing yesterdays highs currently 277.17 the pre mkt high so far

274.90 the after hours low from yesterday before the NFLX report/futures opened

QQQ 3 months daily candles Daily consolidation saw continuation here with a gap down open below the 50 day MA(blue)/close below, and a test of the 12ema(white) with a close back above. Ideally bulls would love to see it stop here and find the next daily "higher low" - by breaking back thru yesterdays high and seeing some follow thru. (support)

274.90 the daily 12ema

273.89 yesterdays low

272.94 small open gap

268.97 the last daily "higher low" with bulls needing a pivot anywhere above there in order to keep the uptrend on this timeframe intact (resistance)

277.38 the high from yesterday

277.67 small open gap

277.89 the 50 day MA (blue)


Feb. Vix futures 3 months, daily candles A test/brief push thru the daily 12ema (white) was reversed by the close. Hanging out near yesterdays lows currently; watching to see if the bounce was another dead cat/short term oversold reaction, or if it can become something different than what we've seen over the past 3months - which has been to ultimately get rejected around that level.

Spot Vix 3 months daily candles Another back off just under the 50 day MA(blue)

Watching to see if we can hold above 20 as support. [BRIEFING.COM] S&P futures vs fair value: +13.00. Nasdaq futures vs fair value: +84.30.The S&P 500 futures are up 13 points and are trading 0.3% above fair value. The Nasdaq 100 futures are up 86 points and are trading 0.7% above fair value. The Dow Jones Industrial Average futures are up 18 points and are trading 0.1% above fair value. Equity futures are somewhat positive, but little changed from their flat lines as investors digest the latest slate of earnings news. There's likely some hesitation in play after several downbeat sessions had the main indices give back some of their 2023 gains. Treasury yields and the U.S. Dollar Index are moving higher this morning. The 2-yr note yield is up four basis points to 4.16% and the 10-yr note yield is up three basis points to 3.43%. The U.S. Dollar Index is up 0.3% to 102.35 with USD/JPY +1.3% to 130.10. Energy complex futures are mixed. WTI crude oil futures are up 0.6% to $81.09/bbl and natural gas futures are down 0.7% to $3.10/mmbtu. Economic data today is limited to the December Existing Home Sales ( consensus 3.96 million; prior 4.09 million) at 10:00 a.m. ET. In corporate news:

  • Netflix (NFLX 336.80, +21.02, +6.7%): misses by $0.39 due to FX remeasurement, reports revs in-line, paid net adds of 7.66 mln tops prior guidance; guides Q1 EPS below consensus, revs above consensus, expects positive paid net adds yr/yr; appoints new co-CEOs

  • Nordstrom (JWN 16.19, -1.26, -7.2%) significantly lowers FY22 EPS guidance, company took additional markdowns to finish year with healthy inventory position

  • Alphabet (GOOG 97.18, +3.27, +3.5%): decided to reduce its workforce by approximately 12,000 roles; India Supreme Court will not block Google antitrust ruling, according to Reuters

  • Wayfair (W 41.49, +2.58, +6.6%): details update to cost efficiency plan - to reduce workforce by ~10%; expected to accelerate the timeline for adj EBITDA breakeven to earlier in 2023

  • PPG Industries (PPG 126.86, +3.26, +2.6%): beats by $0.09, beats on revs; guides Q1 EPS below consensus

  • Ally Financial (ALLY 27.41, +1.22, +4.7%): beats by $0.08

  • Regions Financial (RF 22.10, +0.41, +1.9%): beats by $0.06, beats on revs; sees total FY23 adjusted revenue growth of +8-10% to $7.73-7.88 bln vs. $7.805 bln Capital IQ consensus

  • SLB (SLB 58.23, +0.85, +1.5%): beats by $0.03, beats on revs; raises dividend

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