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Market Rap 01/24/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures trading around the middle of yesterdays range 401 the corresponding futures high

399.38 the pre mkt low

SPY 3 months, daily candles Daily uptrend continuation after pushing thru the recent highs from 1/17. Got back above/closed back above the 200 day MA (purple). (resistance)

402.65 the high from yesterday

405.50

410.49 (support)

395.72 the low from yesterday

395.72 the 200 day MA

393.04 the daily 12ema(white)

392.37 the 50 day MA(blue)

390.11 the 150 day MA(orange)

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

QQQ 5 days, hourly candles Nasdaq futures also cooling off from overbought conditions 289.31 the corresponding futures high

287.61 the pre mkt low

QQQ 3 months, daily candles Daily uptrend continuation after pushing into the lighter volume profile area that initially contained the move to start the year. Closed above the 150 day MA(orange). (resistance)

290.21 the high from yesterday

291.41

293.66 the 200 day MA(purple)

296.88 (support)

282.73 the low form yesterday

278.58 the 50 day MA(blue)

278.07 the daily 12ema(white)

275.71

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

Feb Vix futures 3 months, daily candles Trying to hold up at recent lows

Spot VIx 3 months, daily candles Hugging close to that all important 20 area

TLT 3 months, daily candles and 3yr, weekly candles Trying to hold up around the last daily "higher low" area from 1/17 (breached yesterday but closed back above) and the 12ema(white) of 105.91. If we see follow thru down under yesterdays low we lose the uptrend on that timeframe and will look for a weekly "higher low" anywhere above 99.35.

The weekly timeframe rejected at the early December resistance high (109.68) last week and further weekly consolidation looms if we lose the daily uptrend.


[BRIEFING.COM] S&P futures vs fair value: -7.50. Nasdaq futures vs fair value: -45.80.The S&P 500 futures are down 9 points and are trading 0.2% below fair value. The Nasdaq 100 futures are down 49 points and are trading 0.4% below fair value. The Dow Jones Industrial Average futures are down 89 points and are trading 0.2% below fair value. Equity futures indicate a lower open for the stock market due to some profit-taking activity following a big run over the last two sessions. Flash Manufacturing and Services PMI readings for the eurozone were mostly better than expected, but Manufacturing PMI remained below 50.0, indicating continued contraction in the sector. The 2-yr Treasury note yield is flat at 4.23% and the 10-yr note yield is down one basis point to 3.51%. The U.S. Dollar Index is down 0.1% to 102.09. Energy complex futures are moving higher this morning. WTI crude oil futures are up 0.6% to $82.11/bbl and natural gas futures are up 1.2% to $3.26/mmbtu. In corporate news:

  • 3M (MMM 116.00, -6.62, -5.4%): misses by $0.11, reports revs in-line; guides FY23 revs below consensus; guides FY23 EPS below consensus; to cut 2500 roles

  • Johnson & Johnson (JNJ 168.93, +0.62, +0.4%): beats by $0.11, reports revs in-line; guides FY23 EPS above consensus, revs in-line

  • Verizon (VZ 38.72, -0.91, -2.3%): reports EPS in-line, revs in-line; guides FY23 EPS below consensus

  • Travelers (TRV 185.99, -0.37, -0.2%): reports EPS in-line, revs in-line

  • Adv. Micro Devices (AMD 74.69, -1.84, -2.4%): downgraded to Market Perform from Outperform at Bernstein

  • General Electric (GE 80.43, +0.66, +0.8%): beats by $0.08, misses on revs; guides FY23 EPS below consensus

  • Alphabet (GOOG 100.08, -1.13, -1.2%): US expected to file antitrust lawsuit against Google (GOOG) today over alleged dominance in digital advertising, according to Bloomberg

  • lululemon athletica (LULU 309.60, -6.48, -2.1%): downgraded to Underperform from Market Perform at Bernstein

  • Halliburton (HAL 40.80, +0.23, +0.6%): beats by $0.05, reports revs in-line

  • Raytheon Technologies (RTX 97.50, +1.25, +1.3%): beats by $0.02, reports revs in-line; guides FY23 EPS in-line, revs in-line; plans to realign into three business segments

  • Lockheed Martin (LMT 448.74, +7.64, +1.7%): beats by $0.42, beats on revs; guides FY23 EPS in-line, revs in-line


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