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Market Rap 01/27/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures going sideways in the upper third of yesterdays range 404.90 the after hours high from yesterday before futures opened

403.20 the pre mkt low

SPY 3 months, daily candles Daily uptrend continuation after filling the opening gap; Next daily "higher low" set at Wednesday's low of 393.56, just above the 50 day MA. (resistance)

404.92 the high from yesterday

405.50 the 12/14 high

410.49 (support)

400.03 the low from yesterday

396.58 the 12ema(white)

395.03 the 200 day MA(purple)

393.13 the 50 day MA(blue)

QQQ 5 days, hourly candles Nasdaq futures also sideways in the upper third of yesterdays range 293.53 the after hours high from yesterday before futures opened

291.34 the pre mkt low

QQQ 3 months, daily candles and 1yr daily candles Daily uptrend continuation and a push above/close above the 200 day MA(purple) - first time in almost a year (closed above one day in late March '22 before a violent reversal). (resistance)

293.52 the high from yesterday

296.88 the 12/13 high

303.02 (support)

288.52 the low from yesterday

288.36 open gap

287.82 the 150 day MA(orange)

282.81 the 12ema(white)

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

279.29 the 50 day MA(blue)

Feb. Vix futures 3months, daily candles Scraping recent lows

Spot Vix 3 months, daily candles Seems to be magneting towards that recent 18.01 low; Break that and we zoom out to find the next lower levels from over a year ago [BRIEFING.COM] S&P futures vs fair value: -13.50. Nasdaq futures vs fair value: -69.50.The S&P 500 futures are down 14 points and are trading 0.3% below fair value. The Nasdaq 100 futures are down 71 points and are trading 0.6% below fair value. The Dow Jones Industrial Average futures are down 17 points and are trading slightly below fair value. Equity futures are mixed and little changed this morning. The hesitation is likely due to a nagging sense that the market is due for a pullback and a wait and see perspective in front of the December Personal Income and Spending report at 8:30 a.m. ET, which includes the Fed preferred inflation gauge in the form of the core-PCE Price Index. Also, a pronounced disappointment from Intel (INTC), along with disappointing guidance from KLA Corp. (KLAC), has reined in some of the enthusiasm for semis and other tech stocks. Hasbro's (HAS) earnings report, meanwhile, has offered another indication that the economy is in a weaker state after the company highlighted softening consumer demand and announced it will cut approximately 15% of its workforce. A 5.0% gain in American Express (AXP), though, after the company issued above-consensus FY23 guidance, has helped offset some of the fallout from other earnings disappointments. Separately, House Republicans are considering a short term extension of the debt limit until September 30, according to Bloomberg. In corporate news:

  • Visa (V 227.00, +2.29, +1.0%): beats by $0.17, beats on revs

  • L3Harris (LHX 202.00, +5.46, +2.8%): misses by $0.01, beats on revs; guides FY23 EPS in-line, revs in-line

  • Intel (INTC 27.22, -2.87, -9.5%): misses by $0.10, misses on revs; guides Q1 EPS below consensus, revs below consensus

  • KLA Corporation (KLAC 409.38, -19.38, -4.5%): beats by $0.29, beats on revs; guides Q3 EPS midpoint below consensus, revs midpoint below consensus

  • Hasbro (HAS 60.15, -3.63, -5.7%): guides Q4 below consensus; cites a challenging holiday consumer environment; COO to step down; to eliminate approximately 15% of its workforce and implement leadership and other organizational changes

  • Chevron (CVX 184.83, -2.96, -1.6%): misses by $0.20, beats on revs

  • Colgate-Palmolive (CL 73.10, -2.43, -3.2%): reports EPS in-line, beats on revs; guides FY23 EPS in-line, revs in-line

  • American Express (AXP 163.82, +7.94, +5.1%): misses by $0.17, reports revs in-line; guides FY23 EPS above consensus, revs above consensus; plans dividend increase

  • Charter Comm (CHTR 400.00, -10.39, -2.5%): misses by $1.26, reports revs in-line

  • Eastman Chemical (EMN 88.90, -2.85, -3.1%): misses by $0.35, misses on revs; guides FY23 EPS above consensus

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