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Market Rap 01/30/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures broke the lows from Friday and are selling off to the middle of Thursdays range; Just hitting the top of the oversold hourly RSI range 401.42 the pre mkt low

405.86 the after hours high from Friday

SPY 3 months, daily candles and 3 yr, weekly candles Solid green weekly candle last week as it tests key resistance at the late Nov/early Dec. highs. A reasonable spot to cool down against for FOMC week? S&P futures are under the lows from Friday currently, so a gap down open/daily consolidation to start the week is shaping up. (resistance)

408.16 the high form Friday

410.49 the 12/13 high (support)

403.44 the low from Friday, trading under there currently


397.98 the daily 12ema(white)

394.86 the 200 day MA(purple)

393.56 the last daily "higher low" and spot for bulls to stay anywhere above on daily consolidation

393.34 the 50 day MA(blue)

QQQ 5 days, hourly candles Slightly different look here as Nasdaq futures are attempting to hold up at Fridays lows, unlike the S&P 291.87 the pre mtk low

296.41 the after hours high from Friday afternoon

QQQ 3 months, daily candles Testing/started to peek thru Dec. highs/3month highs here on Friday - If we follow thru that level we'll zoom out and look for the next resistances from further back into '22; saw another close above the 200 day MA(purple). Currently testing the lows from Friday, so we'll watch to see if daily consolidation gets underway ahead of the FOMC on Wednesday. (resistance)

298.26 the 3month high from Friday (support)

292.50 the 200 day MA

291.88 the low from Friday


288.36 small open gap

287.90 the 150 day MA(orange)

284.88 the 12ema(white)

281.18 the last daily "higher low" and spot for bulls to stay anywhere above once daily consolidation does begin

279.51 the 50 day MA(blue)

Feb. Vix futures 3 months, daily candles Some lift/oversold daily bounce getting underway to start the week. A lift in volatility to start the week has been the pattern recently, after getting deflated to end the previous week. A reversion to the mean from extremely depressed end of week levels.

Spot Vix 3 months, daily candles Another little Vix Monday gap up, back to the 20 area; after hitting a new 3month low on Friday. 20's been the level it's been struggling to get back above/stay above this year; unlike most of last year. [BRIEFING.COM] S&P futures vs fair value: -39.00. Nasdaq futures vs fair value: -152.80.The S&P 500 futures are down 37 points and are trading 1.0% below fair value. The Nasdaq 100 futures are down 152 points and are trading 1.3% below fair value. The Dow Jones Industrial Average futures are down 211 points and are trading 0.6% below fair value. The stock market is poised for a lower open today after a big run recently, driven by a sense that the market is due for a pullback. This is in front of a heavy slate of news this week, including earnings reports from over 100 S&P 500 companies headlined by Meta Platforms (META), Alphabet (GOOG), and Apple (AAPL). Some of the more notable data releases this week include the Q4 Employment Cost Index, ISM Manufacturing and Non-Manufacturing Indexes, and the Employment Situation Report for January. Market participants are also aware that several influential central banks are holding meetings this week, namely the Federal Reserve, the Bank of England, and the European Central Bank. Investors are likely worried about the Fed pushing back against the recent market rally. Adding fuel to that worry, a Wall Street Journal Article over the weekend by Nick Timiraos indicated that Fed officials are concerned that inflation could reaccelerate due to tight labor markets. Treasury yields are inching higher this morning. The 2-yr note yield is up three basis points to 4.24% and the 10-yr note yield is up three basis points to 3.55%. There is no U.S. data of note today. In corporate news:

  • Colgate Palmolive (CL 72.31, +0.72, +1.0%): upgraded to Overweight from Equal Weight at Morgan Stanley

  • GE HealthCare (GEHC 69.60, -0.48, -0.7%): beats by $0.25, beats on revs; guides FY23 EPS above two analyst estimate

  • SoFi Technologies (SOFI 6.41, +0.47, +7.9%): reports Q4 (Dec) results, beats on revs; guides Q1 revs below consensus; guides FY23 revs in-line

  • Philips (PHG 17.96, +0.97, +5.7%): beats by €0.23, beats on revs; to eliminate additional 6K roles globally by 2025, presents its plan to create value with sustainable impact

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