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Market Rap 02/01/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures going sideways in the upper third of yesterdays range 404.61 the pre mkt low

406.48 the after hours high from yesterday before futures opened

SPY 3 months, daily candles Next daily "higher low" set at Mondays low, just above the 12ema(white). We'll see what kind of whippage we get out of the FOMC and Powell at 2et. (resistance)

406.53 the high from yesterday


410.49 (support)

400.77 the low from yesterday

400.28 that new daily "higher low" and spot for bulls to stay above to keep the uptrend in their favor on this timeframe

399.63 that 12ema

394.49 the 200 day MA(purple)

393.60 the 50 day MA(blue - close to crossing back above the 200 day MA)


QQQ 5 days, hourly candles Nasdaq futures went sideways in the upper third of yesterdays range, now testing yesterdays highs 295.03 the pre mkt high

293.01 the corresponding futures low

QQQ 3 months, daily candles A push and close back above the 200 day MA(purple), and trying to set the next daily "higher low" at Mondays low (need a bit more follow thru IMO).

Awaiting the FOMC to see how the charts get whipped up. (support)

292 that 200 day MA

289.89-290.20 the lows from the past 2 days


288.36 small open gap

287.88 the 150 day MA(orange)

287.08 the 12ema


279.71 the 50 day MA(blue) (resistance)

294.72 the high from yesterday


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

Spot Vix 3 months, daily candles Unable to stay above 20 [BRIEFING.COM] S&P futures vs fair value: -9.00. Nasdaq futures vs fair value: -1.00.The S&P 500 futures are down 9 points and are trading 0.2% below fair value. The Nasdaq 100 futures are down 2 points and are trading roughly in line with fair value. The Dow Jones Industrial Average futures are down 116 points and are trading 0.3% below fair value. Equity futures indicate a lower open as investors await the FOMC policy decision at 2:00 p.m. ET. Market participants are largely expecting a 25 basis point increase to bring the fed funds rate to 4.50- 4.75%. The hesitation in play this morning is connected to Fed Chair Powell's press conference and what tone he might take about the Fed's path forward. Investors are also digesting some mixed earnings news, which is receiving mixed reactions. However, selling has been more pronounced than buying, adding to the sense that the market got ahead of itself with the January rally. Eurozone CPI and core CPI trended better than expected and Manufacturing PMI readings from Italy and France returned into expansionary territory (i.e. above-50 readings). Market participants will receive some closely watched employment data this morning in the form of the January ADP Employment Change at 8:15 a.m. ET and the December JOLTS - Job Openings at 10:00 a.m. ET. Also, the January ISM Manufacturing Index will be released at 10:00 a.m. ET. The weekly MBA Mortgage Application Index fell 9.0% with purchase applications declining 10.0% and refinancing applications falling 7.0%. In corporate news:

  • Snap (SNAP 9.83, -1.73, -15.0%): beats by $0.02, reports revs in-line; internal forecast for Q1 revenue below consensus; not providing Q1 EBTIDA guidance

  • Peloton (PTON 13.69, +0.76, +5.9%): misses by $0.34, beats on revs; guides Q3 revs in-line

  • Adv. Micro Devices (AMD 77.79, +2.64, +3.5%): beats by $0.02, beats on revs; guides Q1 revs in-line

  • Western Digital (WDC 42.22, -1.73, -3.9%): misses by $0.29, beats on revs; guides MarQ EPS below consensus, revs below consensus; announces $900 million convertible preferred equity investment led by Apollo-Managed Funds

  • Match Group (MTCH 49.54, -4.58, -8.5%): misses by $0.33, reports revs in-line; guides Q1 revs below consensus; guides FY23 revs in-line

  • Juniper Networks (JNPR 31.53, -0.77, -2.4%): reports EPS in-line, misses on revs; guides Q1 EPS in-line, revs in-line

  • Electronic Arts (EA 116.00, -12.68, -9.9%): beats by $0.23, misses on revs; guides Q4 EPS below consensus, revs below consensus

  • Baidu (BIDU 144.83, +10.15, +7.5%): Blackrock increased passive stake to 6.6% (prior 3.5%)

  • Mondelez Int'l (MDLZ 66.92, +1.48, +2.3%): beats by $0.03, beats on revs; to sell developed markets gum business in the U.S., Canada and Europe to Perfetti Van Melle

  • Waste Mgmt (WM 150.88, -3.85, -2.5%): misses by $0.12, reports revs in-line; guides FY23 revs below consensus; intends to raise dividend

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