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Market Rap 02/02/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures trading sideways in the upper end of yesterdays big range 413.59 the corresponding futures high

410.15 the after hours low from yesterday before futures opened

SPY 6 months, daily candles Breaking over 3month resistance, so zooming out to the 6month chart to look for the next levels. Volume resistance profile lightening up more the higher we go. Nice daily uptrend continuation off the 12ema(white) after the FOMC. Hourly/4hr RSI is heated after that rocket yesterday, so expecting some type of cool off soon-ish. (resistance)

413.67 the high from yesterday

419.96

421.22 open gap

425.26

425.50 small open gap

428.61-429.50

431.73 (support)

402.35 the low from yesterday

401.35 that 12ema

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

QQQ 5 days, hourly candles Nasdaq futures pushing thru yesterdays highs after the strong bullish reaction to the META earnings report 306 the pre mkt high

300.50 the after hours low from yesterday before futures opened

QQQ 6 months, daily candles Daily uptrend continuation and a push over 3 month resistance; Testing levels last seen in Sept. '22. Hourly/4hr/12hr RSI is really heated currently, so expecting some short term cool down soon-ish. (resistance)

303.43 the high from yesterday - trading above there currently for the gap up open set up

308.18 fills the open gap from 9/9-9/13 (Friday-Monday)

311.08( support)

292.30 the low from yesterday

291.81 the 200 day MA(purple)

289.89 the last daily "higher low" and spot for bulls to stay anywhere above whenever daily consolidation begins, in order to maintain the uptrend on this timeframe

289.21 the daily 12ema(white)

Feb. Vix futures 3 months, daily candles Crushed back to oversold RSI once again

Spot Vix 3 months, daily candles Follow thru down on the 1 year lows. 16.34 was the 2022 low.

https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: +16.80. Nasdaq futures vs fair value: +171.80.The S&P 500 futures are up 15 points and are trading 0.4% above fair value. The Nasdaq 100 futures are up 170 points and are trading 1.4% above fair value. The Dow Jones Industrial Average futures are down 147 points and are trading 0.4% below fair value. Equity futures are mixed largely due to mixed reactions to the latest slate of earnings news. A big gain in Meta Platforms (META), along with other mega cap stocks trading up in solidarity, helps to boost the Nasdaq 100 futures and S&P 500 futures while losses in Honeywell (HON) and Merck (MRK) weigh on the Dow Jones Industrial Average futures. Treasury yields are still moving lower after yesterday's rally on the heels of Fed Chair Powell's comments. The 2-yr note yield is down three basis points to 4.08% and the 10-yr note yield is down two basis points to 3.38%. The Bank of England raised its bank rate by 50 bps to 4.00%, as expected. The central bank believes that inflation in the U.K. and other economies has already peaked. The ECB will announce its policy decision at 8:15 a.m. ET. House Speaker Kevin McCarthy was optimistic, following meeting with President Biden, that both sides can find common ground on the debt limit. However, Mr. Mccarthy said that Republicans will not accept a clean debt ceiling increase without conditions, according to CNN. Market participants will receive the following economic data today:

  • 8:30 ET: Weekly Initial Claims (Briefing.com consensus 201,000; prior 186,000), Continuing Claims (prior 1.675 mln), preliminary Q4 Productivity (Briefing.com consensus 2.5%; prior 0.8%), and preliminary Q4 Unit Labor Costs (Briefing.com consensus 1.5%; prior 2.4%)

  • 10:00 ET: December Factory Orders (Briefing.com consensus 2.2%; prior 1.0%)

  • 10:30 ET: Weekly natural gas inventories (prior -91 bcf) In corporate news:

  • Meta Platforms (META 182.20, +29.03, +19.0%): beats by $0.77, beats on revs; guides Q1 revs in-line, lowers FY23 total expense guidance, also lowers capex guidance; also announces a $40 bln increase to share repurchase authorization; Will be more proactive about cutting underperforming or noncritical projects in FY23

  • Qorvo (QRVO 111.88, -1.65, -1.5%): beats by $0.12, beats on revs; guides Q4 EPS below consensus, revs below consensus

  • e.l.f. Beauty (ELF 68.44, +9.93, +17.0%): beats by $0.25, beats on revs; guides FY23 EPS above consensus, revs above consensus

  • C.H. Robinson (CHRW 98.20, -3.92, -3.8%): misses by $0.31, misses on revs

  • Corteva (CTVA 62.82, -1.66, -2.6%): beats by $0.10, beats on revs; guides FY23 EPS below consensus, revs below consensus

  • Stanley Black & Decker (SWK 88.00, -3.16, -3.5%): beats by $0.24, beats on revs; guides FY23 EPS below consensus

  • Honeywell (HON 197.51, -9.21, -4.5%): beats by $0.01, reports revs in-line; sees Q1 EPS and revenue below consensus; guides FY23 EPS in-line, revs in-line

  • Merck (MRK 104.72, -2.26, -2.1%): beats by $0.08, beats on revs; guides FY23 EPS below consensus, revs in-line

  • Canada Goose (GOOS 23.30, -1.35, -5.5%): misses by CAD0.33, misses on revs; guides Q4 EPS below consensus, revs in-line; lowers FY23 EPS below consensus, revs below consensus

  • Eli Lilly (LLY 337.00, -5.57, -1.6%): beats by $0.24, misses on revs; raises FY23 EPS guidance above consensus, reaffirms FY23 revs guidance

  • Harley-Davidson (HOG 49.70, +2.98, +6.4%): beats by $0.21, reports revs in-line

  • Estee Lauder (EL 270.00, -10.80, -3.9%): beats by $0.25, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs in-line

  • Hanesbrands (HBI 7.20, -1.51, -17.3%): misses by $0.01, reports revs in-line; guides Q1 EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs below consensus


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