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Market Rap 02/08/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures trading in the upper third of yesterdays big range 415.77 the corresponding futures high

413.56 the corresponding futures low


SPY 6 months, daily candles The next daily "higher low" is set just above the 12ema(white) again; heading back up to test the recent highs (resistance)

416.49 the high from yesterday

418.31

419.96

421.22 small open gap

425.26

425.50 small gap

428.61

431.73 (support)

407.57 the low from yesterday and the new daily "higher low"

407.23 that daily 12ema

400.28


QQQ 5 days, hourly candles Nasdaq futures also trading in the upper third of yesterdays range 310.79 the corresponding futures high

308.76 the corresponding futures low

QQQ 6 months, daily candles Next daily higher low set here at Mondays low; heading up to test the recent highs from last Thursday (resistance)

311.03 the high from yesterday

312.39-313.68

321.51

322.08 open gap (support)

302.22 the new daily "higher low" and spot for bulls to stay anywhere above to maintain the daily uptrend

298.23 the daily 12ema(white)

292.30

291.16 the 200 day MA(purple)

Feb. Vix futures 3 months, daily candles Daily "lower high" set here right around the 12ema(white); Inside bar so far today within yesterdays range, watching to see if we break yesterdays lows and head right back to the recent lows from 2/2, or if it can hold up and then pivot to higher highs over that 12ema

Spot Vix 3 months, daily candles

Another back down against the 20 level yesterday. Inside bar so far today in the lower half of yesterdays range


TLT 3 months, daily candles and 3 yr, weekly candles Follow thru on the bear break of the recent tightening range yesterday as longer term rates rise; Closed under the 50 day MA(blue).Weekly consolidation underway, looking for a weekly "higher low" anywhere above 99.35.


$DXY 3 months, daily candles The dollar seeing an initial rejection at it's 50 day MA(blue)

https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: -16.00. Nasdaq futures vs fair value: -35.00.The S&P 500 futures are down 19 points and are trading 0.4% below fair value. The Nasdaq 100 futures are down 42 points and are trading 0.3% below fair value. The Dow Jones Industrial Average futures are down 140 points and are trading 0.3% below fair value. Equity futures indicate a lower open driven by a sense that the market got overextended and is due for some consolidation. Investors are still weighing Fed Chair Powell's comments from yesterday, where he pointed to emerging signs of disinflation but reiterated that more rate hikes will probably be appropriate. The Reserve Bank of India raised its policy rate by 25 bps to 6.50%, as expected, and pointed to the prospect of additional rate hikes. The weekly MBA Mortgage Application Index rose 7.4% with refinancing applications increasing 18.0% and purchase applications rising 3.0%. Other data releases today include:

  • 10:00 ET: December Wholesale Inventories (Briefing.com consensus 0.5%; prior 1.0%)

  • 10:30 ET: Weekly crude oil inventories (prior 4.14 mln) In corporate news:

  • Uber (UBER 37.63, +2.73, +7.8%): beats by $0.27, beats on revs

  • Fortinet (FTNT 59.35, +5.57, +10.4%): beats by $0.05, reports revs in-line; guides Q1 EPS in-line, revs in-line; guides FY23 EPS in-line, revs above consensus

  • Lumen Technologies (LUMN 4.1800, -0.81, -16.2%): beats by $0.20, reports revs in-line; disappoints with FY23 free cash flow guidance of $0-200 million

  • Enphase Energy (ENPH 248.48, +20.02, +8.8%): beats by $0.25, beats on revs; guides Q1 revs in-line

  • Chipotle Mexican Grill (CMG 1642.50, -80.36, -4.7%): misses by $0.60, misses on revs; Q4 comps +5.6% vs guidance of mid to high-single digits; guides Q1 comps in high-single-digits

  • Oak Street Health (OSH 34.85, +1.17, +3.5%): CVS Health to acquire Oak Street Health (OSH) for $39/share in cash, for enterprise value of $10.6 bln

  • CVS Health (CVS 87.48, +1.50, +1.8%): beats by $0.06, beats on revs; reaffirms FY23 EPS guidance

  • Manchester United (MANU 24.67, +3.55, +16.8%): higher on report Qatari investors will bid for MANU within days, according to DailyMailUK

  • New Relic (NEWR 76.84, +12.26, +19.0%): beats by $0.17, beats on revs; guides Q4 EPS above consensus, revs above consensus

  • Under Armour (UAA 13.16, +0.94, +7.7%): beats by $0.07, beats on revs; raises FY23 EPS guidance, reaffirms revenue growth guidance of a low single-digit percentage rate increase on a reported basis

  • Activision Blizzard (ATVI 72.00, -3.60, -4.8%): UK CMA says Microsoft (MSFT) deal for ATVI could harm gamers

  • Capri Holdings (CPRI 53.50, -12.86, -19.4%): misses by $0.40, misses on revs; guides Q4 EPS below consensus, revs below consensus; guides FY24 EPS below consensus, revs below consensus


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