Market Rap 02/10/23 by CTG
SPY / QQQ / Vix
SPY 5 days, hourly candles S&P futures flushed under the lows from yesterday the last couple hours, hourly RSI into oversold territory as the gap down open shapes up 404.30 the pre mkt low
407.77 the after hours high from yesterday before futures opened
SPY 3 months, daily candles The inside bar from Wednesday broke bearish yesterday, with a bearish engulfing candle and a loss of the 12ema(white) along with the daily uptrend.
Follow thru in futures action with a gap down open shaping up. (support)
405.81 the low from yesterday - trading under there currently for the gap down ahead
402.35
400.03-400.28
395.55 the 50 day MA(blue)
393.56 (resistance)
407.66 the daily 12ema back overhead
414.57 the high from yesterday
416.49
418.31
QQQ 5 days, hourly candles Nasdaq futures also flushed under yesterdays lows as the hourly RSI pushes deeper into oversold territory 297.96 the pre mtk low so far
302.23 the corresponding futures high
QQQ 3 months, daily candles A loss of the daily uptrend here yesterday as well, with futures seeing follow thru down under the lows from yesterday and a gap down open ahead. (support)
300.20 the low from yesterday - trading under there with the gap down open ahead
299.56 the daily 12ema - also trading under there currently
292.30
290.92 the 200 day MA(purple)
289.89
288.52
288.36 small open gap (resistance)
308.99-309.50
311.03
312.39-313.68
Feb. Vix futures 3 months, daily candles Follow thru upward thru it's 12ema(white) which is now curling up - a different look than what we've seen the past 3 months
Spot Vix 3 months, daily candles A push thru it's 50 day MA(blue) here is also a different look, and a risk off sign for the broad market. Daily uptrend will have us looking for the next daily "higher low" when this cools off (hourly RSI is heated, 4hr RSI almost there) in the short term, anywhere above 18.43.
$DXY 3 months, daily candles Dollar testing it's 50 day MA again - follow thru there also another risk off sign
https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: -27.00. Nasdaq futures vs fair value: -132.00.The S&P 500 futures are down 27 points and are trading 0.7% below fair value. The Nasdaq 100 futures are down 135 points and are trading 1.1% below fair value. The Dow Jones Industrial Average futures are down 162 points and are trading 0.4% below fair value. Equity futures indicate a lower open following yesterday's reversal that took the S&P 500 below 4,100. Investors are still trading cautiously. Oil prices rose sharply overnight ($79.71/bbl, +1.65, +2.1%) following reports that Russia is aiming to lower its March oil output by 500,000 barrels, according to Bloomberg, in response to sanctions. Treasury yields remain elevated, keeping pressure on the equity market. The 2-yr note yield sits at 4.51% and the 10-yr note yield is at 3.70%. The U.S. Dollar Index is up 0.3% to 103.48. Market participants will receive the following economic data today:
10:00 ET: February Preliminary University of Michigan Consumer Sentiment (Briefing.com consensus 65.0; prior 64.9)
14:00 ET: January Treasury Budget (prior -$85.0B) In corporate news:
Lyft (LYFT 11.05, -5.17, -31.9%): misses by $0.89, beats on revs, Active Riders up 8.7%; guides Q1 revs below consensus, says guidance reflects seasonality and lower prices, and "different insurance renewal timing"
PayPal (PYPL 78.87, +0.45, +0.6%): beats by $0.04, reports revs in-line; guides Q1 EPS above consensus, revs in-line; guides FY23 EPS above consensus; announces that President and CEO Dan Schulman has informed the Board of Directors of his intention to retire from PayPal on December 31, 2023, and that he will work with the Board on a smooth leadership transition
Expedia Group (EXPE 114.70, -3.01, -2.6%): misses by $0.44, misses on revs
Cloudflare (NET 62.50, +4.33, +7.4%): beats by $0.01, reports revs in-line; guides Q1 EPS in-line, revs in-line; guides FY23 EPS in-line, revs in-line
Mohawk (MHK 118.90, -2.57, -2.1%): beats by $0.03, misses on revs
Dexcom (DXCM 111.14, +3.90, +3.6%): beats by $0.06, reports revs in-line; guides FY23 revs in-line
Affirm (AFRM 12.76, -0.53, -4.0%): downgraded to Equal-Weight from Overweight at Morgan Stanley
Doximity (DOCS 34.80, -1.61, -4.4%): beats by $0.05, beats on revs; guides Q4 revs below consensus, provides preliminary guidance for FY24
