Market Rap 02/14/23 by CTG
SPY / QQQ / Vix
SPY 5 days, hourly candles S&P futures pushed thru the highs from yesterday, ahead of the next CPI report at 8:30et.
Heading up into recent resistance, as the hourly RSI clicks back into overbought territory. 414 the pre mkt high so far
412.34 the corresponding futures low
SPY 3 months, daily candles The loss of the daily uptrend here on Thursday has seen no follow thru, with a push and close back above the 12ema(white) yesterday. CPI report will most likely shake up the charts today at 8:30et. (resistance)
412.97 the high from yesterday - trading above there currently for the potential gap up open
421.22 open gap from 8/22
425.50 gap from 8/19
431.73 the 8/16 high (support)
408.50 that daily 12ema
408.24 the low from yesterday
QQQ 5 days, hourly candles Nasdaq futures have also pushed thru yesterdays highs 305.99 the pre mkt high so far
303.80 the corresponding futures low
QQQ 3 months, daily candles Loss of the daily uptrend Thursday was followed by a doji candle Friday, which confirmed as a reversal yesterday. Back thru the 12ema(white) and heading up to test recent resistance.(resistance)
305.10 the high from yesterday - trading above there currently for the potential gap up open, but CPI data will either accelerate the gap or wipe it off the table
322.08 open gap from 8/19 (support)
300.34 the daily 12ema
299.93 the low from yesterday
290.77 the 200 day MA(purple)
March Vix futures 3 months, daily candles Consolidating this recent push upwards, deflating more ahead of the CPI data
Spot Vix 3 months, daily candles Hanging out near yesterdays lows but still holding above 20 so far
$DXY 3months, daily candles Unable to sustain a push thru its 50 day MA (blue) so far
https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: +15.00. Nasdaq futures vs fair value: +58.00.The S&P 500 futures are up 14 points and are trading 0.4% above fair value. The Nasdaq 100 futures are up 56 points and are trading 0.5% above fair value. The Dow Jones Industrial Average futures are up points and are trading 0.2% above fair value.
The stock market is poised for a higher open, showing good resilience in front of the January Consumer Price Index (CPI) at 8:30 a.m. ET following yesterday's rally effort.
President Biden will announce this week that he will name Fed Vice Chair Lael Brainard as Director of the National Economic Council, which will create an opening at Fed, according to Bloomberg.
The Japanese government nominated Kazuo Ueda to lead the Bank of Japan, as expected.
Treasury yields are pulling back ahead of the CPI report. The 2-yr note yield is down five basis points to 4.49% and the 10-yr note yield is down three basis points to 3.68%. The U.S. Dollar Index is down 0.5% to 102.88.
Energy complex futures trade in mixed fashion. WTI crude oil futures are down 1.3% to $79.11/bbl and natural gas futures are up 5.0% to $2.53/mmbtu. In corporate news:
Palantir Technologies (PLTR 9.01, +1.40, +18.4%): beats by $0.01, reports revs in-line; guides Q1 revs below consensus; guides FY23 revs below consensus
Coca-Cola (KO 61.03, +0.43, +0.7%): reports EPS in-line, beats on revs; guides FY23 EPS above consensus, expects to deliver organic revenue growth of 7-8%
First Solar (FSLR 162.70, -4.56, -2.7%): downgraded to In-line from Outperform at Evercore ISI
Occidental Petro (OXY 65.52, +0.76, +1.2%): upgraded to Buy from Neutral at Goldman
Avis Budget (CAR 222.38, +1.88, +0.9%): beats by $3.47, beats on revs
SolarEdge Technologies (SEDG 295.00, -15.71, -5.1%): beats by $1.27, beats on revs; guides Q1 revs above consensus
Cadence Design (CDNS 193.06, +7.36, +4.0%): beats by $0.04, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus
Blackbaud (BLKB 64.42, +3.06, +5.0%): beats by $0.08, misses on revs; guides FY23 EPS above consensus, revs slightly below consensus
Marriott (MAR 176.92, +2.55, +1.5%): beats by $0.14, beats on revs; guides Q1 EPS above consensus; guides FY23 EPS in-line
Zoetis (ZTS 167.10, +3.96, +2.4%): reports EPS in-line, beats on revs; guides FY23 EPS mostly above consensus, revs above consensus