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Market Rap 02/21/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures peeking below the lows from Friday, not seeing much follow thru yet 403.36 the pre mkt low so far

407.60 the after hours high from Friday

SPY 3 months, daily candles and weekly candles going back to the top Daily downtrend continuation on Friday after breaking last weeks lows. A reversal by the close and attempt to fill the gap, but that low from Friday going to get tested first thing with trading back around those levels currently.

On watch for weekly consolidation if we see follow thru under Fridays low. (support)

404.05 the low from Friday



396.60 the 50 day MA(blue) (resistance)

407.51 the high from Friday

408.14 small open gap

409.27 the daily 12ema(white)


415.05 the last daily "lower high" and the spot for bulls to push over to break the downtrend on this timeframe

QQQ 5 days, hourly candles Low of Friday break here as well, without much follow thru so far 297.29 the pre mkt low

301.50 the after hours high from Friday

QQQ 3 months, daily candles and weekly candles going back to the top A potential reversal doji candle from Friday, but would need to open above/close above 301.16, so the open part looks off the table as we're currently trading around Fridays lows. The last 2 weeks have been weekly inside bars, watching for which way that breaks. Lose 297.25-298.10 then weekly consolidation of this recent move finally gets underway.


298.10 the low from Friday



290.48 the 200 day MA(purple)


288.36 small open gap


301.93 the high from Friday

302.41 the daily 12ema

303.15 open gap

309.27 the last daily "lower high" and spot for bulls to get over to break the downtrend on this timeframe

March Vix futures 3 months, daily candles Over Fridays high, heading up to test the high from 2/10 at 22.60

Spot Vix 3 months, daily candles Gapping up to start the trading week which has been normal; Getting over the previous highs from 2/10, and holding above 20 now after testing it on Friday is a different look - compared to the weakness we've seen the past couple months.

$DXY 3months, daily candles Holding over it's 50 day MA as it gets a little daily uptrend going [BRIEFING.COM] S&P futures vs fair value: -33.30. Nasdaq futures vs fair value: -142.00.The S&P 500 futures are down 34 points and are trading 0.8% below fair value. The Nasdaq 100 futures are down 137 points and are trading 1.1% below fair value. The Dow Jones Industrial Average futures are down 317 points and are trading 0.9% below fair value. The stock market is poised for a lower open due to an underlying belief that it is still due for a consolidation period after its big run to begin the year. The Dow Jones Industrial Average futures are especially weak thanks to earnings-driven losses in Walmart (WMT) and Home Depot (HD). The 2-yr Treasury note yield is up three basis points to 4.66% and the 10-yr note yield is up six basis points to 3.88%. These rising rates are another drag on equity investor sentiment along with added geopolitical tension, which stems from contentious finger pointing between U.S., Chinese, and Russian political officials regarding the Ukraine war. The U.S. Dollar Index is up 0.1% to 103.99. WTI crude oil futures are up 0.6% to $77.04/bbl and natural gas futures are down 2.4% to $2.22/mmbtu. Market participants will receive the following economic data today:

  • 9:45 a.m. ET: Preliminary February IHS Markit Manufacturing PMI (prior 46.9) and preliminary IHS Markit Services PMI (prior 46.8)

  • 10:00 a.m. ET: January Existing Home Sales (prior 4.02 mln)

In corporate news:

  • Meta Platforms (META 175.76, +2.88, +1.7%): testing Meta Verified to help creators establish their presence; UK collective lawsuit against Meta (META) was rejected, according to Reuters.

  • Home Depot (HD 305.37, -12.58, -4.0%): beats by $0.01, reports revs in-line; guides FY24 (Jan) EPS below consensus, revs in-line; investing $1 bln in associate compensation; raises dividend

  • Walmart (WMT 140.29, -6.15, -4.2%): beats by $0.20, beats on revs; comps +8.3% above guidance; guides Q1 EPS below consensus; guides FY24 EPS below consensus

  • Williams Cos (WMB 31.50, +0.24, +0.8%): beats by $0.03, misses on revs; raises dividend

  • Huntsman (HUN 29.51, -1.15, -3.8%): misses by $0.10, beats on revs; raises quarterly dividend by 12%

  • Teck Resources (TECK 46.91, +2.79, +6.3%): announces reorganization of its business to separate Teck into two independent companies: Tech Metals Corp and Elk Valley Resources Ltd.; misses by CAD0.20, misses on revs; reaffirms FY23 production guidance

  • Vir Biotechnology (VIR 28.45, +2.71, +10.5%): upgraded to Buy from Neutral at Goldman

  • Medtronic (MDT 86.89, +2.09, +2.5%): beats by $0.03, beats on revs; raises low end of FY23 EPS guidance range

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