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Market Rap 02/24/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures selling off and heading to the lower end of yesterdays range ahead of PCE inflation data at 8:30et 397.95 the pre mkt low so far

401 the corresponding futures high

SPY 3 months, daily candles Another test of the 50 day MA(blue) with a hammer candle reversal by close. Follow thru yesterdays highs would be needed to confirm that hammer as a reversal to continue a daily bounce attempt that tried to get started yesterday. Daily downtrend/weekly uptrend in play.(support)

396.91 the 50 day MA

396.25 the low from yesterday

393.79 the 150 day MA(orange)

393.56

393.13 the 200 day MA(purple) (resistance)

402.20 the high from yesterday

404.16

405.43 the daily 12ema(white)

QQQ 5 days, hourly candles Nasdaq futures also selling off into the lower end of yesterdays range 293.90 the pre mkt low so far

296.98 the corresponding futures high from yesterday evening

QQQ 3 months, daily candles Hammer reversal candle off the previous days low by one penny yesterday; Follow thru yesterdays highs needed to confirm and avoid the next quick daily "lower high" being set. Daily downtrend, weekly uptrend in play. (support)

292.55 the low from yesterday

290.15 the 200 day MA(purple)

288.52

288.36 small open gap

285.23 the 50 day MA(blue) (resistance)

298.13 the high from yesterday

298.73

299.57 the daily 12ema(white)

March Vix futures 3 months, daily candles Consolidation continued here yesterday with a push below it's 12ema(white); Pushing back above there today and regaining about 2/3rd's of yesterdays drop so far today

Spot Vix 3 months, daily candles Daily consolidation/cool off of this recent move continued yesterday; Held above it's 12ema(white) and 50 day MA(blue). Regaining about 2/3rds of yesterdays drop here so far, ahead of the PCE data.

TLT 3 months, daily candles Daily bounce underway as it tries to hold above those Dec. lows at 99.35, which is important weekly support. Daily 12ema still overhead, getting over that would give bulls more confidence that the next weekly "higher low" is being set at Tuesdays low of 100.28

https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: -26.80. Nasdaq futures vs fair value: -109.00.The S&P 500 futures are down 27 points and are trading 0.7% below fair value. The Nasdaq 100 futures are down 108 points and are trading 0.9% below fair value. The Dow Jones Industrial Average futures are down 196 points and are trading 0.6% below fair value. The stock market is poised for a lower open today. On the heels of yesterday's pleasing finish, investors are selling into strength. Some negative reactions to earnings news are also weighing on the broader market, which is waiting anxiously for some key inflation data at 8:30 a.m. ET in the form of the core- PCE Price Index for January. The Dow Jones Industrial Average futures are feeling the pinch of Boeing's (BA) weakness after The Wall Street Journal reported the company suspended deliveries of 787 Dreamliner due to a documentation issue. A bump in Treasury yields is another headwind for equity futures this morning. The 2-yr note yield is up three basis points to 4.72% and the 10-yr note yield is up three basis points to 3.91%. The U.S. Dollar Index is up 0.3% to 104.91. Market participants will receive the following economic data today:

  • 8:30 ET: January Personal Income (Briefing.com consensus 0.9%; prior 0.2%), Personal Spending (Briefing.com consensus 1.3%; prior -0.2%), PCE Prices (Briefing.com consensus 0.4%; prior 0.1%), and Core PCE Prices (Briefing.com consensus 0.4%; prior 0.3%)

  • 10:00 ET: January New Home Sales (Briefing.com consensus 620,000; prior 616,000) and final February University of Michigan Consumer Sentiment survey (Briefing.com consensus 66.6; prior 66.4) In corporate news:

  • Warner Bros. Discovery (WBD 15.24, -0.49, -3.1%): reports Q4 (Dec) results, misses on revs

  • Block (SQ 78.61, +4.46, +6.0%): misses by $0.08, beats on revs, GPV up 15% yr/yr; expects FY23 adjusted EBITDA of $1.3 bln

  • Booking Holdings (BKNG 2416.79, -9.70, -0.4%): beats by $2.66, beats on revs; CFO David Goulden to retire in early 2024, will remain with company until successor is named around March 2024

  • EOG Resources (EOG 114.90, -4.63, -3.9%): misses by $0.10, beats on revs; announces special dividend

  • Boeing (BA 202.85, -5.28, -2.5%): suspended deliveries of 787 Dreamliner due to documentation issue, according to WSJ

  • Adobe (ADBE 337.00, -10.02, -2.9%): Department of Justice preparing lawsuit to block ADBE acquisition of Figma, according to Bloomberg

  • Beyond Meat (BYND 19.30, +2.16, +12.6%): beats by $0.15, beats on revs; guides FY23 revs in-line

  • Autodesk (ADSK 211.20, -9.96, -4.5%): beats by $0.05, reports revs in-line; guides Q1 EPS below consensus, revs in-line; guides FY24 EPS mostly below consensus, revs midpoint below consensus

  • Live Nation (LYV 77.27, +0.78, +1.0%): reports Q4 results, beats on revs

  • Carvana (CVNA 9.47, -0.61, -6.1%): reports Q4 (Dec) results, misses on revs

  • Intuit (INTU 411.87, -0.01, -0.0%): beats by $0.76, beats on revs; guides Q3 EPS below consensus, revs above consensus; reaffirms FY23 EPS guidance, revs guidance; named Sandeep Singh Aujla as Chief Financial Officer, effective August 1, 2023


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