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Market Rap 02/27/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures bouncing over the RTH highs from Friday, drifting into the range we saw pre mkt Friday 398.62 the pre mkt high

396ish the corresponding futures low

SPY 3 months, daily candles A push below/close below the 50 day MA(blue) on Friday and a test of the 200 day MA(purple) as the daily downtrend continues. Also pushed below the 50% retrace of the late Dec thru early Feb rally. Daily downtrend/weekly uptrend in play. (support)

393.77 the 150 day MA(orange)

393.64 the low from Friday

393.12 the 200 day MA


387.26 (resistance)

396.86 that 50 day MA, currently above it again pre mkt

397.25 the high from Friday - also trading above that level currently for a small gap up open shaping up


404.04 the daily 12ema(white)

QQQ 5 days, hourly candles Pushing back above the RTH highs from Friday here in pre mkt, back into the range from pre mkt Friday 293.78 the pre mkt high

291.64 the corresponding futures low

QQQ 3 months, daily candles The daily downtrend continued here on Friday with a test of the 200 day MA(purple). Another potential reversal doji candle went in, with bulls hoping for an open, and more importantly a close above 291.85; and hoping it doesn't fail like the 2/17 doji did on 2/21. Daily "lower high" resistance in play after that with 298.13 being that level from 2/23, and the 12ema overhead just above there as well. Daily downtrend/weekly uptrend in play, with this holding up better than the S&P on this pullback, and still holding above it's 50% retrace of the late Dec. thru early Feb. rally. (support)

290.12 the 200 day MA

290.05 the low from Friday

289.26 the 150 day MA(orange)

288.36 small open gap

285.35 the 50 day MA(blue) (resistance)

292.97 the high from Friday - trading a tad above that level currently as the small gap up open shapes up

298.13 that last little daily "lower high"

298.38 that 12ema


March Vix futures 3 months, daily candles Inside bar day within Fridays range so far today, and currently testing it's 12ema(white). Watching to see if it stays above that level initially, or breaks it soon after open today.

Spot Vix 3 months, daily candles Holding above it's 50 day MA(blue) so far, and spending the most time above that level that we've seen since October of last year. Watching that and the 20 psychological level below that as support, with broad market bulls ultimately hoping those levels stop holding up. [BRIEFING.COM] S&P futures vs fair value: +15.00. Nasdaq futures vs fair value: +59.00.The S&P 500 futures are up 15 points and are trading 0.4% above fair value. The Nasdaq 100 futures are up 58 points and are trading 0.5% above fair value. The Dow Jones Industrial Average futures are up points and are trading 0.3% above fair value. The stock market is poised for a higher open with no clear catalysts for the positive bias. The S&P 500 maintaining a position above its 200-day moving average last week may be fostering some willingness to buy on weakness. Market participants will receive a slate of earnings news this week with many of the notable names coming out of the retail and tech spaces. Treasury yields moving up this morning. The 2-yr note yield is up five basis points to 4.83% and the 10-yr note yield is up one basis point to 3.96%. Market participants will receive the following economic data today:

  • January Durable Orders ( consensus -3.9%; prior 5.6%) and Durable Orders ex-transportation ( consensus 0.1%; prior -0.1%) at 8:30 ET

  • January Pending Home Sales ( consensus 1.0%; prior 2.5%) at 10:00 ET

In corporate news:

  • Seagen (SGEN 184.24, +22.87, +14.2%): Pfizer (PFE) in discussions to acquire Seagen, according to WSJ

  • Union Pacific (UNP 212.05, +19.33, +10.0%): provides update on CEO succession process; upgraded to Buy from Neutral at BofA Securities

  • Shell (SHEL 60.83, +0.20, +0.3%): upgraded to Buy from Neutral at Goldman Sachs

  • TEGNA (TGNA 17.05, -4.79, -21.9%): FCC issues hearing designation order for TEGNA transaction

  • Li Auto (LI 24.76, +1.53, +6.6%): beats by RMB0.54, reports revs in-line; guides Q1 revs in-line

  • Axsome Therapeutics (AXSM 63.17, +2.12, +3.5%): misses by $0.28; beats on revs

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