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Market Rap 02/28/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures briefly broke yesterdays RTH lows early this AM, but saw no follow thru and bounced back into the middle of yesterdays range 396.19 the corresponding futures low

399.30 the pre mkt high

SPY 3 months, daily candles A bounce back above the 50 day MA(blue) ended the day with a weak close, as the most recent daily "lower high" area provided resistance on the daily bounce. (resistance)

401.29 the high from yesterday

402.20 that last daily "lower high"

403.07 the daily 12ema(white) (support)

396.77 the 50 day MA(blue)

396.75 the low from yesterday

393.79 the 150 day MA(orange)

393.64

393.11 the 200 day MA(purple)

387.26-388.38

QQQ 5 days, hourly candles Nasdaq futures also briefly broke yesterdays RTH lows, saw no follow thru, and have rallied back up into the upper half of yesterdays range 292.87 the corresponding futures low

295.45 the pre mkt high

QQQ 3 months, daily candles A daily bounce got going here yesterday but paused short of the daily 12ema/and previous "lower high" resistance from last Thursday. Daily downtrend/weekly uptrend in play.(resistance)

296.49 the high from yesterday

297.70 the daily 12ema

298.13 that last daily "lower high" resistance area

298.73 (support)

293.34 the low from yesterday

292.97 small open gap

290.08 the 200 day MA(purple)

290.05

289.20 the 150 day MA(orange)

288.36 small open gap

285.46 the 50 day MA(blue)


March Vix futures 3 months, daily candles Testing yesterdays lows currently

Spot Vix 3 months, daily candles Some marginal lower lows under last weeks lows yesterday; Testing those lows today as vol bulls attempt to hold above the 12ema(white), 50 day MA(blue) and the 20 psychological level.

$DXY 3 months, daily candles The dollar pulled off yesterday after testing it's highest levels from this year

https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: +15.00. Nasdaq futures vs fair value: +59.00.The S&P 500 futures are up 14 points and are trading 0.4% above fair value. The Nasdaq 100 futures are up 54 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. Equity futures indicate a higher open, thanks in part to gains in the mega cap space, positive reactions to earnings news from the likes of Zoom Video (ZM) and Target (TGT), and technical buying interest after the S&P 500 managed to eke out a close yesterday above its 50-day moving average (3,979). The 2-yr Treasury note yield is unchanged at 4.80% and the 10-yr note yield is up one basis point to 3.93%. WTI crude oil futures are up 1.8% to $77.03/bbl and natural gas futures are down 0.8% to $2.83/mmbtu. Market participants will receive the following economic data today:

  • 8:30 ET: January advance goods trade deficit (prior -$90.30 bln), advance Retail Inventories (prior 0.5%), and advance Wholesale Inventories (prior 0.1%)

  • 9:00 ET: December FHFA Housing Price Index (prior -0.1%) and December S&P Case Shiller Home Price Index (Briefing.com consensus 5.8%; prior 6.8%)

  • 9:45 ET: February Chicago PMI (Briefing.com consensus 45.0; prior 44.3)

  • 10:00 ET: February Consumer Confidence (Briefing.com consensus 108.4; prior 107.1) In corporate news:

  • Target (TGT 169.50, +2.69, +1.6%): beats by $0.49, beats on revs; guides Q1 EPS below consensus; guides FY24 EPS below consensus; Q4 comps +0.7% ahead of guidance; Q4 Operating income margin 3.7%, ahead of guidance

  • Zoom Video (ZM 78.65, +4.93, +6.7%): beats by $0.40, beats on revs; guides Q1 EPS above consensus, revs below consensus; guides FY24 EPS above consensus, revs below consensus

  • Norwegian Cruise Line (NCLH 15.50, -1.00, -6.1%): misses by $0.20, beats on revs; guides Q1 EPS below consensus; guides FY23 EPS below consensus

  • Workday (WDAY 179.84, -5.09, -2.8%): beats by $0.09, reports revs in-line; maintains FY24 subscription revenue midpoint and increases FY24 non-GAAP operating margin; announces co-CEO appointment

  • Occidental Petro (OXY 58.57, -0.39, -0.7%): misses by $0.22, reports revs in-line; also announces $3 bln share repurchase authorization and 38% dividend increase

  • Universal Health (UHS 137.13, -8.71, -6.0%): beats by $0.05, beats on revs; guides FY23 EPS below consensus, revs above consensus

  • Advance Auto (AAP 146.35, +5.72, +4.1%): beats by $0.46, beats on revs; guides FY23 revs above consensus

  • AutoZone (AZO 2550.00, -22.25, -0.9%): beats by $2.73, beats on revs

  • J.M. Smucker (SJM 149.00, +0.94, +0.6%): beats by $0.08, reports revs in-line; guides FY23 EPS in-line, revs above consensus

  • Chevron (CVX 164.90, +2.08, +1.3%): raises share buyback guidance to $10-20 billion per year

  • Arconic (ARNC 21.43, -0.70, -3.2%): downgraded to Sell from Neutral at Goldman

  • DISH Network (DISH 11.59, -0.61, -5.0%): downgraded to Underperform from Buy at BofA Securities


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