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Market Rap 03/06/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures briefly saw some higher highs over Friday after open, currently consolidating some of those big recent gains 405.37 the corresponding futures high

403.62 the pre mkt low

SPY 3 months, daily candles Bulls saw big follow thru after the bullish engulf candle from Thursday, pushing back over the daily 12ema(white) and over the last daily "lower high" resistance areas, breaking the downtrend on this timeframe. (resistance)

404.45 the high from Friday

407.51

408.14 small open gap (support)

401 that daily 12ema

399.03 the low from Friday

398.69 small open gap

397.59 the 50 day MA(blue)

QQQ 5 days, hourly candles Nasdaq futures also saw an opening push over Fridays highs, then started consolidating some extreme hourly overbought RSI conditions 301.37 the corresponding futures high

299.38 the pre mkt low so far

QQQ 3 months, daily candles The bullish engulf candle from Thursday saw big follow thru here as well, pushing back over the 12ema for the first time since losing it mid-February, and also getting over the last daily "lower high" resistance areas, breaking the daily downtrend in the process. (resistance)

299.92 the high from Friday

301.93

303.15 open gap (support)

296.37 that 12ema

294.87 the low from Friday

294.43 small open gap

290.06 the 200 day MA(purple)

March Vix futures 3 months, daily candles Found lower recent lows on Friday; Hanging out near those lows to start the week

Spot Vix 3 months daily candles Big follow thru under 20 after the break of that level on Thursday; Trading in the middle of Fridays range currently, as we see some lift to open the week, which has been the normal pattern so far this year

TLT weekly candles

Weekly hammer reversal candle off of that important Dec. support area from last week; Bulls will want to see follow thru this week over 102.59 to get that weekly bounce underway


https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: +20.00.The S&P 500 futures are up 2 points and are trading roughly in line with fair value. The Nasdaq 100 futures are up 18 points and are trading slightly above fair value. The Dow Jones Industrial Average futures are down 13 points and are trading slightly below fair value.

Equity futures trade in mixed fashion, but investors lack conviction and moves are modest in scope. There's some hesitation in play this morning ahead of key events this week, including Fed Chair Powell's monetary policy testimony before Senate and House committees on Tuesday and Wednesday, respectively, followed by the February Employment Report on Friday. Questions about how the market will respond to Friday's positive finish have contributed to the wait and see trade this morning.

China's Premier Li announced a 2023 growth target of 5.0%, which was on the low end of expectations. This has created some pressure for commodity prices. WTI crude oil futures are down 1.4% to $78.56/bbl. Copper futures are down 1.0% to $4.03/lb. Natural gas futures are down 10.0% to $2.83/mmbtu.

The 2-yr note yield is down two basis points to 4.84% and the 10-yr note yield is down six basis points to 3.91%. In corporate news:

  • Apple (AAPL 153.12, +2.09, +1.4%): initiated with a Buy at Goldman

  • Ciena (CIEN 53.85, +4.76, +9.7%): beats by $0.28, beats on revs

  • Tesla (TSLA 197.94, +0.15, +0.1%): lowered Model S version by 5% to $89,900 and Plaid to $109,990

  • Norfolk Southern (NSC 225.00, -3.39, -1.5%): Second train derails in Ohio about a month after East Palestine derailment; no hazardous materials were involved, according to NYT

  • Wendy's (WEN 21.59, -0.34, -1.6%): Trian Fund (Nelson Peltz) sold 3,627,569 shares worth approx. $80.0 mln; downgraded to Neutral from Buy at Northcoast

  • Biogen (BIIB 271.79, +1.52, +0.6%): and Eisai receives Priority Review for traditional approval of LEQEMBI

  • Altria (MO 46.55, +0.02, +0.04%): to acquire NJOY Holdings for approximately $2.75 bln in cash payable at closing; call at 9 a.m. ET


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