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Market Rap 03/07/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures sideways in the lower half of yesterdays range 404.40 the corresponding futures low

405.73 the pre mkt high

SPY 3 months, daily candles The recent bounce continued early yesterday, before filling the gap by close, then putting in a bearish hammer candle and closing weak. If we break the lows from yesterday daily consolidation of this recent move gets underway, and we'll be looking for a "higher low" anywhere above the recent lows; Daily downtrend broken, but bulls will need to prove a new uptrend on this timeframe. Weekly uptrend in play. (resistance)

407.45 the high from yesterday

408.14 small open gap

412.91

415.05 (support)

404.01 the low from yesterday

401.54 the daily 12ema(white) - staying above here keeps any daily consolidation constructive

399.03

398.69 small open gap

398.07 the 50 day MA(blue)

393.74 the 150 day MA(orange)

393.12 the 200 day MA(purple)

QQQ 5 days, hourly candles Nasdaq futures also sideways in the lower half of yesterdays range 299.80 the corresponding futures low

301.41 the pre mkt high

QQQ 5 days, hourly candles Nasdaq futures also sideways in the lower half of yesterdays range 299.80 the corresponding futures low

301.41 the pre mkt high

QQQ 3 months, daily candles Bearish reversal candle and gap fill by the close; watching today for any break of yesterdays lows along with follow thru under, to confirm said candle and see daily consolidation of this recent move. (resistance)

304 the high from yesterday (filling a gap from 2/16-2/17)

308.43-309.27 (support)

299.82 that low from yesterday

296.93 the daily 12ema(white)

294.87

294.43 small open gap

290.03 the 200 day MA(purple)

March Vix futures 3 months, daily candles No signs of concern so far, hanging out near yesterdays lows as the recent vol crush continues

Spot Vix 3 months, daily candles Daily bear flag look if we cant get back above that 19.19 high from yesterday; Trying to hold above yesterdays lows currently

https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: +5.30. Nasdaq futures vs fair value: +34.50.The S&P 500 futures are up 5 points and are trading 0.1% above fair value. The Nasdaq 100 futures are up 26 points and are trading 0.3% above fair value. The Dow Jones Industrial Average futures are up 9 points and are trading 0.1% above fair value. Equity futures are mixed and little changed ahead of Fed Chair Powell's semiannual monetary policy testimony before the Senate Banking Committee at 10:00 a.m. ET. A move lower in Treasury yields has been mildly supportive of the equity futures market this morning. The 2-yr note yield is down three basis points to 4.87% and the 10-yr note yield is down four basis points to 3.94%. The Reserve Bank of Australia increased its cash rate by 25 bps to 3.60%, as expected. China reported a larger than expected trade surplus for February even though both imports (-10.2% yr/yr) and exports (-6.8% yr/yr) decreased for the first time since May 2020. Energy complex futures are mixed. WTI crude oil futures are down 0.6% to $80.01/bbl and natural gas futures are up 2.1% to $2.79/mmbtu. In corporate news:

  • Meta Platforms (META 187.45, +2.55, +1.4%): More layoffs expected at Meta Platforms, according to Bloomberg

  • Dick's Sporting Goods (DKS 138.30, +6.16, +4.7%): beats by $0.04, beats on revs; raises quarterly dividend 105%

  • Nutanix (NTNX 27.10, -1.67, -5.8%): reports Q2 results; beats on revs; guides AprQ revs above consensus; guides FY23 revs above consensus; to delay 10-Q, not reporting EPS today

  • Guidewire Software (GWRE 72.30, +0.78, +1.1%): misses by $0.19, beats on revs; guides Q3 revs in-line; guides FY23 revs above consensus

  • Juniper Networks (JNPR 31.63, +0.30, +1.0%): Goldman Sachs initiated coverage with Buy rating and price target of $39

  • Thor Industries (THO 82.52, -10.06, -10.9%): misses by $0.64, misses on revs; lowers FY23 EPS below consensus, revs below consensus

  • Cara Therapeutics (CARA 7.10, -2.92, -29.1%): misses by $0.21, misses on revs

  • Rivian (RIVN 15.85, -1.28, -7.5%): intends to offer $1.3 bln of green convertible senior notes due 2029

  • Squarespace (SQSP 27.70, +3.66, +15.2%): reports Q4 (Dec) results, beats on revs; guides Q1 revs above consensus; guides FY23 revs above consensus


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