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Market Rap 03/08/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures got a half-hearted bounce attempt off hourly oversold conditions; Currently testing yesterdays lows here pre mkt as bears will look to confirm an hourly bear flag/bulls will look to play defense 397.40 the corresponding futures low

399.41 the pre mkt high

SPY 3 months, daily candles Monday's bearish hammer candle was confirmed yesterday with increasing volume, as the daily 12ema(white) was lost and the 50 day MA(blue) gets tested again. 3/2-3/3 gap filled. Bulls looking for a "higher low" above last weeks 3/2 low. (support)

398.31 that 50 day MA(currently a tad below)

397.63 the low from yesterday

393.65 the 150 day MA(orange)

393.16 the 200 day MA(purple)

392.33 that 3/2 low (resistance)

401.03 that daily 12ema back overhead

404.67 the high from yesterday


QQQ 5 days, hourly candles Nasdaq futures held yesterdays low and saw some hourly oversold RSI bounce as well; currently trying to hold above that low here in pre mkt 295.79 the corresponding futures low

297.53 the pre mkt high

QQQ 3 months, daily candles Mondays bearish reversal hammer was confirmed yesterday on heavier volume, as daily consolidation of this recent move gets underway. Pushed back below the 12ema(white). Bulls looking for a "higher low" somewhere above the 3/2 low. (support)

295.72 the low from yesterday


294.43 small open gap

290.05 the 200 day MA(purple)

288.75 the 150 day MA(orange)

288.37 the 3/2 low

287.94 the 50 day MA(blue) (resistance)

296.84 the daily 12ema back overhead

301.01 the high from yesterday


March Vix futures 3 months, daily candles Daily bounce got underway yesterday; trying to follow thru today, but will need the broad market to break yesterdays lows to get going

Spot Vix 3months, daily candles Testing 20 from below

$DXY 6 months, daily candles Threatening follow thru above 3month highs here

[BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: +7.00.The S&P 500 futures are unchanged and are trading roughly in line with fair value. The Nasdaq 100 futures are up 3 points and are trading slightly above fair value. The Dow Jones Industrial Average futures are down points and are trading 0.1% below fair value. Both buyers are sellers are lacking conviction this morning ahead of day two of Fed Chair Powell's testimony before Congress. Equity futures had been slightly higher earlier, but have deteriorated somewhat and now skew slightly negative. Yesterday's close marked the first time since 1981 that the 2s10s spread was more than 100 basis points, reflecting worries about the Fed possibly taking rates too high and forcing a recession. The 2-yr note yield is up three basis points this morning at 5.04% and the 10-yr note yield is unchanged at 3.97%. The weekly MBA Mortgage Application Index rose 7.4% with refinancing applications increasing 9.0% and purchase applications rising 7.0%. In corporate news:

  • CrowdStrike (CRWD 132.00, +7.07, +5.7%): beats by $0.04, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY24 EPS above consensus, revs in-line

  • Diversey Holdings (DSEY 8.22, +2.27, +38.2%): to be acquired by Solenis for $4.6 bln, or $8.40/share

  • Shoals Technologies (SHLS 24.35, -2.20, -8.3%): prices secondary offering of 24,501,650 shares of common stock by certain selling stockholders at $24.70 per share

  • Tesla (TSLA 184.87, -2.84, -1.5%) downgraded to Hold from Buy at Berenberg

  • Scorpio Tankers (STNG 61.74, +1.33, +2.2%): JPMorgan initiated coverage at Overweight

  • Occidental Petro (OXY 62.53, +1.68, +2.8%): 10% owner Berkshire Hathaway (BRK.A / BRK.B) bought another 5,801,791 shares worth ~$354.5 mln (3/3-3/7 transaction dates)

  • Stitch Fix (SFIX 4.5400, -0.43, -8.7%): misses by $0.25, reports revs in-line; guides Q3 revs in-line; announces new CFO, effective April 3

  • Yext (YEXT 7.78, -0.71, -8.4%): beats by $0.02, beats on revs; guides Q1 EPS above consensus, revs below consensus; guides FY24 EPS above consensus, revs below consensus

  • Casey's General (CASY 211.51, +1.81, +0.9%): beats by $0.36, reports revs in-line; Expects FY23 same-store inside sales growth of approximately 6% to 7%

  • United Natural Foods (UNFI 32.09, -8.87, -21.7%): misses by $0.66, reports revs in-line; guides FY23 EPS below consensus, raises revs in-line

  • Campbell Soup (CPB 52.95, +0.82, +1.6%): beats by $0.06, beats on revs; raises lower end of guidance for FY23 EPS in-line, raises revs above consensus

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