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Market Rap 03/09/23 by CTG (edited)

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures pulled back into the middle of yesterdays range 397.42 the pre mkt low

399.30 the after hours high from yesterday before futures opened

SPY 3 months, daily candles A close right at the 50 day MA again as the bulls hope yesterdays low was the next daily "higher low", and look to pivot off that level today. Will need to break thru the highs from yesterday to accomplish that and get a daily bounce going. Break the lows from yesterday and the bears remain in control on the shorter term timeframes, with a test of last weeks lows and the 200 day MA(purple) then coming into view. (support)

398.67 the 50 day MA - trading below that level currently

396.59 the low from yesterday

393.59 the 150 day MA(orange)

393.20 the 200 day MA

392.33 last weeks low (resistance)

399.71 the high from yesterday

400.71 the daily 12ema(white) overhead

404.67

407.45

QQQ 5 days, hourly candles Nasdaq futures also pulled back into the middle of yesterdays range 295.70 the pre mkt low

298.12 the after hours high from yesterday before futures opened

QQQ 3 months, daily candles Holding up better than the S&P on this consolidation, as it trades right around it's 12ema(white). Bulls hoping yesterdays low becomes the next daily "higher low" and will accomplish that if we can push thru the highs from yesterday with some follow thru. Bears hoping to break the lows from yesterday and continue their shorter term control/daily consolidation of this recent move. (support)

296.99 that daily 12ema - trading a tad under there currently

294.88 the low from yesterday

294.43 small open gap remains

290.09 the 200 day MA below (purple)

288.64 the 150 day MA(orange)

288.37 last weeks low (resistance)

298.43 the high from yesterday

301.01

304

March Vix futures 3 months, daily candles Failing to see much follow thru on this recent bounce attempt so far

Spot Vix 3 months, daily candles Tested that 20 level yesterday; trading in the middle of yesterdays range currently

https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: -13.00. Nasdaq futures vs fair value: -65.00. The S&P 500 futures are down 12 points and are trading 0.3% below fair value. The Nasdaq 100 futures are down 66 points and are trading 0.5% below fair value. The Dow Jones Industrial Average futures are down 34 points and are trading 0.1% below fair value. Equity futures are slightly negative as investors weigh concerns about rising rates creating added competition for stocks. Market participants are also anxiously awaiting the February Employment Situation Report tomorrow and may be looking to reduce risk ahead of the release. Treasury yields are not moving a lot this morning, but investors are cognizant of the big moves short-term rates have made recently. The 2-yr note yield is down two basis points to 5.04% and the 10-yr note yield is up two basis points to 4.00%. Market participants will receive the following economic data today:

  • 8:30 ET: Weekly Initial Claims (Briefing.com consensus 198,000; prior 190,000) and Continuing Claims (prior 1.655 mln)

  • 10:30 ET: Weekly natural gas inventories (prior -81 bcf)

In corporate news:

  • Etsy (ETSY 105.50, -7.68, -6.8%): downgraded to Underperform from Buy at Jefferies

  • Hilton (HLT 148.30, +0.86, +0.6%): upgraded to Overweight from Equal Weight at Barclays

  • SVB Financial Group (SIVB 187.50, -80.33, -30.0%): announces proposed offering of $1.25 billion of its common stock and $500 million of depositary shares

  • Silvergate Capital (SI 2.4500, -2.46, -50.1%): to wind down operations and voluntarily liquidate Silvergate Bank

  • MongoDB (MDB 203.97, -24.73, -10.8%): beats by $0.50, beats on revs; guides Q1 EPS above consensus, revs below consensus; guides FY24 EPS above consensus, revs below consensus

  • Eli Lilly (LLY 309.05, -3.49, -1.1%): announced that solanezumab did not slow the progression of cognitive decline due to Alzheimer's disease (AD) pathology when initiated in individuals with amyloid plaque but no clinical symptoms of the disease, known as the preclinical stage of AD

  • American Express (AXP 176.97, +2.14, +1.2%): increases quarterly cash dividend 15% to $0.60/share from $0.52/share and approves share repurchase program for up to 120 mln shares

  • Uber (UBER 34.53, +0.52, +1.5%): considering spinning off its Freight Logistics arm in a sale or as a separate publicly traded company, according to Bloomberg

  • ASML (ASML 610.89, -8.51, -1.4%): the Netherlands is aiming to expand export control restrictions on advanced semiconductor making equipment, according to CNBC

  • Credit Suisse (CS 2.7600, -0.14, -4.8%) delayed the release of its annual report due to an inquiry from the SEC


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