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Market Rap 03/10/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures broke yesterdays lows overnight, and saw follow thru to hourly/4hr oversold RSI conditions; Currently cooling off those conditions with a bounce to the area around where we closed yesterday 388.12 the corresponding futures low

391.98 the after hours high from yesterday before futures opened

SPY 3 months, daily candles The daily bounce got going early yesterday morning, then reversed on heavy volume as it morphed into a bearish engulfing candle on heavy volume, following the SVIB/bank sell off. Lost the 50 day MA(blue) and the 200 day MA(purple). One day to go, but the weekly has a bearish engulf candle going in as well. (support)

390.53 the low from yesterday


381-384ish some heavier volume profile comes back into play (resistance)

393.21 200 day MA back overhead

393.44 the 150 day MA(orange)

396-399 heaviest volume profile area

399.30 the 12ema(white)

401.48 the high from yesterday

QQQ 5 days, hourly candles Nasdaq futures also broke the lows from yesterday, also seeing a bounce off hourly oversold conditions; the 4hr RSI never even got oversold 290.61 the corresponding futures low

293.63 the pre mkt high

QQQ 3 months, daily candles Nasty bearish engulf candle on heavy volume here as well, as bulls hope to be able to hold above the 200 day MA(purple)/and the recent lows from last week. (support)

291.83 the low from yesterday

290.11 the 200 day MA

289.07 the 50 day MA(blue)

288.37 last weeks low (resistance)

296.32 the daily 12ema(white)

300.98 the high from yesterday


March Vix futures 3 months, daily candles Its alive! Woke up yesterday., seeing some follow thru today; headed up to test the highs from late February

Spot Vix 3 months, daily candles Massive move thru 20 yesterday and then it never looked back, follow thru today up to the 2/22 high before backing off some currently

TLT 3months, daily candles The choppy bounce off Dec. lows continues, as it heads up to test it's 50 day MA(blue) from below [BRIEFING.COM] S&P futures vs fair value: -4.00. Nasdaq futures vs fair value: +24.00.The S&P 500 futures are down 5 points and are trading 0.1% below fair value. The Nasdaq 100 futures are up 15 points and are trading 0.2% above fair value. The Dow Jones Industrial Average futures are down 93 points and are trading 0.3% below fair value. Equity futures skew negative, but there is not a lot of conviction behind this morning's trade due to hesitancy ahead of the February employment report released at 8:30 a.m. ET. There is also added uncertainty around the banking sector amid the ongoing fallout in shares of SVB Financial (SIVB), which is down another 60% today. Treasury yields are sliding this morning in what appears to be a flight to safety trade. The 2-yr note yield is down 12 basis points to 4.77% and the 10-yr note yield is down nine basis points to 3.83%. The U.S. Dollar Index is down 0.2% to 105.13. Energy complex futures are losing ground this morning. WTI crude oil futures are down 0.7% to $75.20/bbl and natural gas futures are down 1.6% to $2.64/mmbtu. In corporate news:

  • DocuSign (DOCU 55.38, -9.03, -14.0%): beats by $0.13, beats on revs, beats on billings; guides Q1 revs in-line; guides FY24 revs above consensus; CFO will step down in the coming months; announces that Cynthia Gaylor intends to step down as CFO in the coming months

  • Oracle (ORCL 82.61, -4.26, -4.9%): beats by $0.02, reports revs in-line, increases quarterly dividend by 25% to $0.40/share; company expected to issue guidance during earnings call at 5:00 p.m; Guides MayQ EPS above consensus and revenue in-line

  • Gap (GPS 10.80, -0.78, -6.7%): misses by $0.29, misses on revs, comps -5%; guides Q1 revs below consensus; guides FY24 revs below consensus; anounces actions to optimize operating structure; CEO of Athleta is exiting the business

  • Ulta Beauty (ULTA 512.16, -7.77, -1.5%): beats by $1.08, beats on revs, comps of +15.6%; guides FY24 EPS above consensus, revs above consensus, comps of +4-5%

  • Roblox (RBLX 41.13, +1.19, +3.0%): upgraded to Buy from Hold at Jefferies

  • SVB Financial (SIVB 43.70, -62.34, -58.8%) : Founders Fund urges portfolio companies to pull money out of SVB Financial, according to Bloomberg

  • United Airlines (UAL 52.70, +0.58, +1.1%): upgraded to Overweight from Equal Weight at Barclays

  • JinkoSolar (JKS 50.00, -6.16, -11.0%): misses by $0.48, beats on revs

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