SPY / QQQ / Vix
ES 5 days, hourly candles
S&P futures with the gap up open over Fridays RTH highs; has given back a bit more than half that move currently
SPY 3 months, daily candles Friday saw a follow thru flush thru recent lows after the SVIB banking crisis, as bulls hope they can hold above the Dec. lows (support)
384.32 the low from Friday
381-382 next heavier chunk of volume profile
377.83-378.76
376.42
374.77 (resistance)
393.16 the high from Friday
393.16 also the 200 day MA(purple)
393.25 the 150 day MA(orange)
397.24 the falling daily 12ema(white)
NQ 5 days, hourly candles
Nasdaq futures also gapped up and followed thru over Fridays RTH highs; have given about half of that move back here
QQQ 3 months, daily candles The Nasdaq has held up much better recently than the S&P; Tested and started to push under the recent lows on Friday, with a close under it's 200 day MA(purple) and the 50 day MA(blue) - which is about to see the "golden cross". (support)
287.38 the low from Friday
281.18
273.89
(resistance)
289.57 the 50 day MA(blue)
290.09 the 200 day MA(purple)
294.35 the high from Friday
295.13 the falling 12ema(white)
March Vix futures 3 months, daily candles
Backed off hard initially on the broad market futures rally; Re-testing the upper reaches of Fridays range currently
Hourly March Vix futures look:
Spot Vix 3 months, daily candles
Initially opened under 25 and well off Fridays highs, but currently pushing thru those highs as we test the 30 handle, so no all clear yet
XLF 5 days, hourly candles
Under Fridays lows, currently testing pre mkt lows
https://www.briefing.com/stock-market-update
[BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: +70.00.The S&P 500 futures are down 1 point and are trading roughly in line with fair value. The Nasdaq 100 futures are up 71 points and are trading 0.6% above fair value. The Dow Jones Industrial Average futures are down 89 points and are trading 0.3% below fair value.
The equity futures market is mixed this morning after the Fed, Treasury, and FDIC issued a joint statement to make depositors whole at Silicon Valley Bank and Signature Bank of New York. Separately, the Fed announced a bank term funding program designed to assure banks have the ability to meet the needs of all depositors. These developments sparked an initial relief rally, but conviction has been mixed and uncertainty elevated as many bank stocks continue to suffer further losses.
Treasury yields are down sharply in a flight to safety trade. The 2-yr note yield is down 41 basis points to 4.18% and the 10-yr note yield is down 17 basis points to 3.53%. Also, there has been a stark downshift in rate expectations for the March FOMC meeting. The CME FedWatch Tool shows a 52.4% probability of a 25 basis points rate hike and a 47.6% probability of no rate hike versus a 78.6% probability seen last week for a 50 basis points rate hike.
The U.S. Dollar Index is down 0.4% to 104.12.
In corporate news:
First Republic Bank (FRC 29.39, -52.37, -64.1%): down sharply as investors worry about its deposit base
Seagen (SGEN 206.00, +33.39, +19.3%): to be acquired by Pfizer (PFE) for $43 billion or $229 per share in cash
Tesla (TSLA 171.36, -2.08, -1.2%): downgraded to Peer Perform from Outperform at Wolfe Research
JPMorgan (JPM 132.23, -1.42, -1.1%): upgraded to Overweight from Equal Weight at Wells Fargo
Boeing (BA 204.30, +1.32, +0.6%): Saudi Arabia's Public Investment Fund close to agreement to purchase large amount of Boeing (BA) jets, according to WSJ
Qualtrics (XM 17.65, +1.10, +6.7%): to be acquired by Silver Lake and CPP Investments for $18.15 per share
Provention Bio (PRVB 24.27, +17.57, +262.2%): to be acquired by Sanofi (SNY) for $25.00 per share
Meta Platforms (META 182.57, +3.06, +1.7%): company is planning additional layoffs, according to WSJ
Applied Materials (AMAT 115.98, +1.59, +1.4%): increases quarterly dividend to $0.32 from $0.26/share; also announces additional $10 bln share repurchase