SPY / QQQ / Vix
SPY 5 days, hourly candles S&P futures seeing a waterfall drop the last couple hours on Credit Suisse/banking woes; Testing yesterdays pre mkt lows currently 383.77 the pre mkt low
392.87 the corresponding futures high
SPY 3 months, daily candles Daily bounce got underway yesterday but topped out right around the 200 day MA(purple), with another close underneath. Trading under yesterdays RTH lows currently, so yesterdays highs might be the next daily "lower high" getting set already; if bulls cant play defense/go back on offense early on.(resistance)
393.09 that 200 day MA
393.45 the high from yesterday
394.85 the falling 12ema(white)(support)
387.05 the low from yesterday - trading under there currently for the gap down open
380.65
376.42-377.83
374.77 the Dec. low
QQQ 5 days, hourly candles Nasdaq futures trying to hold above yesterdays lows currently 292.05 the pre mkt low
298.48 the corresponding futures high
QQQ 3 months, daily candles The pullback here continues to be more moderate than other parts of the market - attempting to hold above the 50% retrace of the Dec low to Feb high, the 50 day MA, and the 200 day MA (and put the "golden cross" in play yesterday). Daily bounce got underway yesterday, but a break and follow thru under yesterdays lows would set yesterdays high as the next daily "lower high" already. (resistance)
297.93 the high from yesterday (support)
293.45 the low from yesterday - trading under there currently by a tad
290.80 the 50 day MA(blue)
290.14 the 200 day MA(purple)
287.84 the 150 day MA(orange)
285.19 the recent lows
281.18
March Vix futures 3 months, daily candles
Back over yesterdays highs currently, pushing up to test the recent upper end
Spot Vix 3 months, daily candles
Big move here pre mkt as well, pushing back into the upper 20s again
$DXY 3months, daily candles
Seeing a bounce off it's 50 day MA(blue)
https://www.briefing.com/stock-market-update
The S&P 500 futures are down 74 points and are trading 1.9% below fair value. The Nasdaq 100 futures are down 188 points and are trading 1.4% below fair value. The Dow Jones Industrial Average futures are down 581 points and are trading 1.8% below fair value.
A sentiment-driven retreat has taken root in the equity futures market as issues at Credit Suisse (CS) reignite selling efforts in the financial sector. Notably, Credit Suisse's largest shareholder, Saudi National Bank, said it cannot offer further help. That revelation has stoked large losses in European bank stocks and has stirred renewed angst in the banking sector here in the U.S.
Other limiting factors this morning include reports that the Fed is mulling tougher capital requirements for midsize banks, BlackRock CEO Larry Fink highlighting in his annual letter the potential for a liquidity crunch, and weakness in the mega cap stocks.
China reported mixed industrial production, retail sales, and fixed asset investment data for February in front of the retail sales and Producer Price Index reports from the U.S. at 8:30 a.m. ET.
Treasuries and the dollar reflect this morning's risk-off mentality. The 2-yr note yield is down 14 basis points to 4.06% and the 10-yr note yield is down 10 basis points to 3.53%. The U.S. Dollar Index is up 1.0% to 104.66.
In corporate news:
Credit Suisse (CS 1.97, -0.54, -21.5%): top shareholder rules out additional investments, according to Bloomberg
Lennar (LEN 103.30, +2.53, +2.5%): beats by $0.57, beats on revs; guides for FY23 deliveries of 62,000-66,000
SentinelOne (S 14.57, +0.10, +0.7%): beats by $0.03, beats on revs; guides AprQ revs above consensus; guides FY24 revs below consensus
Smartsheet (SMAR 42.60, +4.28, +11.2%): beats by $0.08, beats on revs; guides AprQ EPS above consensus, revs below consensus; guides FY24 EPS above consensus, revs below consensus
Freshpet (FRPT 49.00, -6.67, -12.0%): to offer $350 mln in convertible notes in a private offering
Guess? (GES 19.99, -1.28, -6.0%): beats by $0.44, beats on revs; guides Q1 EPS below two analyst estimate, revs below two analyst estimate; guides FY24 EPS below two analyst estimate, revs in-line
SPDR S&P Bank ETF (KBE 36.50, -1.02, -2.7%): many banks trading lower in wake of Credit Suisse developments
