SPY / QQQ / Vix
SPY 5 days, hourly candles S&P futures broke over yesterdays RTH highs before hitting their head on yesterdays low end of the futures range 391.36 the corresponding futures high
387.53 the pre mkt low
SPY 3 months, daily candles A lot of volume the past few days as we slog thru this global banking crisis. Below the 200 day MA(purple), 12ema(white), and 50 day MA(blue). Daily and weekly downtrend in play; bulls have work to do to repair the charts. Holding above the December lows is Step 1.(support)
383.71 the low from yesterday
380.65 Mondays low
376.42-377.83
374.77 the December low (resistance)
389.49 the high from yesterday
392.77 the 150 day MA(orange)
393.01 the 200 day MA
393.99 the falling 12ema
QQQ 5 days, hourly candles Nasdaq futures keeping the theme of recent outperformance going - broke over yesterdays highs and currently trading just above there 300.58 the corresponding futures high
298.67 the pre mkt low
QQQ 3 months, daily candles Tech has been carrying the broad markets on their back recently, keeping everything from falling apart in the midst of banking chaos. Holding above the 50% retrace of the Dec low to Feb high; also trading above it's 200 day MA(purple), 50 day MA(blue) and the 12ema(white). "Golden cross" happened Monday. The trend the past month can probably best be described as sideways, which is a different look than what we've seen in the S&P 500 and especially small caps, which are testing their Dec. lows. (resistance)
299.27 the high from yesterday - trading a tad above there currently for the gap up open possibility
300.98-301.01
304 (support)
295.52 that daily 12ema
291.45 the 50 day MA
290.14 the 200 day MA
285.19 Mondays low
March Vix futures 3 months, daily candles
Pulled off against Mondays highs yesterday after a very brief peek thru; Trading in the middle of yesterdays range currently
Spot Vix 3 months, daily candles
Another test of the 30 handle yesterday followed by a pullback to the mid 20s range, where we're trading currently
https://www.briefing.com/stock-market-update
[BRIEFING.COM] S&P futures vs fair value: -7.00. Nasdaq futures vs fair value: +32.00.The S&P 500 futures are down 5 points and are trading 0.2% below fair value. The Nasdaq 100 futures are up 34 points and are trading 0.3% above fair value. The Dow Jones Industrial Average futures are down 90 points and are trading 0.3% below fair value.
The equity futures market is mixed this morning as investors weigh ongoing concerns about the banking sector after Bloomberg reported that First Republic Bank (FRC) is considering a sale and Fitch placed Western Alliance Bancorporation (WAL) on rating watch negative. The Nasdaq 100 futures have been outperforming due to some favoritism for high quality growth names, helped along by pleasing earnings and guidance from Adobe (ADBE).
Participants are nervously anticipating the European Central Bank (ECB) policy rate decision at 9:15 a.m. ET. Reports suggest the ECB is still leaning toward a 50-basis points rate hike.
The 2-yr Treasury note yield is down two basis points to 3.94% and the 10-yr note yield is down three basis points to 3.46%.
Market participants will receive the following economic data today:
8:30 ET: Weekly Initial Claims (Brieifng.com consensus 215,000; prior 211,000), Continuing Claims (prior 1.718 mln), February Housing Starts (Briefing.com consensus 1.313 mln; prior 1.309 mln), Building Permits (Briefing.com consensus 1.345 mln; prior 1.339 mln), March Philadelphia Fed survey (Briefing.com consensus -13.0; prior -24.3), February Import Prices (prior -0.2%), Import Prices ex-oil (prior 0.3%), Export Prices (prior 0.8%), and Export Prices ex-agriculture (prior 0.8%)
10:30 ET: Weekly natural gas inventories (prior -84 bcf)
In corporate news:
Credit Suisse (CS 2.2700, +0.11, +5.1%): takes decisive action to pre-emptively strengthen liquidity and announces public tender offers for debt securities
Adobe (ADBE 352.00, +18.4, +5.5%): beats by $0.12, reports revs in-line; guides MayQ EPS in-line, revs in-line; guides FY23 EPS above consensus
First Republic Bank (FRC 22.76, -8.40, -27.0%): considers sale, according to Bloomberg
Meta Platforms (META 201.20, +3.45, +1.7%) and Snap (SNAP 11.03, +0.69, +6.7%): US demanding TikTok’s Chinese owners to sell stakes or face a possible US ban, according to WSJ
Western Alliance Bancorp. (WAL 28.82, -3.53, -10.9%): Fitch Places Western Alliance Bancorporation on rating watch negative
Dollar General (DG 214.00, -4.56, -2.1%): reports EPS in-line, revs in-line; reaffirms FY24 EPS guidance, guides FY24 revs in-line; raises dividend
Signet Jewelers (SIG 69.45, +1.57, +2.3%): beats by $0.09, reports revs in-line; guides Q1 revs below consensus; guides FY24 EPS above consensus, revs below consensus; Q4 comps -9.1%; increased its share buyback program by $263 million
Five Below, Inc. (FIVE 191.00, -7.17, -3.6%): reports EPS in-line, beats on revs, comps of +1.9%; guides AprQ EPS below consensus, revs in-line, comps of +2.5-4.0%; guides FY24 EPS in-line, revs in-line, comps of +1-4%
PagerDuty, Inc. (PD 29.61, +1.77, +6.4%): beats by $0.06, beats on revs; guides Q1 EPS above consensus, revs below consensus; guides FY24 EPS above consensus, revs in-line
UiPath Inc. (PATH 16.88, +2.24, +15.3%): beats by $0.08, beats on revs; guides Q1 revs above consensus; guides FY24 revs above consensus
Intel (INTC 28.52, +0.11, +0.4%): upgraded to Neutral from Negative at Susquehanna
