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Market Rap 03/21/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures testing, starting to push over the highest levels from last week 397.09 the pre mkt high so far

393.50 the corresponding futures low

SPY 3months, daily candles Yesterdays inside bar breaking bullish here in pre mkt, as it pushes back over the flattening 12ema(white). Closed back over the 200 day MA(purple) yesterday. (resistance)

394.17-394.40 the highs from the past 2 days - trading above there currently for the gap up open ahead

396.47 the high from last week - also currently trading a tad over that level

400.13 the 50 day MA(blue)



407.45 (support)

392.72 the 200 day MA

392.19 the 150 day MA(orange)

390.07 the low from yesterday




QQQ 5 days, hourly candles Nasdaq futures over yesterdays highs, heading up to test the highest levels seen last week 308.22 the pre mkt high so far

305.68 the corresponding futures low

QQQ 3 months, daily candles Daily bull flag in play if yesterdays low is all the pullback we see. Follow thru would have it testing the highest level seen in the past 3months. (resistance)

306.30 the high from yesterday - trading above there for the gap up open ahead

309.15 the high from last week


313.68 (support)

302.01 the low from yesterday

299.65 the daily 12ema(white)


293.98 the 50 day MA(blue)

April Vix futures 3 months, daily candles Wicked up into the highest levels we've seen in awhile, then gave it all back; Follow thru downward today.

Spot Vix 3 months, daily candles Yesterdays spike and test of the upper 29/31 level highs we've seen thru this recent banking turmoil was reversed by close; Follow thru down to the test the lower end of last weeks range.

$DXY 3months, daily candles Dollar back down continues

[BRIEFING.COM] S&P futures vs fair value: +36.00. Nasdaq futures vs fair value: +98.00.The S&P 500 futures are up 36 point and are trading 0.9% above fair value. The Nasdaq 100 futures are up 95 points and are trading 0.8% above fair value. The Dow Jones Industrial Average futures are up 294 points and are trading 0.8% above fair value. The equity futures market has a positive disposition this morning. Investors are feeling less anxious about the banking industry following a Bloomberg report indicating the Treasury Department is looking at ways to guarantee all bank deposits, if necessary, without congressional approval. Also, Treasury Secretary Yellen's prepared remarks to the American Bankers Association, according to CNBC, indicated that the government is prepared to intervene again if "smaller institutions suffer deposit runs that pose the risk of contagion.” A rebound in the bank stocks following the aforementioned news has been integral to this morning's gains. First Republic Bank (FRC) is among the top performers from the banking sector on reports that it's pursuing strategic alternatives, including a possible sale. There's also some contrarian buying interest helping along the equity futures market after the BofA Global Fund Manager Survey showed that pessimism is near a 20-year low. The Treasury market is under selling pressure this morning, presumably as some of safety premium embedded there gets unwound. The 2-yr note yield is up 21 basis points to 4.13% and the 10-yr note yield is up eight basis points to 3.56%. As a reminder, the FOMC meeting starts today and a decision will be announced at 2:00 p.m. ET Wednesday. In corporate news:

  • First Republic Bank (FRC 13.91, +1.73, +14.2%): JP Morgan (JPM) CEO Jamie Dimon is leading discussions to rescue First Republic Bank, according to WSJ

  • Meta Platforms (META 203.21, +5.40, +2.7%): upgraded to Overweight from Equal Weight at Morgan Stanley

  • Foot Locker (FL 41.54, +1.68, +4.2%): upgraded to Buy from Neutral at Citi

  • Canadian Solar (CSIQ 39.25, +3.39, +9.5%): beats by $0.15, reports revs in-line; guides Q1 revs in-line; guides FY23 revs below consensus

  • On (ONON 24.59, +3.02, +14.0%): misses by CHF0.04, beats on revs; guides FY23 revs above consensus

  • Harmonic (HLIT 14.21, +1.12, +8.6%): selected by Charter Communications (CHTR) as its strategic technology partner to deploy virtual CMTS tech for next-gen broadband services

  • First Majestic Silver (AG 6.32, -1.12, -15.1%): temporarily suspending all mining activities and reducing workforce at Jerritt Canyon, effective immediately

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