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Market Rap 03/23/23 by CTG

SPY / QQQ / Vix SPY 5 days, hourly candles S&P futures seeing a bounce to about the middle of yesterdays range, cooling off oversold RSI conditions in the process. Looking for an hourly "lower high" to be the most likely scenario on this bounce. 395.49 the pre mkt low

391.87 the after hours low from yesterday before futures opened

SPY 3 months, daily candles Massive bearish engulfing candle following the FOMC/Powell presser/Yellen not raising FDIC bank insurance comments; Lost the 12ema(white) and closed just under it's 200 day MA(purple). Daily consolidation underway, and didn't start out with a healthy look. (support)

392.07 the low from yesterday

391.74 the 150 day MA(orange)

388.55-390.07

386.29

383.71

380.65 (resistance)

394.11 that daily 12ema, trading right around there currently

400.43 the 50 day MA

402.49 the high from yesterday

QQQ 5 days, hourly candles Nasdaq futures also seeing a bounce back into the middle of yesterdays range 309.90 the pre mkt low so far

305.51 the after hours low from yesterday before futures opened

QQQ 5 days, hourly candles Nasdaq futures also seeing a bounce back into the middle of yesterdays range 309.90 the pre mkt low so far

305.51 the after hours low from yesterday before futures opened

QQQ 3 months daily candles Pushed thru the highs of the year following the FOMC release, but by the end of Powells press conference things reversed strongly with a bearish engulfing candle going in by the close. Daily consolidation of this recent move underway. (support)

305.95 the low from yesterday

302.04 the daily 12ema(white)

302.01 the last daily "higher low" - if bears see follow thru under there they'll take the daily uptrend away from bulls

297.19

295.52 the 50 day MA(blue) (resistance)

315.25 the high from yesterday

April Vix futures 3months, daily candles Reversal off the 3/10 lows yesterday; Inside bar so far today, currently trading in the middle of yesterdays range

Spot Vix 3months, daily candles Another bounce off the 20 level yesterday; Closed strong but giving some back so far today, watching for any follow thru over yesterdays 22.38 high

TLT 3months, daily candles Big bounce off it's 50 day MA(blue) with the 200 day MA(purple) above as resistance

https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: +23.00. Nasdaq futures vs fair value: +49.00.The S&P 500 futures are up 22 point and are trading 0.6% above fair value. The Nasdaq 100 futures are up 128 points and are trading 0.4% above fair value. The Dow Jones Industrial Average futures are up 91 points and are trading 0.6% above fair value. The stock market is poised for a higher open, trying to recover somewhat after yesterday's sharp declines as investors continue to digest the Fed's latest rate hike and subsequent commentary from Fed Chair Powell. Many mega cap stocks are seeing sizable gains this morning, giving a nice boost to the broader market. Following rate hikes by the European Central Bank last week and the Federal Reserve yesterday, the Swiss National Bank announced a 50-bps rate hike to 1.50%, as expected, and said the country's bank crisis over. Also, the Norges Bank raised its rate by 25 bps to 3.00%. The Bank of England is expected to announced a 25 basis points rate hike at 8:00 a.m. ET following the U.K.'s hotter than expected February Consumer Price Index earlier this week. Treasury yields are little changed from their settlement levels yesterday. The 2-yr note yield is unchanged at 3.97% and the 10-yr note yield is down one basis point to 3.48%. In corporate news:

  • Ford Motor (F 11.68, +0.20, +1.7%): announces that results will now be reported by Ford Blue (iconic gas, hybrid vehicles), Ford Model e (breakthrough EVs) and Ford Pro (commercial products, services), not by regional markets; reaffirms FY23 EBIT guidance

  • Accenture (ACN 264.10, +10.83, +4.3%): beats by $0.19, beats on revs; guides Q3 revs in-line; guides FY23 EPS in-line, revs above consensus

  • General Mills (GIS 81.23, +1.36, +1.7%): beats by $0.05, beats on revs; raises FY23 EPS above consensus

  • Darden Restaurants (DRI 151.59, +0.54, +0.4%): beats by $0.10, beats on revs; raises FY23 EPS, revenue, and comp guidance; Q3 comps +11.7%

  • Chewy (CHWY 35.64, -2.12, -5.6%): beats by $0.26, beats on revs; downgraded to Hold from Buy at Deutsche Bank

  • KB Home (KBH 37.85, +1.05, +2.9%): beats by $0.33, beats on revs, deliveries decreased by 3% to 2,788; narrows FY23 housing revenue guidance to $5.20-$5.90 bln

  • Coinbase Global (COIN 68.29, -8.85, -11.5%): receives a "Wells Notice" from the SEC stating recommending enforcement action alleging violations of federal securities laws; downgraded to Perform from Outperform at Oppenheimer



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