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Market Rap 03/24/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures breaking the lows from yesterday 389.74 the pre mkt low so far

395.30 the corresponding futures high

SPY 3 months, daily candles After yesterday mornings initial bounce back up to test the 50 day MA(blue) things reversed, and broke the lows from Wednesday, along with the 200 day MA(purple). Closed back above that 200 day MA yesterday, but we're back under it currently as things debate on the gap down open. (support)

390.35 the low from yesterday, trading a tad under there currently



380.65 (resistance)

392.44 the 200 day MA

393.96 the daily 12ema

399.29 the high from yesterday

400.48 the 50 day MA

QQQ 5 days, hourly candles Nasdaq futures continuing the trend of holding up better than everything else 307.93 the pre mkt low so far

311.74 the corresponding futures high

QQQ 3 months, daily candles Another test of recent highs, another back off and potential reversal doji by close. An open, and more importantly a close under 309.75 would confirm, and signal more daily consolidation ahead. Still has a daily uptrend going anywhere above 302.01, however, as the strength here thru global banking turmoil has been impressive. (support)

307.01 the low from yesterday

305.95 yesterdays low

303.22 the daily 12ema(white)



296.26 the 50 day MA(blue) (resistance)

314.15-315.25 the recent highs

April Vix futures 3 months, daily candles Awake, and concerned as it heads up to test recent highs

Spot Vix 3 months, daily candles Once it broke over the FOMC Wed. highs yesterday it was off to the races, before giving a chunk back by close. Recouping that, and moar so far this morning, as it pushes over yesterdays highs here in pre mkt.

IWM currently under this weeks lows, and December lows The S&P 500 futures are down 39 point and are trading 1.1% below fair value. The Nasdaq 100 futures are down 92 points and are trading 0.7% below fair value. The Dow Jones Industrial Average futures are down 360 points and are trading 1.0% below fair value. The stock market is poised for a lower open as investors weigh concerns over the bank industry, again. Deutsche Bank's (DB) credit default swaps shot to a four-year high, according to Reuters, driving strong selling interest. DB is down more than 10%, hitting its lowest level since early October. Also, loans to the Fed's discount window fell to $110.2 billion while borrowing from the Fed's Bank Term Lending Program rose to $53.7 billion, according to Bloomberg, adding to the financial industry angst. Treasury yields are down sharply in a flight to safety trade. The 2-yr note yield is down 25 basis points to 3.59% and the 10-yr note yield is down 14 basis points to 3.29%. Market participants will receive the following economic data today:

  • 8:30 ET: February Durable Orders ( consensus 1.6%; prior -4.5%) and Durable Orders ex-transportation ( consensus 0.3%; prior 0.7%)

  • 9:45 ET: Preliminary March IHS Markit Manufacturing PMI (prior 47.3) and preliminary March IHS Markit Services PMI (prior 50.6)

In corporate news:

  • Deutsche Bank (DB 8.59, -1.06, -11.0%): Default insurance costs rise at Deutsche Bank, according to Reuters

  • UBS (UBS 18.20, -0.97, -5.1%) and Credit Suisse (CS 0.8200, -0.05, -6.0%): down on reports that they are among banks facing DOJ Russia-sanctions probe, according to Bloomberg

  • Regeneron Pharmaceuticals, Inc. (REGN 804.00, +1.84, +0.2%): upgraded to Buy from Hold at Jefferies

  • Block (SQ 60.77, -1.11, -1.8%): downgraded to Neutral from Overweight at Atlantic Equities

  • Coinbase Global (COIN 64.30, -2.00, -3.0%): downgraded to Underperform from Market Perform at TD Cowen

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