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Market Rap 03/27/23 by CTG

SPY 5 days, hourly candles S&P futures trading thru Fridays highs, testing last Thursdays highs 398.80 the pre mkt high so far

395.46 the corresponding futures low

SPY 3 months, daily candles Another push below it's 200 day MA(purple) on Friday but reversed and closed back above there and the daily 12ema(white) by close. Follow thru of weakness following the FOMC is being resisted so far, and the daily uptrend remains intact; Fridays low looking like it will be the next "higher low" set, as we're positioned to gap up thru Fridays high and get the daily bounce underway. (support)

389.40 that low from Friday

386.29

383.71 (resistance)

395.84 the high from Friday - trading well above there currently as the gap up open takes shape

399.29

400.49 the 50 day MA(blue)

402.49

404.67

407.45

QQQ 5 days, hourly candles Nasdaq futures also peeking over Fridays high 312.80 the corresponding futures high

310 the corresponding futures low

QQQ 3 months, daily candles Resisting any post FOMC weakness and trading up at the highest levels we've seen this year/over the past 6months. Bears will be looking to play defense against the FOMC day highs, and if they can't reject those levels their narrative is in some serious trouble.(resistance)

310.99 the highs from Friday - trading thru there now as the gap up open shapes up here also

314.15-315.25 (support)

306.95 the low from Friday

305.95 the FOMC day low

304.40 the daily 12ema

302.01 the last daily "higher low" in the context of the daily uptrend

297.19

296.92 the 50 day MA(blue)

April Vix futures 3 months, daily candles Fridays big move reversed by close ahead of the recent highs; Follow thru down today to start the week

Spot Vix 3 months, daily candles Fridays surge reversed in the mid-20s area; Some follow thru under Fridays lows to start the week as that 20 level looks to be a magnet again

https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: +27.00. Nasdaq futures vs fair value: +55.00.The S&P 500 futures are up 27 point and are trading 0.7% above fair value. The Nasdaq 100 futures are up 56 points and are trading 0.4% above fair value. The Dow Jones Industrial Average futures are up 222 points and are trading 0.6% above fair value. The stock market is poised for a higher open with bank stocks leading the charge follow reports that First Citizens BancShares (FCNCA) will acquire all deposits and loans of Silicon Valley Bank (SIVB). Also, President Biden said that FDIC insurance could be tapped for deposits above $250,000 if additional banks fail, according to Reuters. Treasury yields are moving higher this morning. The 2-yr note yield is up 18 basis points to 3.95% and the 10-yr note yield is up eight basis points to 3.46%. The U.S. Dollar Index is down 0.1% to 103.04. Energy complex futures trade mixed. WTI crude oil futures are up 1.4% to $70.26/bbl and natural gas futures are down 3.2% to $2.29/mmbtu. In corporate news:

  • First Citizens BancShares (FCNCA 785.00, +202.45, +34.8%): purchases Silicon Valley Bridge Bank (SIVB); CEO Frank Holding in CNBC interview says Silicon Valley Bank (SIVB) overlaps its strength in wealth management and private banking; says securities portfolio of SIVB will be left behind; says bank has ample liquidity and capital

  • First Republic Bank (FRC 15.49, +3.13, +25.3%): US considering expanding an emergency lending facility for banks in a way to give First Republic additional time, according to Bloomberg

  • Novartis AG (NVS 88.98, +5.39, +6.5%): reports Kisqali Phase III NATALEE trial meets primary endpoint

  • Salesforce (CRM 190.80, +0.74, +0.4%) mulls additional job cuts, according to Bloomberg

  • Pinterest (PINS 28.56, +1.09, +4.0%): upgraded to Buy from Neutral at UBS


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