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Market Rap 03/29/23 by CTG

SPY / QQQ / Vix SPY 5 days, hourly candles S&P futures straight up since the close yesterday, peeking over or testing all resistance from the past week. Hourly RSI clicked overbought, cooling down currently. 399.50 the pre mkt high

395.60 the after hours low from yesterday before futures opened

SPY 3 months, daily candles Daily consolidation got underway yesterday with a push below the 12ema(white) but a close back above it, as we continue to seesaw within last weeks FOMC range.(support)

394.74 the daily 12ema

393.69 the low from yesterday

392.24 the 200 day MA(purple)

391.02 the 150 day MA(orange)

389.40 the last daily "higher low" and spot for bulls to stay above to maintain the daily uptrend(resistance)

396.49 the high from yesterday - trading well above there for the gap up open

398.92 Mondays high - also trading a tad above that level

400.42 the 50 day MA(bue)

402.49 the FOMC day high

QQQ 5 days, hourly candles Nasdaq futures also pushed thru yesterdays highs 310.10 the pre mkt high

307.10 the after hours high from yesterday before futures opened

QQQ 3 months, daily candles Daily consolidation got underway yesterday here also, as bears played defense against the recent highs. Traded to the 12ema(white) and saw a bounce, as bulls look to maintain the daily uptrend. (support)

305.39 that 12ema

304.77 the low from yesterday

302.01 the last daily "higher low" and spot for bulls to defend in order to maintain the uptrend on this timeframe (resistance)

308.20 the high from yesterday


314.15-315.25 the recent highs

April Vix futures 3 months, daily candles Vol crush continues as we head to test the lowest levels we've seen since the banking crisis began

Spot Vix 3 months, daily candles A little "gap down" under that 20 psyche level today [BRIEFING.COM] S&P futures vs fair value: +33.00. Nasdaq futures vs fair value: +116.00.The S&P 500 futures are up 32 point and are trading 0.8% above fair value. The Nasdaq 100 futures are up 110 points and are trading 0.9% above fair value. The Dow Jones Industrial Average futures are up 217 points and are trading 0.7% above fair value. The equity futures market points to a higher open after yesterday's late afternoon bounce off the session lows. Notably, many major overseas indices trade on a firmly higher note currently. There's some modest buying interest in the Treasuries this morning. The 2-yr note yield is down one basis point to 4.06% and the 10-yr note yield is unchanged at 3.56%. The U.S. Dollar Index is up 0.1% to 102.51. Energy complex futures trade up ahead of the open. WTI crude oil futures are up 1.1% to $74.00/bbl and natural gas futures are up 0.1% to $2.15/mmbtu. The weekly MBA Mortgage Applications Index rose 2.9% with purchase application jumping 5.0% while refinancing applications rose 2.0%. Other data out today includes:

  • 10:00 ET: February Pending Home Sales ( consensus -2.3%; prior 8.1%)

  • 10:30 ET: Weekly crude oil inventories (prior +1.12 mln)

In corporate news:

  • lululemon athletica (LULU 371.00, +50.69, +15.8%): beats by $0.14, beats on revs; guides Q1 EPS above consensus, revs above consensus; guides FY24 EPS above consensus, revs above consensus

  • Micron (MU 60.55, +1.27, +2.1%): misses by $1.03, reports revs in-line; guides MayQ EPS below consensus, revs in-line; customer inventories improving\

  • Foot Locker (FL 39.13, -0.90, -2.3%): downgraded to Sell from Neutral at UBS

  • Macy's (M 17.04, -0.23, -1.3%): announces CEO Jeff Gennette plans to retire in Feb. 2024; current Bloomingdale' chairman Tony Spring named president and CEO-elect

  • UBS AG (UBS 19.76, +0.49, +2.5%): names Sergio P. Ermotti as CEO, effective April 5

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