SPY / QQQ / Vix
SPY 5 days, hourly candles The S&P's breakout over all recent resistance(s) continuing overnight and in pre mkt. Hourly and 4hr RSI are now pretty overbought, so some type of cool off should be anticipated. 403.96 the pre mkt high so far
400.86 the corresponding futures low
SPY 3 months, daily candles The gap up open never really looked back, and finished the day with a close over the 50 day MA(blue). Another gap up open setting up here in pre mkt, with current trading over the FOMC day highs. (resistance)
401.60 the high from yesterday - trading well above there currently for the gap up
402.49 the FOMC day highs - trading above that level currently
404.67
407.45
408.14 small open gap (support)
400.49 the 50 day MA
398.68 the low from yesterday
396.49 open gap
395.76 the daily 12ema
393.69 the new daily "higher low" in the context of the daily uptrend
392.30 the 200 day MA(purple)
QQQ 5 days, hourly candles Nasdaq futures pushing thru all recent highs as well (everything except the FOMC day high which will be tested again today) 314.79 the pre mkt high so far
312.08 the corresponding futures low
QQQ 3 months, daily candles Gap up open setting up into a test of 3month highs/FOMC day highs. Will we see daily bull flag follow thru over those highs, or will the bears be able to play defense again? Stay tuned.(resistance)
313.35 the high from yesterday - trading above there currently for the gap up open
315.25 the FOMC day highs before we zoom out to the 1 year chart to look for the next resistance areas, and at that point we'd be trading at the highest levels we've seen since last August. The final nails in the "this is a bear market rally" coffin seem to be going in the past few days. (support)
310.05 the low from yesterday
308.20 open gap
306.52 the daily 12ema(white)
304.77 the new "higher low" in the context of the daily uptrend
April Vix futures 3months, daily candles
Not far from testing THE lows prior to the banking "crisis not crisis"
Spot Vix 3 months, daily candles
Also heading to test the early March lows prior to the banking fiasco(s)
https://www.briefing.com/stock-market-update
[BRIEFING.COM] S&P futures vs fair value: +22.00. Nasdaq futures vs fair value: +70.00.The S&P 500 futures are up 21 point and are trading 0.5% above fair value. The Nasdaq 100 futures are up 64 points and are trading 0.5% above fair value. The Dow Jones Industrial Average futures are up 194 points and are trading 0.6% above fair value.
Yesterday's positive disposition has carried over this morning with the equity futures market showing decent gains. Worries about the banking industry continue to ease, offering support to the broader market, as evidenced by the price action in many bank stocks ahead of the open. Gains in the mega cap space have also been supportive for the broader market so far this morning.
Notably, many overseas indices trade firmly higher again today. This is partially thanks to a cooler than expected March CPI (4.0% yr/yr; expected 5.5% yr/yr) reading from Spain. Spain's pleasing data comes ahead of the latest inflation reading for the U.S. in the form of the PCE Price Index (the Fed's preferred inflation gauge) tomorrow at 8:30 a.m. ET.
Market participants will receive the following economic data today:
8:30 ET: Weekly Initial Claims (Briefing.com consensus 196,000; prior 191,000), Continuing Claims (prior 1.694 mln), Q4 GDP -- third estimate (Briefing.com consensus 2.7%; prior 2.7%), and GDP Deflator -- third estimate (Briefing.com consensus 3.9%; prior 3.9%)
10:30 ET: Weekly natural gas inventories (prior -72 bcf)
In corporate news:
Roku (ROKU 66.30, +2.39, +3.7%): approved a restructuring plan - expected to impact approximately 200 employees, approximately 6% of the Company's workforce
Charles Schwab (SCHW 54.55, -0.66, -1.2%): downgraded to Equal Weight from Overweight at Morgan Stanley
RH (RH 230.02, -15.69, -6.4%): misses by $0.48, reports revs in-line; guides Q1 revs below consensus; guides FY24 revs below consensus; expects business conditions to remain challenging for next several quarters and possibly longer
Philip Morris International (PM 96.36, +1.64, +1.7%): upgraded to Overweight from Neutral at JPMorgan
