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Market Rap 04/04/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures over yesterdays highs 412.75 the pre mkt high

410.40 the corresponding futures low

SPY 3 months, daily candles Continuation yesterday following a brief morning cool off, as it heads up to test the highs from early February. 4hr RSI is almost pushing 80 again, so a cool off of that timeframe shouldn't be a surprise when it happens. Whenever daily consolidation begins, bulls have created plenty of room to find the next daily "higher low" as well. (resistance)

411.37 the high from yesterday - trading above that level currently for the gap up open set up




418.31 (support)

408.44 the low from yesterday


404.35 small open gap


401.60 small open gap

401.45 the 50 day MA(blue)

400.74 the daily 12ema(white)

QQQ 5 days, hourly candles Nasdaq futures also peeking thru to higher highs 322.16 the pre mkt high

319.27 the corresponding futures low

QQQ 3 months, daily candles and 1year daily candles Daily inside bar yesterday which has already broken bull here in pre mkt; Pushing higher into resistance levels that go back to August of '22 (resistance)

320.42 the high from yesterday, 321.17 the high from Friday - already trading over both those levels currently

322.08 fills an open gap created 8/22


330.49 (support)

317.42 the low from yesterday



311.50 the daily 12ema(white)

308.20 open gap

304.77 the last daily "higher low"; bulls have lots of room to find the next one on this timeframe whenever daily consolidation does begin

April Vix futures 3 months, daily candles Starting to peek under all recent lows, not much follow thru so far

Spot Vix 3 months, daily candles Testing early March lows prior to the banking crisis not crisis

BRIEFING.COM] S&P futures vs fair value: +12.00. Nasdaq futures vs fair value: +61.00.The S&P 500 futures are up 12 point and are trading 0.3% above fair value. The Nasdaq 100 futures are up 54 points and are trading 0.5% above fair value. The Dow Jones Industrial Average futures are up 33 points and are trading 0.1% above fair value. The stock market is poised for a higher open with Nasdaq 100 futures outperforming somewhat. The continued resilience to selling efforts has fostered carryover buying interest this morning. JPMorgan Chase (JPM) CEO Jamie Dimon said in his annual letter to shareholders that the fallout from the regional banking crisis will have repercussions for years to come, but that it is nothing like the 2008 financial crisis. The Reserve Bank of Australia left its cash rate rate unchanged at 3.60%, as expected. Separately, Finland joins NATO today, becoming its 31st member state. Treasury yields are moving higher this morning. The 2-yr note yield is up three basis points to 4.02% and the 10-yr note yield is up four basis points to 3.46%. In corporate news:

  • Apple (AAPL 166.89, +0.72, +0.4%): will eliminate small amount of jobs, according to Bloomberg

  • Wal Mart (WMT 148.73, +0.04, +0.03%): to eliminate 2000 jobs in e-commerce warehouses, according to Bloomberg

  • Etsy (ETSY 112.09, +3.84, +3.6%): upgraded to Overweight from Neutral at Piper Sandler

  • AMC Entertainment (AMC 3.70, -1.41, -27.6%) and AMC Preferred Equity units (APE 1.8200, +0.34, +23.0%): AMC Entertainment enters into a binding settlement term sheet with the named plaintiffs in the case In re AMC Entertainment Holdings, Inc. Stockholder Litigation to settle the Shareholder Litigation

  • Sarepta Therapeutics (SRPT 142.00, +4.45, +3.2%): Citigroup initiated coverage with a Buy

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