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Market Rap 04/10/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures have given back the lift they saw from Friday following the March jobs report 410ish the corresponding futures high

408.25 the pre mkt low so far

SPY 3 months, daily candles Bullish engulfing candle from Thursday, watching for follow thru today for more confidence the next daily "higher low" is set at the Wed/Thurs lows. (resistance)

409.48

411.92

412.91

414.06-415.05

416.97

418.31 (support)

405.68 the low from Thursday

404.55

404.35 small open gap

403.81 the daily 12ema(white)

401.94 the 50 day MA(blue)

QQQ 5 days, hourly candles Nasdaq futures also giving back some of the gains from Thursday 319ish the corresponding futures high

316.25 the pre mkt low so far

QQQ 3 months, daily candles Another test of the daily 12ema(white) on Thursday, followed by a reversal to the upside and a strong close. Follow thru today over Wed/Thurs highs would have Thursdays low set the next "higher low"; in the context of the daily uptrend.

Break Thursdays low to the downside and the search for the "higher low" continues, with room for one anywhere above the 3/28 low. (support)

313.92 the daily 12ema

312.82 Thursdays low

310.05

308.20 open gap

304.77 the last daily "higher low" from 3/28 - if bulls can stay above there on this consolidation they'll maintain the uptrend on this timeframe (resistance)

318.55-319.06

321.63

April Vix futures 3 months, daily candles April Vix futures found some new recent lows on Thursday; trying to hold up against those Thursday lows to start the week

Spot Vix 3 months, daily candles Starting the week with a test of the highs from Thursday, the 20 test looms overhead just after that; that's the spot it's failed to get back over all of last week

https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: -9.00. Nasdaq futures vs fair value: -82.00.The S&P 500 futures are down 8 points and are trading slightly below fair value. The Nasdaq 100 futures are down 64 points and are trading 0.1% below fair value. The Dow Jones Industrial Average futures are down 12 points and are trading slightly below fair value. Equity futures have been mixed and little changed this morning as investors digest Friday's March Employment Report, which reflected continued strength in the labor market and a slight decrease in the unemployment rate. Some trepidation ahead of the Q1 earnings reporting season, starting with some of the larger banks reporting their results on Friday, is also driving the price action. In addition, there may be an element of geopolitical angst limiting big moves in the equity futures market after China held two days of military drills around Taiwan this weekend. Treasury yields are pulling back. The 2-yr note yield is down three basis points to 3.93% and the 10-yr note yield is down four basis points to 3.36%. The U.S. Dollar Index is up 0.1% to 102.20. WTI crude oil futures are up 0.2% to $80.87/bbl and natural gas futures are up 1.7% to $2.05/mmbtu. In corporate news:

  • Exxon (XOM 114.26, -0.79, -0.7%): in discussions to acquire Pioneer Natural Resources (PXD), according to WSJ

  • Tesla (TSLA 181.50, -3.56, -1.9%): lowers US prices again, according to Reuters

  • First Republic Bank (FRC 13.53, -0.50, -3.6%): discloses that it suspended payment of the quarterly cash dividend on each series of the bank's outstanding noncumulative perpetual preferred stock

  • Taiwan Semiconductor Manufacturing (TSM 89.21, -1.03, -1.1%): reports March revs declined 15.4% yr/yr to NT$145.4 bln; Q1 revs below consensus

  • Block (SQ 67.11, -0.99, -1.5%): downgraded to Market Perform from Outperform at KBW

  • NetApp (NTAP 63.85, +0.85, +1.4%): upgraded to Buy from Hold at Stifel


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