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Market Rap 04/11/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures pushed over the highs from yesterday/Thursday, but currently falling back into yesterdays range 410.85 the pre mkt high

409.37 the pre mkt low so far

SPY 3 months, daily candles A slight push over Thursdays high here yesterday, as bulls look for more follow thru today to gain a clear new daily "higher low" at Thursdays low/just above the daily 12ema(white), within the context of the daily uptrend. (resistance)

409.69 the high from yesterday

411.92 the recent high

415.05

416.97-418.31 (support)

405.68-405.97

404.70 the daily 12ema

404.35 small open gap

402.03 the 50 day MA(blue)

401.60 small open gap

QQQ 5 days, hourly candles Nasdaq futures also pushed over yesterdays high, also currently falling back into that range 319.02 the pre mkt high

317.07 the pre mkt low so far

QQQ 3 months, daily candles

Another poke of the 12ema and peek underneath but got back above it by close. Inside bar day yesterday, watching for which way that breaks today.

(support)

314.52 that 12ema

312.82-313.25 the low(s) from the past two trading days

310.05

308.20 open gap

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

(resistance)

317.92 the high from yesterday

318.55-319.06

321.63 the recent high


April Vix futures 3months, daily candles The slow trickle under all recent lows continues

Spot Vix 3months, daily candles Another test of 20 yesterday, followed by yet another rejection

TLT 6 months, daily candles Backing off against that longer term resistance level in the 109-110 zone, which goes all the way back to December, once again

https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: -18.00.The S&P 500 futures are down 1 point and are trading in line with fair value. The Nasdaq 100 futures are down 18 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 again this morning. There's not a lot of conviction in the market due to a lack of real impactful corporate news, along with some hesitancy ahead of the March Consumer Price Index tomorrow and earnings from several large banks on Friday. China received pleasing inflation data in the form of the March Consumer Price Index, which was cooler than expected, reducing the yr/yr rate to 0.7%, its lowest level since September 2021. President Biden signed legislation that terminates the national emergency related to the COVID-19 pandemic. NY Fed President Williams (FOMC voter) said he expects inflation pressures to gradually cool and for unemployment rate to increase to 4.0-4.5%, according to Reuters. In corporate news:

  • Coinbase Global (COIN 67.86, +1.73, +2.6%): higher in response to Bitcoin moving above $30,000

  • Newmont Goldcorp (NEM 49.75, -1.34, -2.6%): to enter into confirmatory due diligence on Newcrest (NCMGY)

  • Moderna (MRNA 149.50, -10.65, -6.7%): first influenza candidate, mRNA-1010, did not accrue sufficient cases at the interim efficacy analysis to declare early success

  • CarMax (KMX 71.00, +5.14, +7.8%): beats by $0.20, misses on revs

  • UnitedHealth (UNH 515.50, +0.32, +0.1%): Morgan Stanley switched top pick to UNH from Cigna; rates UNH Overweight

  • ADTRAN (ADTN 12.70, -2.41, -16.0%): sees Q1 revs well below consensus


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