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Market Rap 04/13/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures broke yesterdays RTH low early in the evening, saw little follow thru, then reversed 407.06 the corresponding futures low

409.36 the pre mkt high

SPY 3 months, daily candles Bearish engulfing candle yesterday on increasing volume, after reversing the initial CPI at recent resistance. If 405.68 holds up, the bulls maintain the daily uptrend. Watching for any break of yesterdays lows to lead to a test of that level. (support)

407.44 the low from yesterday

405.87 the daily 12ema(white)

405.68 last Thursdays low

404.35 open gap

402.26 the 50 day MA(blue) (resistance)



QQQ 5 days, hourly candles Nasdaq futures also broke yesterdays lows early in the evening, saw little follow thru, and reversed 312.30 the corresponding futures low

314.60 the pre mkt high

QQQ 3 months, daily candles Failed at recent resistance and lost the daily 12ema(white) on increasing volume and a bearish engulfing candle. Broke last Thursdays low, watching for follow thru today. (support)

312.57 the low from yesterday


308.20 open gap

304.77 the last daily "higher low" - if bulls stay anywhere above there during this daily consolidation, the uptrend on this timeframe stays intact

304.18 the 50 day MA(blue) (resistance)

318.42 the high from yesterday



April Vix futures 3 months, daily candles Red to green reversal yesterday following the CPI report, watching for any follow thru today over yesterdays high of 20.20

Spot Vix 3 months, daily candles Ping ponging in a tight range between 20 and low 18s, whichever way this breaks should be telling for short term direction/control of the broad market

XLF 3 months, daily candles Bank earnings kick off ER season tomorrow, should be interesting [BRIEFING.COM] S&P futures vs fair value: -1.00. Nasdaq futures vs fair value: +8.00.The S&P 500 futures are down 1 point and are trading in line with fair value. The Nasdaq 100 futures are up 8 points and are trading fractionally above fair value. The Dow Jones Industrial Average futures are down 15 points and are trading slightly below fair value. The equity futures market has a tentative disposition as participants await the March Producer Price Index and weekly jobless claims report at 8:30 a.m. ET. In addition, there's some hesitancy ahead of Q1 earnings reporting season, starting tomorrow with several large banks. There is a growing sense that the European Central Bank will announce a 25-bps rate increase at its May meeting, according to Reuters. China reported much better than expected trade data for March. The trade surplus narrowed to $88.19 billion (expected $39.2 billion) from $116.88 billion with exports jumping 14.8% on a year-over-year basis (expected -7.0%) and imports declining by a less than expected 1.4% (expected -5.0%). Treasury yields are slightly higher. The 2-yr note yield is up one basis point to 3.99% and the 10-yr note yield is up one basis point to 3.43%. The U.S. Dollar Index is down 0.2% to 101.35. WTI crude oil futures are down 0.2% to $83.08/bbl and natural gas futures are up 0.5% to $2.10/mmbtu. In corporate news:

  • Delta Air Lines (DAL 34.55, +0.81, +2.4%): misses by $0.05, beats on revs; guides Q2 EPS above consensus, revs above two analyst estimate; reaffirms FY23 EPS guidance, revs guidance

  • Alibaba (BABA 95.19, +1.35, +1.4%): SoftBank moves to sell down most of its Alibaba stake, according to FT

  • Sarepta (SRPT 123.53, -14.15, -10.3%): FDA staff leaned towards rejecting Sarepta gene therapy before another official intervened, according to Stat News

  • Apple (AAPL 160.88, +0.78, +0.5%): tripled India iPhone production to $7 billion, according to Bloomberg

  • First Solar (FSLR 205.00, -2.89, -1.4%): downgraded to Hold from Buy at Deutsche Bank

  • Harley-Davidson (HOG 35.99, -1.37, -3.7%): announces that Gina Goetter will step down as CFO at the end of April 2023, David Viney to serve as Interim CFO

  • Hasbro (HAS 52.20, +0.90, +1.8%): Hasbro appoints Gina Goetter as CFO, effective May 18; joining from Harley-Davidson

  • Fastenal (FAST 51.50, -1.06, -2.0%): beats by $0.01, reports revs in-line

  • (AMZN 98.05, +0.22, +0.2%): CEO Andy Jassy releases letter to shareholders

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