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Market Rap 04/17/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures trading sideways in the middle of Fridays range

413.83 the corresponding futures high

412.63 the pre mkt low

Doji candle Friday as it peeks up to test 3 month resistance areas. An open, and more importantly a close anywhere under the 412.46 area would be a reversal doji confirmation and cause some shorter term concern for bulls. Holding above the 12ema(white) and daily uptrend still in play though, so bears will need to play defense and then go back on offense to gain any ground. (resistance)

415.09 the high from Friday


418.31 (support)

410.06 the low from Friday

407.87 the daily 12ema


405.68 the last daily "higher low" and spot for bulls to stay anywhere above in order to maintain the uptrend on this timeframe

QQQ 5 days, hourly candles Nasdaq futures trading sideways in the upper half of Fridays range 319.40 the corresponding futures high

318.03 the pre mkt low

QQQ 3months and 1yr daily candles Maintaining above the 12ema(white) and testing recent highs; Anything above there and bulls break into levels not seen since August of '22. (resistance)

320.36 the high from Friday

321.63 the recent high

322.08 fills an open gap going back to 8/19

326.84 (support)

315.71 that daily 12ema

315.61 the low from Friday

312.57 the most recent "higher low" - bulls need to stay above that level in order to maintain the uptrend on this timeframe

May Vix futures 3 months, daily candles (April Vix contract expires tomorrow) Continual bleed and vol crush the last 7 trading days

Spot Vix 3 months, daily candles Tested 3month lows on Friday. Inside bar in the middle of Fridays range so far today, with little movement. [BRIEFING.COM] S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: -2.00.The S&P 500 futures are up 4 points and are trading slightly above fair value. The Nasdaq 100 futures are down 4 points and are trading in line with fair value. The Dow Jones Industrial Average futures are up 60 points and are trading 0.2% above fair value. The equity futures market is mixed this morning as investors await a slate of earnings results this week. Treasury yields are moving higher. The 2-yr note yield is up three basis points to 4.14% and the 10-yr note yield is up two basis points to 3.54%. The U.S. Dollar Index is up 0.1% to 101.67. Energy complex futures are mixed. WTI crude oil futures are down 0.5% to $82.10/bbl and natural gas futures are up 2.6% to $2.17/mmbtu. Market participants will receive the following economic data today:

  • 8:30 a.m. ET: April Empire State Manufacturing survey (prior -24.6)

  • 10:00 a.m. ET: April NAHB Housing Market Index (prior 44)

  • 4:00 p.m. ET: February Net Long-Term TIC Flows (prior $31.90 bln)

In corporate news:

  • Taiwan Semiconductor Manufacturing (TSM 87.89, +0.69, +0.8%): will soon lower FY23 CapEX to $28-32 bln, according to Bloomberg

  • Merck (MRK 115.15, -0.16, -0.1%): Prometheus Biosciences (RXDX) to be acquired by Merck (MRK) for $200.00 per share

  • M&T Bank (MTB 120.24, +3.65, +3.1%): beats by $0.05

  • Uber (UBER 31.88, +0.40, +1.3%): named a top pick with a Buy rating at Jefferies

  • Fox (FOX 30.76, +0.001, +0.03%): Delaware Superior Court Judge announced a one-day trail delay in Dominion Voting Systems defamation suit against Fox News, aimed at giving the parties more time to possibly reach a deal, according to Bloomberg

  • Alphabet (GOOG 105.40, -4.06, -3.7%): Samsung considering replacing Google with Microsoft's Bing, according to NY Times

  • State Street (STT 73.02, -7.01, -8.8%): misses by $0.12, reports revs in-line

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