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Market Rap 04/18/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures broke over yesterdays/all recent highs 415.85 the pre mkt high

413.61 the corresponding futures low

SPY 3 months, daily candles Bulls negated the potential reversal doji from Friday, and seeing continuation up in pre mkt today, as we shape up for the gap up open. Highs from early February in play; Get thru there and we'll zoom out to the next resistance areas going back to August of '22. (resistance)

413.96 the high from yesterday - trading above there currently for the gap up open ahead

415.09 Fridays high - also currently a tad above that level


418.31 the Feb 2nd high before we zoom out and look for resistance at Aug. '22 levels (support)

411.09 the low from yesterday

408.81 the 12ema(white)



QQQ 5 days, hourly candles Nasdaq futures pushing over all recent highs and shaping up for a test of the 4/4 highs first thing 321.32 the pre mkt high

318.22 the corresponding futures low

QQQ 3 months daily candles The daily 12ema(white) provided support again yesterday as the bulls stay resilient to any type of deeper consolidation, in the context of the daily uptrend.

Over yesterdays highs currently in pre mkt with a gap up open setting up/challenge of the 4/4 highs first thing. (resistance)

321.63 that 4/4 high

322.08 fills an open gap going back to 8/19/22

326.84 after that


316.19 the daily 12ema

316.04 the low from yesterday

312.57 the previous daily "higher low"

May Vix futures 3months, daily candles Another day, another vol crush

Spot Vix 3 months and 1yr daily candles Now trading under 1 year lows. Back to levels last seen January of '22.

TLT 3 months, daily candles and 15 days, 4hr candles 4hr oversold RSI yesterday, attempting a bounce off those levels today; more importantly looking to hold up off 3/29 support of 103.60.

Pushed under the 50 day MA(blue) yesterday, so if its going to pivot around here it shouldn't stay under there for long; Looking for something similar to the 3/27-3/30 period of price action where it pushed under for a couple days, then reclaimed/reversed. [BRIEFING.COM] S&P futures vs fair value: +16.00. Nasdaq futures vs fair value: +85.00.The S&P 500 futures are up 16 points and are trading 0.4% above fair value. The Nasdaq 100 futures are up 85 points and are trading 0.6% above fair value. The Dow Jones Industrial Average futures are up 27 points and are trading slightly above fair value. The stock market is poised for a higher open after yesterday's pleasing finish, boosted by gains in mega cap stocks. Positive sentiment is also being driven by better than expected earnings from the likes of Bank of America (BAC) and Johnson & Johnson (JNJ). China reported some better than expected economic data, including Q1 GDP up 4.5% year-over-year versus the expected 4.0% and a 10.6% year-over-year increase in retail sales for March versus the expected 7.4% increase. Treasury yields are moving lower. The 2-yr note yield is down two basis points to 4.16% and the 10-yr note yield is down two basis points to 3.57%. The U.S. Dollar Index is down 0.4% to 101.70. In corporate news:

  • Bank of America (BAC 30.73, +0.36, +1.2%): beats by $0.11, beats on revs

  • Johnson & Johnson (JNJ 166.70, +1.03, +0.6%): beats by $0.18, beats on revs; raises and guides FY23 EPS above consensus, revs above consensus; declared a 5.3% increase in the quarterly dividend, from $1.13/share to $1.19 per share

  • NVIDIA (NVDA 276.75, +6.73, +2.5%): HSBC upgraded to Buy from Reduce

  • Goldman Sachs (GS 326.50, -13.18, -3.9%): beats by $0.73, misses on revs

  • J.B. Hunt Transport (JBHT 172.87, -3.78, -2.1%): misses by $0.14, misses on revs

  • BELLUS Health (BLU 14.40, +7.14, +98.4%): to be acquired by GSK for ~ $2 billion, or $14.75 per share, in cash

  • Lockheed Martin (LMT 498.00, +8.36, +1.7%): beats by $0.55, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance

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