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Market Rap 04/19/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures broke the lows from yesterday and saw follow thru into hourly oversold RSI territory; Attempting a bounce off those conditions currently 411.69 the pre mkt low

414.29 the after hours high from yesterday, before futures opened

SPY 3 months, daily candles A strong open and peek into the 3month resistance area was turned back by the bears. Break the lows from yesterday with some follow thru and daily consolidation gets underway. Currently trading a tad under those lows as we shape up for a gap down open. (support)

412.78 the low from yesterday

410.06 Fridays low

409.64 the 12ema(white)


405.68 (resistance)

415.72 the high from yesterday

418.31 the 3month high

QQQ 5 days, hourly candles Nasdaq futures broke yesterdays lows then tested Mondays lows; Attempting some bounce off that level and hourly oversold conditions currently. 315.92 the pre mkt low

318.96 the after hours high from yesterday before futures opened

QQQ 3 months, daily candles Tested 3 month highs after the open and then bears played defense at that level. Trading under yesterdays lows currently for the gap down open set up and test of the daily 12ema(white) first thing, as bears look to get daily consolidation underway. (support)

317.64 the low from yesterday - trading under there currently

316.60 that daily 12ema - trading right around there currently


312.57 the last daily "higher low" - anything above there keeps the daily uptrend intact (resistance)

321.42-321.63 the 3month highs

May Vix futures 3 months, daily candles Daily bounce underway today off the recently depressed levels

Spot Vix 3 months, daily candles Daily bounce underway here as well, as we look for the next daily "lower high"; anywhere under that psychological 20 level that we saw so many rejections from late March/early April [BRIEFING.COM] S&P futures vs fair value: -27.00. Nasdaq futures vs fair value: -109.00.The S&P 500 futures are down 26 points and are trading 0.6% below fair value. The Nasdaq 100 futures are down 109 points and are trading 0.8% below fair value. The Dow Jones Industrial Average futures are down 135 points and are trading 0.3% below fair value. The stock market is headed for a lower open as investors digest a slate of earnings news. The Nasdaq 100 futures are lagging, feeling the pinch of an earnings-driven loss in Netflix along with weakness from mega cap components. Treasury yields have been rising, reflecting concerns about the Fed's policy path, which has acted as a headwind for growth stocks that have made a big run recently. The Consumer Price Index (CPI) for the Eurozone and the U.K. showed no improvement in core inflation. In the eurozone, core-CPI rose to 5.7% year-over-year in March from 5.6% and in the U.K. core-CPI was up 6.2% year-over-year, unchanged from February. The 2-yr note yield is up six basis points to 4.27% and the 10-yr note yield is up four basis points to 3.62%. The inflation reports have overshadowed an 8.8% week-over-week decline in mortgage applications. In corporate news:

  • Netflix (NLFX 329.38, -4.32, -1.3%): beats by $0.01, reports revs in-line; guides Q2 EPS below consensus, revs below consensus as co shifts timing for paid sharing broad launch from late Q1 to Q2

  • Fox (FOX 30.98, -0.22, -0.7%): to settle lawsuit with Dominion, according to WSJ

  • Travelers (TRV 180.39, +8.39, +4.9%): beats by $0.52, beats on revs; raises dividend; authorizes additional $5 bln of share repurchases

  • United Airlines (UAL 43.45, +0.41, +1.0%): beats by $0.10, reports revs in-line; guides Q2 EPS in-line; reaffirms FY23 EPS target

  • Western Alliance Bancorp (WAL 39.89, +7.38, +22.7%): beats by $0.27, net interest income increased 35.7% yr/yr

  • Tesla (TSLA 180.75, -3.56, -1.9%): lowers Model 3 & Y prices again, according to Bloomberg; reporting earnings results after the close today

  • Exxon (XOM 116.00, -0.94, -0.8%): upgraded to Buy from Neutral at UBS

  • Intuitive Surgical (ISRG 291.00, +21.72, +8.1%): beats by $0.03, beats on revs; worldwide da Vinci procedures grew by approximately 26%

  • U.S. Bancorp (USB 35.56, +0.37, +1.1%): misses by $0.08, reports revs in-line; guides Q2 revs in-line; guides FY23 revs in-line

  • CDW (CDW 169.75, -20.54, -10.8%): guides Q1 net sales below consensus due to more cautious buying; expects US IT market to decline at a high single-digit rate in 2023; downgraded to Neutral from Buy at BofA Securities

  • ASML (ASML 627.28, -16.05, -2.5%): beats by €0.80, beats on revs; guides Q2 revs above consensus

  • Meta Platforms (META 214.80, -3.09, -1.4%): is preparing for additional layoffs across its platforms, according to Bloomberg

  • Disney (DIS 100.30, -0.63, -0.6%): will likely eliminate thousands of jobs next week, according to Bloomberg

  • Morgan Stanley (MS 88.75, -1.10, -1.2%): beats by $0.04, beats on revs

  • Abbott Labs (ABT 106.00, +1.85, +1.8%): beats by $0.05, beats on revs; reaffirms FY23 EPS guidance

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