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Market Rap 04/21/23 by CTG

SPY / QQQ / Vix SPY 5 days, hourly candles S&P futures testing the lower end of yesterdays/the weeks range 410.66 the pre mkt low

412.39 the corresponding futures high

SPY 3 months, daily candles Daily consolidation continued yesterday, with a test of the 12ema(white). Daily uptrend still intact, consolidation looks healthy so far. (support)

410.57 the daily 12ema

410.27 the low from yesterday


405.68 (resistance)

413.70 the high from yesterday



QQQ 5 days, hourly candles Nasdaq futures peeking under yesterdays lows 314.65 the pre mkt low

317.04 the corresponding futures high

QQQ 3 months, daily candles A push under the daily 12ema(white) yesterday as daily consolidation continues. Test of the last daily "higher low" area from 4/12 coming into view. Uptrend in play unless that area breaks as support. (support)

314.97 the low from yesterday (trading right around there currently)

312.57 that previous daily "higher low" from 4/12


308.20 open gap (resistance)

316.83 the daily 12ema back overhead

319.27 yesterdays high


May Vix futures 3 months, daily candles Some slight push yesterday over Wednesday's high, testing those highs currently

Spot Vix 3 months, daily candles Testing the last few days of highs in the 17.69-17.72 area. See some follow thru over that, and we'll believe the bears can get some more broad market consolidation follow thru.

TLT 3 months, daily candles Reclaimed 50 day MA(blue) support yesterday, with a potential "island bottom" look setting up against an initial hold of important recent daily/weekly support. [BRIEFING.COM] S&P futures vs fair value: -7.00. Nasdaq futures vs fair value: -56.00.The S&P 500 futures are down 7 points and are trading 0.2% below fair value. The Nasdaq 100 futures are down 56 points and are trading 0.4% below fair value. The Dow Jones Industrial Average futures are down 24 points and are trading slightly below fair value. Futures for the equity market skew slightly negative on this options expiration day. The downward bias stems from some disappointment that the S&P 500 has had a lackluster showing during the early stages of earnings season and has been unable to make a run at the 4,200 level with any conviction. Also, there is some trepidation ahead of earnings results next week from the mega cap stocks. The Shanghai Composite dropped 2.0% today following a Bloomberg report that the PBOC might start dialing back the stimulus it provided during depths of COVID pandemic. There is also some speculation that China is going to tighten restrictions on technology companies. Flash Services PMI readings from Germany, France, and the U.K. improved, coming in above expectations, but Manufacturing PMI readings from all three countries slipped deeper into contraction. U.S. economic data today is limited to the preliminary IHS Markit Manufacturing PMI (prior 49.2) and the preliminary IHS Markit Services PMI (prior 52.6) for April at 9:45 a.m. ET. Treasury yields are moving lower. The 2-yr note yield is down five basis points to 4.12% and the 10-yr note yield is down one basis points to 3.53%. Oil prices are making up some lost ground, up 0.3% to $77.56/bbl. Natural gas futures are down 2.7% to $2.19/mmbtu. In corporate news:

  • Procter & Gamble (PG 153.90, +3.05, +2.0%): beats by $0.05, beats on revs; reaffirms FY23 EPS in-line, raises FY23 revs slightly above consensus

  • CSX (CSX 31.61, +0.80, +2.6%): beats by $0.05, beats on revs

  • SLB (SLB 51.72, -0.25, -0.5%): beats by $0.02, beats on revs

  • Meta Platforms (META 210.61, -2.46, -1.2%): CEO Mark Zuckerberg doesn't rule out future job cuts, according to WSJ

  • AT&T (T 17.79, +0.14, +0.8%): HSBC Securities upgraded to Buy from Hold

  • Tesla (TSLA 163.53, +0.54, +0.3%): raises price on Model S and X after earlier price cuts, according to Reuters; Cathie Wood says Tesla (TSLA) could hit $2000 by 2027, according to CNBC

  • Regions Fincl (RF 18.90, +0.01, +0.1%): misses by $0.02, reports revs in-line

  • PPG Industries (PPG 142.56, +1.11, +0.8%): beats by $0.27, reports revs in-line; guides Q2 EPS above consensus; guides FY23 EPS in-line

  • HCA (HCA 286.12, +15.34, +5.7%): beats by $0.93, beats on revs; raises FY23 EPS above consensus, revs in-line; FTC sues to stop the "potentially illegal integration of New Orleans area hospitals over failure to follow federal reporting law"

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