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Market Rap 04/24/23 by CTG

SPY 5 days, hourly candles S&P futures tested Fridays lows earlier this AM, bounced, now heading up to test the upper end of that range

410.25 the corresponding futures low

412.26 the pre mkt high

SPY 3 months, daily candles Chopping sideways up near 3month highs, as bulls try to hold above the 12ema(white) and keep the daily consolidation as healthy as possible; Within the context of the daily uptrend.(support)

410.82 the 12ema

410.17 the low from Friday


405.68 (resistance)

412.68 the high from Friday




QQQ 5 days, hourly candles Nasdaq futures bouncing within Fridays range 315.01 the corresponding futures low

316.85 the pre mkt high

QQQ 3 months, daily candles Continues to tighten in the range from April, daily uptrend in play as long as the 4/12 low holds up. Starting to trickle below the 12ema(white) Thurs/Fri. (support)

314.10 the low from Friday

312.57 the last daily "higher low" and spot for bulls to keep above to maintain the uptrend/avoid a confirmed downtrend (resistance)

316.79 the daily 12ema

317.40 the high from Friday



May Vix futures 3 months, daily candles Hanging out near recent lows, bounce attempts not seeing much follow thru so far

Spot Vix 3 months, daily candles A little "gap up" to start the week over the highs from last week, when it opened at 3am ET earlier this morning; Gave that back and has retreated into last weeks range again here pre mkt, as broad market futures regain their earlier losses [BRIEFING.COM] S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -10.00.The S&P 500 futures are down 3 points and are trading roughly in line with fair value. The Nasdaq 100 futures are down 8 points and are trading slightly below fair value. The Dow Jones Industrial Average futures are down 30 points and are trading slightly below fair value. Stock futures are somewhat mixed and little changed in front of a heavy week of earnings. Investors are eyeing potentially market-moving reports from Alphabet (GOOG) and Microsoft (MSFT) after the close April 25, Meta Platforms (META) after the close April 26, and (AMZN) after the close April 27. Also, First Republic Bank (FRC), which was in the middle of some of the bank industry fallout, reports earnings after the close today. House Speaker Kevin McCarthy said the House will vote on a debt ceiling bill this week and he believes it will pass the chamber, according to Reuters. This bill will be dead on arrival in the Senate due to Democratic opposition. Many GOP lawmakers are prepared to let a default happen, according to the Washington Post. The 2-yr Treasury note yield is unchanged at 4.17% and the 10-yr note yield is down three basis points to 3.54%. In corporate news:

  • Coca-Cola (KO 64.90, +0.85, +1.3%): beats by $0.03, beats on revs; reaffirms FY23 EPS guidance

  • Philips (PHG 21.39, +2.36, +12.4%): beats by €0.14, beats on revs; reaffirms outlook

  • Medtronic (MDT 86.91, +1.18, +1.4%): upgraded to Overweight from Equal Weight at Wells Fargo

  • Johnson & Johnson (JNJ 163.29, +0.60, 0.4%): to begin IPO roadshow of consumer healthcare unit

  • First Solar (FSLR 211.58, -5.31, -2.5%): downgraded to Sell from Neutral at Citigroup

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