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Market Rap 04/25/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures breaking yesterdays RTH lows, testing yesterdays futures lows 409.86 the pre mkt low

412.80 the after hours high from yesterday before futures opened

SPY 3 months, daily candles Tight, sideways action up near 3month highs continued; weak pre mkt action will have us testing those lows from the past few days first thing. (support)

411.10 the 12ema which we've been closing above after a few days of piercing it, below that level currently here in pre mkt

410.60 the low from yesterday, trading right there currently

410.17 Fridays low

407.44

405.68 (resistance)

413.07 the high from yesterday

413.70

415.72

416.97

418.31

QQQ 5 days, hourly candles Nasdaq futures testing yesterdays lows 313.78 the pre mkt low

316.14 the after hours low from yesterday before futures opened

QQQ 3months, daily candles Tight and sideways action continues here as well as we get closer to big tech earnings; Watching for a break of this range in the next couple days (support)

313.74 the low from yesterday

312.57 the last daily "higher low" - break that spot with some follow thru and the bears will confirm a new daily downtrend

310.05

308.20 open gap

306.38 the 50 day MA(blue) (resistance)

316.66 the daily 12ema back overhead

317.74 the high from yesterday

319.27

321.42-321.63

May Vix futures 3 months, daily candles Sideways and tight in the 19-20 range - looking for a break soon here also

Spot Vix 3 months, daily candles The higher open to start the week was over the highs from last week, but gave most back by the afternoon close. A push over 18.24 would probably see a test of the 20 psychological level pretty fast afterwards. Meandering until it's not.

TLT 3 months, daily candles Back above it's 50 day MA(blue) and seeing it's daily bounce continue off the support hold from 4/19. Gravitating just above it's 200 day MA (purple) here in pre mkt, as the daily range continues in this sideways channel.

https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: -19.00. Nasdaq futures vs fair value: -53.00.The S&P 500 futures are down 19 points and are trading 0.5% below fair value. The Nasdaq 100 futures are down 53 points and are trading 0.4% below fair value. The Dow Jones Industrial Average futures are down 100 points and are trading 0.3% below fair value. Stock futures are weak this morning despite some pleasing earnings and/or guidance from the likes of McDonald's (MCD), PepsiCo (PEP), and General Motors (GM). Strength from these names has not been enough to offset the fallout in First Republic Bank (FRC). FRC's earnings report brought worries about the bank industry back to the forefront, along with Standard Chartered CEO's warning that the banking sector may have other issues that could "come home to roost in some form of a crisis,” according to CNBC. Tempered sales guidance from UPS, which it attributed in part to changing consumer behavior, has also contributed to this morning's negative disposition by fostering concerns about broader economic growth and earnings prospects. The 2-yr note yield is down seven basis points to 4.07% and the 10-yr note yield is down seven basis points to 3.45%. Separately, President Biden announced his reelection campaign. In corporate news:

  • First Republic Bank (FRC 12.75, -3.25, -20.3%): beats by $0.72, beats on revs; announces ~20-25% workforce reduction; pursuing strategic options to expedite its progress; deposits fell 40.8%, but have stabilized

  • McDonald's (MCD 295.50, +2.30, +0.8%): beats by $0.29, beats on revs US comps +12.6%

  • 3M (MMM 106.37, +1.31, +1.3%): beats by $0.37, beats on revs; guides FY23 EPS in-line, revs above consensus; announces restructuring

  • Dow (DOW 54.90, -0.49, -0.9%): beats by $0.21, beats on revs

  • Verizon (VZ 36.84, -0.26, -0.7%): beats by $0.01, misses on revs; guides FY23 EPS in-line

  • UPS (UPS 186.40, -9.45, -4.8%): misses by $0.01, reports revs in-line; guides FY23 revs below consensus

  • PepsiCo (PEP 188.94, +3.44, +1.9%): beats by $0.11, beats on revs; guides FY23 EPS above consensus

  • Whirlpool (WHR 145.80, +5.10, +3.6%): beats by $0.49, beats on revs; reaffirms FY23 EPS guidance, revs guidance

  • Honeywell (HON 199.28, +2.50, +1.3%): authorizes up to $10 bln for share repurchases, including $2.1 bln of remaining availability under previous authorization

  • Johnson & Johnson (JNJ 163.20, -0.48, -0.3%): confirms launch of Kenvue IPO Roadshow; IPO expected to consist of 151.2 mln shares of common stock with an expected price range of $20-$23 per share

  • General Motors (GM 35.40, +1.11, +3.2%): beats by $0.48, beats on revs; raises FY23 EPS and EBIT guidance

  • General Electric (GE 101.57, +1.42, +1.4%): beats by $0.13, beats on revs; raises FY23 EPS in-line

  • Sherwin-Williams (SHW 244.40, +7.84, +3.3%): beats by $0.25, beats on revs; reaffirms FY23 EPS outlook


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