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Market Rap 04/26/23 by CTG

SPY 5 days, hourly candles S&P futures bounce yesterday afternoon after the close on positive earnings report reactions from GOOG, MSFT; Now re-testing those lows from yesterday currently 405.81 the pre mkt low so far

408.49 the after hours high from yesterday

SPY 3 months, daily candles Convincing loss of the 12ema(white) on increasing volume yesterday, as the bears get some traction. Testing the daily uptrend area from 4/6. (support)

406.02 the low from yesterday

405.68 the 4/6 low

404.35 small open gap

402.54 the 50 day MA(blue)

401.60 small open gap (resistance)

410.33 the daily 12ema back overhead

411.16 the high from yesterday

QQQ 5 days, hourly candles Nasdaq futures saw the biggest bounce after hours yesterday, following positive reactions from GOOG, MSFT reports; That bounce topped out just under yesterdays highs, and now has retraced about half that move here 314.43 the corresponding futures high

312.04 the pre mkt low so far

QQQ 3months, daily candles Convincing flush under the 12ema on increasing volume; Loss of the daily uptrend/confirmed a new downtrend, but we'll see if positive big tech earnings can prevent da bears from seeing any follow thru. Snip snap, snip snap. (support)

309.89 the low from yesterday

308.20 open gap

306.59 the 50 day MA(blue)

304.77 (resistance)

314.97 the high from yesterday

315.64 the daily 12ema


May Vix futures 3 months, daily candles Meandering near the lows ended yesterday with a big pop. Still trading in the upper third of yesterdays range so far today

Spot Vix 3 months, daily candles Pushed over Mondays high then went straight to challenge the 20 level, where it backed off some. Retraced about half of yesterdays move earlier this AM, before finding its footing and heading back up to test the upper end of said range.

TLT 3 months, daily candles "Gap up" follow thru above the 200 day MA (purple yesterday), as it heads up to test the upper end of the recent daily channel range [BRIEFING.COM] S&P futures vs fair value: +4.00. Nasdaq futures vs fair value: +89.00.The S&P 500 futures are up 4 points and are trading 0.1% above fair value. The Nasdaq 100 futures are up 89 points and are trading 0.6% above fair value. The Dow Jones Industrial Average futures are up 60 points and are trading 0.2% above fair value. Stock futures are relatively mixed this morning despite some nice gains from the likes of Microsoft (MSFT), Visa (V), Chipotle Mexican Grill (CMG), and PacWest (PACW) following their pleasing earnings reports. The muted response to positive earnings news has acted as a drag on investor sentiment. Economic slowdown fears, which are adding to worries about potential cuts to earnings estimate, also continue to plague investors. The U.K.'s CMA plans to block Microsoft's acquisition of Activision Blizzard (ATVI), acting as another headwind this morning. Price action in the Treasury market continues to signal slowdown concerns. The 2-yr note yield is down two basis points to 3.94% while the 10-yr note yield is up three basis points to 3.42%. The U.S. Dollar Index is down 0.5% to 101.40. Energy complex futures are losing ground this morning. WTI crude oil futures are down 0.6% to $76.63/bbl and natural gas futures are down 5.6% to $2.18/mmbtu. The weekly MBA Mortgage Application Index rose 3.7% with purchase applications rising 5.0% and refinancing applications up 2.0%. Other data releases today include:

  • 8:30 ET: March Durable Orders ( consensus 0.7%; prior -1.0%), Durable Orders ex-transportation ( consensus -0.1%; prior 0.0%), March advance goods trade deficit (prior -$91.6 bln), March advance Retail Inventories (prior 0.8%), and March advance Wholesale Inventories (prior 0.2%)

  • 10:30 ET: Weekly crude oil inventories (prior -4.58 mln)

In corporate news:

  • Microsoft (MSFT 295.35, +19.93, +7.2%): beats by $0.22, beats on revs; Azure +31% constant currency growth

  • Alphabet (GOOG 103.59, -1.02, -1.0%): beats by $0.10, beats on revs, Google Advertising revenue essentially flat yr/yr; On April 19, Board of Directors authorized repurchase up to additional $70 bln of Class A and Class C shares

  • Visa (V 231.52, +1.93, +0.8%): beats by $0.10, beats on revs

  • Chipotle Mexican Grill (CMG 1907.00, +127.00, +7.1%): beats by $1.55, beats on revs, comparable restaurant sales increased 10.9%, guides for Q2 and FY23 comp sales growth in mid to high-single digit range

  • Texas Instruments (TXN 171.17, +1.78, +1.1%): beats by $0.04, reports revs in-line; guides Q2 EPS in-line, revs in-line

  • PacWest Bancorp (PACW 11.68, +1.37, +13.3%): beats by $0.09, beats on revs; deposits stabilized in the latter part of March and rebounded in April

  • Enphase Energy (ENPH 185.36, -35.24, -16.0%): beats by $0.15, reports revs in-line; guides Q2 revs below consensus

  • Humana (HUM 512.50, +10.81, +2.2%): beats by $0.18, beats on revs; raises FY23 EPS guidance

  • Boston Scientific (BSX 53.00, +1.89, +3.7%): beats by $0.04, beats on revs; guides Q2 EPS in-line; guides FY23 EPS in-line, raises revs above consensus

  • Activision Blizzard (ATVI 78.04, -8.70, -10.0%): UK CMA says Microsoft (MSFT) acquisition of ATVI would "substantially weaken competition in this important growing market"; UK CMA blocks deal; ATVI will appeal decision; says company will reassess growth plans in the UK; says the UK is "clearly closed for business," according to CNBC

  • Boeing (BA 209.69, +7.50, +3.7%): prelim Q1 ($1.27) vs ($1.05) S&P Capital IQ Consensus Estimate; revs $17.92 bln vs $17.56 bln S&P Capital IQ Consensus Estimate; reaffirms guidance: $4.5-$6.5 billion of operating cash flow and $3.0-$5.0 billion of free cash flow; still expects to deliver 400-450 737 airplanes in 2023; plans to increase production to 38 per month later this year

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