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Market Rap 04/26/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures testing the highs from yesterday 415.72 the pre mkt high

413.50 the corresponding futures low

SPY 3 months, daily candles The gap up open filled quickly after the start of regular hours trading, then spent much of the rest of the day trading within that opening range. Indecision doji candle by the end, with a close back above the daily 12ema(white). (resistance)

416.16 the high form yesterday


420.72 (support)

414.14 that daily 12ema

412.41 the low from yesterday


408.42 the 50 day MA(blue)

QQQ 5 days, hourly candles Nasdaq futures pushing thru all recent highs here pre mkt 341.38 the pre mkt high so far

338.68 the corresponding futures low

QQQ 3 months, daily candles and 3yr weekly candles Wednesday reversal doji confirmed yesterday, with a V shaped bounce to higher highs. Big tech bulls still in full control. (resistance)

341.01 the high from yesterday - currently trading a tad above that level for the gap up open potential

343ish is the top of a chunk of volume profile before it starts to lighten up the higher it goes

347.87 the high from the week of 4/18/22

348.50 has a weekly open gap (support)

336.67 the low from yesterday

332.91 open gap created

331.79 the daily 12ema(white)

329.56 set as the next daily "higher low" in this uptrend

June Vix futures 3 months, daily candles Yesterdays inside bar breaking bearish, as daily consolidation of this move begins

Spot Vix 3 months, daily candles Yesterdays inside bar is on the verge of breaking bearish as yesterdays/Wednesdays lows are being tested currently [BRIEFING.COM] S&P futures vs fair value: +10.00. Nasdaq futures vs fair value: +57.00.The S&P 500 futures are up 10 points and are trading 0.2% above fair value. The Nasdaq 100 futures are up 57 points and are trading 0.4% above fair value. The Dow Jones Industrial Average futures are up 68 points and are trading 0.2% above fair value. The stock market is poised for a modestly higher open ahead of the extended holiday weekend. Markets are closed on Monday for Memorial Day. Reports indicate that negotiators are close to a deal to raise the debt ceiling for two years while cutting government spending; however, separate reports suggest support from party members on both sides of the aisle is not guaranteed. Market participants are also awaiting key economic data this morning. Namely, the PCE Price Index and core-PCE Price Index, the Fed's preferred inflation gauge, will be released as part of the Personal Income and Spending Report for April at 8:30 a.m. ET. Treasuries are little changed from yesterday's settlement levels. The 2-yr note yield is up one basis point to 4.51% and the 10-yr note yield is down two basis points to 3.79%. The U.S. Dollar Index is down 0.3% to 103.91. WTI crude oil futures up 1.0% to $72.51/bbl. Natural gas futures are down 1.2% to $2.45/mmbtu. In corporate news:

  • Costco (COST 484.11, -2.44, -0.5%): beats by $0.12, misses on revs

  • Workday (WDAY 213.79, +17.38, +8.9%): beats by $0.19, reports revs in-line

  • Marvell (MRVL 59.21, +9.74, +19.7%): beats by $0.02, beats on revs; guides Q2 EPS in-line, revs in-line

  • Gap (GPS 8.30, +0.88, +11.9%): beats by $0.17, reports revs in-line

  • Paramount Global (PARA 14.91, +0.83, +5.9%): confirms majority voting shareholder National Amusements, Inc. enters into agreement for a $125 mln preferred equity investment in National Amusements by BDT Capital Partners

  • Ulta Beauty (ULTA 442.00, -43.12, -8.9%): beats by $0.05, reports revs in-line, comps of +9.3%; reaffirms FY24 EPS guidance, slightly raises revenue guidance

  • RH (RH 248.00, -6.63, -2.6%): beats by $0.14, beats on revs; guides Q2 revs below consensus; raises FY24 revs in-line

  • Autodesk (ADSK 200.00, +2.44, +1.2%): misses by $0.01, reports revs in-line; guides JulQ EPS below consensus, revs below consensus; guides FY24 EPS in-line, reaffirms revenue guidance

  • Deckers Outdoor (DECK 437.76, -12.25, -2.7%): beats by $0.77, beats on revs; guides FY24 EPS below consensus, revs in-line

  • Ford Motor (F 11.61, +0.23, +2.0%): reaches agreement with Tesla (TSLA) providing Ford electric vehicle customers access to Tesla Superchargers across the U.S. and Canada starting Spring 2024

  • Pinduoduo (PDD 68.14, +8.11, +13.6%): beats by RMB 2.48, beats on revs

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