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Market Rap 04/28/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures cooling off from hourly overbought RSI conditions 413.57 the after hours high from yesterday

410.22 the pre mkt low

SPY 3 months, daily candles The loss of the daily uptrend didn't see much follow thru before bears lost their short term momentum. Held just above the 50 day MA(blue) Wednesday, and reversed back thru the daily 12ema yesterday, on volume; as the daily bounce got underway.( resistance)

412.69 the high from yesterday

413.07-413.70

415.72

418.31 (support)

409.87 the daily 12ema back underneath

406.74 the low from yesterday

403.78

402.37 the 50 day MA

QQQ 5 days, hourly candles Nasdaq futures cooling off the extreme overbought hourly RSI, and 4hr RSI conditions 322.80 the after hours high from yesterday afternoon, following the initial positive reaction to the AMZN earnings report

319.02 the pre mkt low

QQQ 3 months, daily candles Confirmed a new daily downtrend Tuesday, then saw no follow thru Wednesday and an inside bar; That broke bullish in a big way yesterday on increasing volume, breaking up the short term momentum the bears had started to build. (resistance)

320.86 the high from yesterday

321.42-321.63 the recent highs, before we have to zoom out to find the next areas of resistance going back to the summer of '22 (support)

315.87 the daily 12ema back underneath as support

315.05 the low from yesterday

314.94 small open gap

311.34

309.89

May Vix futures 3 months, daily candles Short term momentum was lost here yesterday with a big vol crush candle; Right back to testing the recent lows

Spot Vix 3 months, daily candles Daily consolidation underway already, with a big pusher lower here also; Currently trying to hold up in the lower range from yesterday

https://www.briefing.com/stock-market-update BRIEFING.COM] S&P futures vs fair value: -18.00. Nasdaq futures vs fair value: -50.00.

The S&P 500 futures are down 18 points and are trading 0.5% below fair value. The Nasdaq 100 futures are down 50 points and are trading 0.4% below fair value. The Dow Jones Industrial Average futures are down 143 points and are trading 0.3% below fair value. Stock futures are weaker this morning after yesterday's welcome, and perhaps overdone, rally effort. Amazon.com (AMZN) has been a notable drag on sentiment, retreating after beating earnings estimates but disappointing investors with its cloud-computing outlook. There was also some weak economic data from Europe that has stoked global slowdown concerns. Briefly, GDP growth in Q1 was slower than expected in the eurozone (actual 0.1% qtr/qtr; expected 0.2%) and Germany (actual -0.1% qtr/qtr; expected 0.3%) while Consumer Price Index data from France (actual 0.6% m/m; expected 0.4%) reflected accelerating inflation in April. Separately, the Bank of Japan made no changes to its yield curve control policy. Treasury yields moving lower with global growth concerns back in play. The 2-yr note yield is down two basis points to 4.07% and the 10-yr note yield is down five basis points to 3.48%.Market participants will receive the following economic data today:8:30 ET: Q1 Employment Cost Index (Briefing.com consensus 1.1%; prior 1.0%), March Personal Income (Briefing.com consensus 0.2%; prior 0.3%), Personal Spending (Briefing.com consensus -0.1%; prior 0.2%), PCE Prices (Briefing.com consensus 0.1%; prior 0.3%), and core PCE Prices (Briefing.com consensus 0.3%; prior 0.3%)

9:45 ET: April Chicago PMI (Briefing.com consensus 43.4; prior 43.8)

10:00 ET: Final April University of Michigan Consumer Sentiment survey (Briefing.com consensus 63.5; prior 63.5)

In corporate news:Amazon (AMZN 106.99, -2.83, -2.83, -2.6%): beats by $0.09, beats on revs, reports operating income above high end of guidance; guides Q2 revs in-line

Intel (INTC 31.65, +1.79, +6.0%): beats by $0.10, beats on revs; guides Q2 EPS below consensus, revs in-line

Snap (SNAP 8.58, -1.92, -18.3%): beats by $0.02, misses on revs, ad market showing signs of stabilization; internal revenue forecast for Q2 below consensus

Exxon Mobil (XOM 117.94, +1.11, +1.0%): beats by $0.23, misses on revs

Chevron (CVX 166.44, -0.51, -0.3%): beats by $0.14, beats on revs

Pinterest (PINS 23.67, +3.60, +13.2%): beats by $0.06, beats on revs

First Solar (FSLR 182.75, -18.08, -9.0%): reports Q1 (Mar) results, misses on revs; reaffirms FY23 EPS guidance, revs guidance

Mondelez Int'l (MDLZ 75.79, +1.97, +2.7%): beats by $0.08, beats on revs; guides FY23 EPS above consensus; raises FY23 organic revenue forecast

Mohawk (MHK 104.50, +5.72, +5.8%): beats by $0.45, beats on revs; guides Q2 EPS in-line

Cloudflare (NET 45.32, -14.26, -23.9%): beats by $0.05, reports revs in-line; guides Q2 EPS above consensus, revs below consensus; guides FY23 EPS above consensus, revs below consensus

Colgate-Palmolive (CL 79.15, +1.22, +1.6%): beats by $0.03, beats on revs, guides for FY23 organic sales growth of 4-6%

Capital One (COF 92.50, -3.49, -3.6%): misses by $1.62, misses on revs, deposits increased 5%

T-Mobile US (TMUS 147.26, -2.68, -1.8%): beats by $0.10, reports revs in-line

First Republic Bank (FRC 6.49, +0.30, +4.8%): US officials are leading rescue efforts for First Republic (FRC) bank, according to Reuters.


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