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Market Rap 05/01/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures trading sideways in the upper end of Fridays range 416.56 the corresponding futures high

415.26 the corresponding futures low

SPY 3 months, daily candles Friday saw follow thru of Thursdays big reversal day, right back to testing 3month highs again. (resistance)

415.94 the high from Friday

418.31

419.96 goes back to Aug '22

421.22 open gap from 8/19/22 (support)

411.43 the low from Friday

410.80 the daily 12ema(white)

406.74

403.78

402.40 the 50 day MA(blue)

QQQ 5 days, hourly candles Nasdaq futures also trading in the upper portion of Fridays range 323.44 the corresponding futures high

322.05 the pre mkt low so far

QQQ 3 months and 1yr, daily candles Pushing over 3 month highs, resistance going back to Aug. '22 now in play. (resistance)

322.65 Fridays high (8/19 gap filled)

326.84

330.49 (support)

318.96 the low from Friday

316.90 the daily 12ema(white)

315.05

311.34

309.89


May Vix futures 3 months, daily candles Big flush Friday below all recent lows, trading at those Fri. lows currently

Spot Vix 3months, daily candles and 3yr, weekly candles Big vol crush Friday to new 52 week lows; Trading at levels last seen Nov '21 when the Nasdaq peaked


https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: -4.00. Nasdaq futures vs fair value: -15.00.The S&P 500 futures are down 4 points and are trading slightly below fair value. The Nasdaq 100 futures are down 15 points and are trading 0.1% below fair value. The Dow Jones Industrial Average futures are down 14 points and are trading slightly below fair value. Stock futures are flattish as investors await key events later this week, including the FOMC decision on Wednesday, the ECB meeting and Apple's (AAPL) earnings report on Thursday, and the April Employment Report on Friday. At 10:00 a.m. ET, market participants will receive the April ISM Manufacturing Index (Briefing.com consensus 46.8%; prior 46.3%). This comes after China reported weaker than expected PMI data for April (actual 49.2; expected 51.4). Other U.S. economic data today includes the final IHS Markit Manufacturing PMI (prior 50.4) for April at 9:45 a.m. ET and the Construction Spending report (Briefing.com consensus +0.1%; prior -0.1%) for March at 10:00 a.m. ET Treasuries are little changed from Friday's settlement levels. The 2-yr note yield is unchanged at 4.06% and the 10-yr note yield is up one basis point to 3.46%. The U.S. Dollar Index is up 0.2% to 101.83. Energy complex futures are moving lower. WTI crude oil futures are down 2.1% to $75.14/bbl and natural gas futures are down 0.9% to $2.56/mmbtu. Note: markets in Europe, China, and Brazil are closed today for holidays. In corporate news:

  • First Republic Bank (FRC 1.9000, -1.61, -45.9%): JPMorgan Chase (JPM) acquires substantial majority of assets and assumes certain liabilities of First Republic Bank

  • Carvana (CVNA 7.26, +0.32, +4.6%): creditors are offering to swap debt for equity, according to Bloomberg

  • General Motors (GM 33.91, +0.87, +2.6%): upgraded to Overweight from Equal Weight at Morgan Stanley

  • Exxon (XOM 116.31, -2.03, -1.7%): downgraded to Buy from Neutral at Goldman Sachs

  • SoFi Technologies (SOFI 6.61, +0.38, +6.4%): beats by $0.04, beats on revs; guides Q2 revs above consensus; guides FY23 revs above consensus

  • Ascendis Pharma (ASND 82.10, +12.14, +17.4%): FDA issues complete response letter for TransCon PTH in hypoparathyroidism; no new preclinical studies, or Phase 3 clinical trials to evaluate safety or efficacy, were requested in the letter

  • Comcast (CMCSA 41.88, +0.51, +1.2%): upgraded to Buy from Neutral at BofA Securities


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