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Market Rap 05/09/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures breaking the lows from yesterday 411 the pre mkt low so far

412.81 the corresponding futures high

SPY 3 months, daily candles

The daily price action continues to tighten within the recent range. Currently shaping up for a small gap down open under yesterdays RTH low. (support)

411.28 the low from yesterday - trading a tad under that level currently

410.77 the daily 12ema

408.64 the low from Friday

407.27 open gap

403.74

403.50 the 50 day MA(blue) (resistance)

413.24 the high from yesterday

413.72-413.87

414.82

415.27 small open gap

417.62

QQQ 5 days, hourly candles Nasdaq futures heading to test yesterdays RTH lows 321.88 the pre mkt low so far

323.73 the after hours high from yesterday afternoon, before futures opened

QQQ 3 months and 1yr daily candles Pushed a new/renewed daily uptrend yesterday, but bulls would like to see more follow thru into price levels last seen in August of '22. (resistance)

324.04 the high from yesterday

326.84 the 8/19/22 high

330.49-331.43

334.42 (support)

321.32 the low from yesterday

319.23 the daily 12ema(white)

316.21

315.12


May Vix futures 3 months, daily candles Searching for the next daily "higher low", after the surge from last week reversed hard on Friday. Holding up at yesterdays low so far, and peeking over yesterdays high, but failing to see follow thru as of yet.

Spot Vix 3 months, daily candles Inside bar day yesterday with anything above 17.88 needed for the bull break and anything under 16.83 needed for the bear break.

Upper end getting tested first thing today.

https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: -16.00. Nasdaq futures vs fair value: -62.00.The S&P 500 futures are down 15 points and are trading 0.4% below fair value. The Nasdaq 100 futures are down 66 points and are trading 0.5% below fair value. The Dow Jones Industrial Average futures are down 125 points and are trading 0.4% below fair value. The stock market is poised for a lower open after yesterday's flattish finish. Continued softness in regional bank stocks coupled with nervousness about the debt ceiling have contributed to the negative bias this morning. This comes ahead of President Biden's meeting with Congressional leaders about the debt ceiling today at 4:00 p.m. ET. JP Morgan (JPM) CEO Jamie Dimon warned that a Congressional mistake could result in default, according to CNBC. Market participants are also digesting some tepid trade data out of China. The trade surplus rose to $90.21 billion in April (expected surplus of $71.60 bln; prior surplus of $88.19 bln) with imports falling 7.9% year/year (expected -5.0%; prior -1.4%) while exports rose 8.5% (expected 8.0%; last 14.8%). Treasury yields are little changed from yesterday's settlement levels. The 2-yr note yield is unchanged at 3.99% and the 10-yr note yield is down three basis points to 3.49%. The U.S. Dollar Index is up 0.3% to 101.66. Energy complex futures are giving back some of yesterday's gains. WTI crude oil futures are down 1.1% to $72.31/bbl and natural gas futures are down 0.8% to $2.40/mmbtu. In corporate news:

  • PayPal (PYPL 71.30, -4.22, -5.6%): beats by $0.07, reports revs in-line; guides Q2 EPS in-line, revs in-line; guides FY23 EPS above consensus

  • Skyworks (SWKS 95.35, -9.89, -9.4%): misses by $0.01, reports revs in-line; guides Q3 EPS below consensus, revs below consensu

  • NY Times (NYT 40.19, +0.29, +0.7%) will get $100 mln from Google (GOOG) over three year period for content sharing, according to WSJ

  • Palantir Technologies (PLTR 8.97, +1.25, +16.2%): beats by $0.01, beats on revs; guides Q2 revs below consensus; guides FY23 revs in-line

  • Wayfair (W 36.60, -3.37, -8.4%): announces proposed offering of $600 million convertible senior notes

  • Lucid Group (LCID 6.85, -0.86, -11.2%): misses by $0.02, misses on revs; says it expects to have enough liquidity to fund the company through at least Q2 2024

  • Under Armour (UAA 8.18, -0.47, -5.4%): beats by $0.03, beats on revs; guides FY24 EPS below consensus

  • McKesson (MCK 383.00, +14.44, +3.9%): beats by $0.06, beats on revs; mid-point of FY24 EPS guidance is above consensus

  • DaVita (DVA 94.76, +5.55, +6.2%): beats by $0.03, beats on revs; raises FY23 EPS and free cash flow guidance

  • Tempur Sealy Int'l (TPX 36.53, -1.09, -2.9%): beats by $0.02, reports revs in-line; reaffirms FY23 EPS guidance; to acquire Mattress Firm in cash and stock deal valued at approx. $4.0 bln; deal expected to be accretive, expected to close in 2H24

  • Western Digital (WDC 34.99, +0.81, +2.4%): beats by $0.19, beats on revs; guides JunQ EPS below consensus, revs below consensus


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