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Market Rap 05/12/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures powered over yesterdays highs overnight; Testing yesterdays futures/pre mkt highs currently 414.27 the pre mkt high

411.93 the after hours low from yesterday afternoon before futures opened

SPY 3 months, daily candles Sideways action in the middle of the recent range continues. Gap up open setting up, and looking to test the upper end of that range again first thing. (resistance)

412.43 the high from yesterday - currently over that for the gap up ahead


415.27 open gap

417.62 the 3month high (support)

411.27 the daily 12ema(white)

409.97 the low from yesterday


407.27 open gap

404.44 the 50 day MA(blue)


QQQ 5 days, hourly candles Nasdaq futures pushing over yesterdays highs/all recent highs and into levels from Aug '22 327.30 the pre mkt high

326.04 the after hours high from yesterday afternoon before futures opened

QQQ 3 months and 1yr daily candles Pushed new 3month highs yesterday, further into levels last seen Aug. '22 (resistance)

326.75 the high from yesterday, trading right there currently and looking to test that level first thing

326.84 the 8/19/22 high


334.42 (support)

324.12 the low from yesterday

321.34 the daily 12ema(white)

321.32 the 5/9 low

318ish the biggest recent chunk of volume profile support


May Vix futures 3 months, daily candles All momentum from last week has been lost, heading for a test of the recent lows

Spot Vix 3 months, daily candles Testing the lows from this week (16.36) - if that breaks then the 15.53 recent low/1year low is next. 14.73 the low from Nov. '21 after that. [BRIEFING.COM] S&P futures vs fair value: +14.00. Nasdaq futures vs fair value: +23.00.The S&P 500 futures are up 14 points and are trading 0.3% above fair value. The Nasdaq 100 futures are up 23 points and are trading 0.1% above fair value. The Dow Jones Industrial Average futures are up 130 points and are trading 0.4% above fair value. Stock futures trade on a more upbeat note this morning. A bounce in regional bank stocks is helping sentiment, along with concerns about the debt ceiling easing up somewhat. The meeting between President Biden and congressional leaders has been deferred until early next week. According to NBC News, a source said this is a positive development because staffers continue to negotiate. Fed Governor Bowman (FOMC voter) said that if inflation remains high and the labor remains tight, additional tightening may be appropriate. The 2-yr Treasury note yield is up two basis points to 3.92% and the 10-yr note yield is up three basis points to 3.43%. Energy complex futures are moving higher. WTI crude oil futures are up 0.4% to $71.17/bbl and natural gas futures are up 0.2% to $2.35/mmbtu. In corporate news:

  • News Corp. (NWSA 17.41, +0.67, +4.0%): beats by $0.05, beats on revs; expects to achieve at least $160 mln in annualized savings from headcount reductions

  • Tesla (TSLA 176.15, +4.03, +2.3%): increased prices for all vehicles in US with the exception of Model 3, according to Reuters; Late yesterday Elon Musk announced on Twitter that he's hired a new CEO of X/Twitter

  • PacWest (PACW 4.81000, +0.1200, +2.6%): rebounding after steep losses

  • Fox Corp (FOXA 30.10, -0.57, -1.9%): downgraded to Equal Weight from Overweight at Wells Fargo

  • Meta Platforms (META 238.48, +2.69, +1.2%): introducing the AI Sandbox for advertisers and expanding its Meta Advantage suite

  • Spectrum Brands (SPB 69.00, -2.34, -3.3%): reports EPS in-line, misses on revs; guides FY23 revs below consensus

  • Icahn Enterprises (IEP 33.84, +2.19, +6.9%): Public documents say that IEP Board approved a $500 mln buyback, according to Bloomberg

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