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Market Rap 05/15/23 by CTG

SPY / QQQ / Vix SPY 5 days, hourly candles S&P futures bouncing to test the upper end of Fridays range 413.50 the pre mkt high

410.62 the corresponding futures low

SPY 3 months, daily candles Choppy action in the middle of this recent relatively tight daily range continued Friday, after the bears came out swinging early. Recovered half the drop late Friday afternoon, and now is set to test Fridays high; after seeing a further bounce in futures action overnight. (support)

409.07 the low from Friday

408.64-408.87

407.27 open gap

404.72 the 50 day MA(blue)

403.74 (resistance)

413.64 the high from Friday

414.54-414.82

415.27 small open gap

417.62

QQQ 5 days, hourly candles Nasdaq futures also saw an extension of Fridays late recovery bounce 326.25 the pre mkt high

323.97 the corresponding futures low

QQQ 3 months and 1yr daily candles Pushed new recent highs/almost 1year highs again on Friday, before reversing quickly after the open and then breaking Thursdays lows. Watching to see if bears see any follow thru on daily consolidation to start the week, or if they quickly lose the flash of momentum once again. (support)

322.94 the low from Friday

321.90 the daily 12ema(white)

321.32

316.21

315.05-315.12

314.94 small open gap (resistance)

327.17 the high from Friday

330.49-331.43

334.42 (8/16/22 high)



(moving onto June Vix contract, May expires tomorrow) June Vix futures 3months, daily candles Potential doji reversal candle on Friday, but so far starting the week of testing Fridays lows; Would need to at least push back over/close back over 20.60ish to get anyone's attention for a reversal.

Spot Vix 3 months, daily candles Opening the week trading in the upper half of Fridays range, but still pretty muted action so far; Would need to see follow thru over that 17.92 Friday high, and the 18.19-18.30 highs from last week, to give bears any hope for deeper broad market consolidation.

$DXY 3months, daily candles Pushed over all recent highs on Friday, trading in the upper third of Fridays range currently

https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: +14.00. Nasdaq futures vs fair value: +34.00.The S&P 500 futures are up 14 points and are trading 0.3% above fair value. The Nasdaq 100 futures are up 34 points and are trading 0.3% above fair value. The Dow Jones Industrial Average futures are up 128 points and are trading 0.4% above fair value. Stock futures have a positive disposition this morning. Some M&A activity has boosted sentiment due to pleasing premiums, while concerns around the debt ceiling have eased somewhat after reports suggested that debt ceiling discussions have been productive. President Biden will meet with congressional leaders on debt ceiling on Tuesday and he is optimistic a deal will be reached, according to Reuters. Treasury yields are mostly moving higher. The 2-yr note yield is up three basis points to 4.01% and the 10-yr note yield is up two basis points to 3.48%. The U.S. Dollar Index is down 0.2% to 102.46. Energy complex futures trade up. WTI crude oil futures are up 0.6% to $70.47/bbl and natural gas futures are up 1.4% to $2.47/mmbtu. Market participants will receive the following economic data today:

  • 8:30 a.m. ET: Empire State Manufacturing for May (prior 10.8)

  • 4:00 p.m. ET: Net Long-Term TIC Flows for March (prior $71.0 billion)

In corporate news:

  • Oneok (OKE 60.00, -3.72, -5.8%): Magellan Midstream (MMP) to be acquired by ONEOK (OKE) for implied value of $67.50 per unit

  • Newmont Goldcorp (NEM 46.39, +0.45, +1.0%): to acquire Newcrest in approx. $19 billion cash and stock deal

  • Sarepta Therapeutics (SRPT 154.52, +34.32, +28.6%): receives Positive Vote from FDA Advisory Committee Meeting for SRP-9001 gene therapy to treat Duchenne muscular dystrophy

  • C3.ai (AI 19.87, +0.45, +2.3%): raises Q4 revenue guidance

  • H & R Block (HRB 28.98, -3.06, -9.6%): IRS mulling creation of government run tax preparation option, according to WSJ

  • Charles Schwab (SCHW 49.95, +1.01, +2.1%): upgraded to Outperform from Market Perform at Raymond James

  • Meta Platforms (META 236.39, +2.58, +1.1%): upgraded to Buy from Hold at Loop Capital

  • Monday.com (MNDY 151.39, +20.29, +15.5%): beats by $0.43, beats on revs; guides Q2 revs above consensus; guides FY23 revs above consensus


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