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Market Rap 05/16/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures sideways in the upper half of yesterdays range 411.68 the corresponding futures low

413.17 the corresponding futures high

(both took place in the same hour)

SPY 3 months, daily candles Sideways Sally continues her march; Inside bar day yesterday within Fridays range (resistance)



415.27 small open gap

417.62 (support)

411.58 the daily 12ema(white)



407.27 open gap

404.89 the 50 day MA(blue)


QQQ 5days, hourly candles Nasdaq futures testing/peeking over recent highs 327.32 the corresponding futures high

326.24 the corresponding futures low

(both took place in the same hour)

QQQ 3 months and 1yr daily candles The theme of tech strength continues, and more specifically big cap tech (which has accounted for a big share of the recent gains). (resistance)



334.42 (support)

323.96 the low from yesterday


322.66 the daily 12ema(white)



June Vix futures 3 months, daily candles The lack of volatility continues to weigh on Vix futures

Vix 3months, daily candles Sideways under 18

TLT 3 months, daily candles Testing the lower end of this daily range again [BRIEFING.COM] S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -3.00.The S&P 500 futures are down 6 points and are trading 0.1% below fair value. The Nasdaq 100 futures are down 3 points and are trading roughly in line with fair value. The Dow Jones Industrial Average futures are down 90 points and are trading 0.3% below fair value. Equity futures trade on a softer note. There's not a big negative bias, yet not a lot of follow through buying either. The Dow Jones Industrial Average lags due to a decent loss in Home Depot (HD) after the company beat earnings estimates, disappointed with sales, and issued below-consensus FY24 EPS guidance and revenue guidance. Uncertainty about the debt ceiling is still a limiting factor after Treasury Secretary Yellen warned again yesterday that the Treasury will likely not be able to meet all of the government's obligations potentially as early as June 1. President Biden will meet with congressional leaders to discuss the debt ceiling today at 3:00 p.m. ET, according to Reuters. Concerns about global growth are another factor weighing on sentiment this morning after China reported a slate of disappointing economic data from April, including retail sales, fixed asset investment, and industrial production. In corporate news:

  • Capital One (COF 94.77, +5.65, +6.3%): Berkshire Hathaway (Warren Buffett) disclosed new position in Capital One (COF)

  • Horizon Therapeutics (HZNP 92.95, -19.30, -17.2%): FTC will soon challenge Amgen (AMGN) acquisition of Horizon Therapeutics (HZNP), according to Bloomberg

  • The Home Depot (HD 282.00, -6.54, -2.3%): beats by $0.01, misses on revs; guides FY24 EPS below consensus, revs below consensus, lowers comp sales guidance

  • Baidu (BIDU 130.05, +2.44, +1.9%): beats by RMB3.31, beats on revs

  • Western Alliance (WAL 31.99, +1.23, +4.5%): Bank of America resumes coverage with a Buy

  • Vodafone PLC (VOD 10.59, -0.63, -5.6%): beats by EUR0.01; outlines new roadmap for Vodafone; to cut 11,000 jobs over three years

  • Wells Fargo (WFC 38.70, -0.07, -0.2%) will pay $1 bln to settle class action lawsuit, according to WSJ

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