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Market Rap 05/22/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles

S&P futures trading sideways in the lower end of Fridays range, after a brief flush of those Friday lows that saw no follow thru, right after the open yesterday evening

416.81 the corresponding futures low

418.89 the pre mkt high so far

SPY 3 months and 1yr daily candles Gapped up into the highest levels seen since last August on Friday, before reversing to fill the gap and close slightly red on the day. Bulls avoid any daily consolidation by holding above Fridays lows after the open today. (resistance)

420.72 the high from Friday

421.22 fills an open gap from 8/19-8/22


425.50 small gap


431.73 (support)

417.35 the low from Friday


413.94 the daily 12ema(white)



407.27 open gap

406.30 the 50 day MA(blue)

QQQ 5 days, hourly candles Nasdaq futures also broke Fridays low right after the open, but also saw no follow thru and spent the rest of the session trading in the lower half of Fridays range 335ish the corresponding futures low

337 the corresponding futures high

QQQ 3 months and 1yr daily candles Broke out over 52 week highs on Friday as the daily RSI pushed into overbought territory. Bears will need to break the lows from Friday to get any cooldown/daily consolidation going tho. Bulls still in control until then. (resistance)

338.21 the high from Friday

347.87 the next weekly resistance level from April of '22 (support)

335.43 the low from Friday


328.04 the daily 12ema(white)



June Vix futures 3months, daily candles Starting the week off in the upper end of Fridays range. A daily bounce would get going if we saw it get over those highs with some follow thru/would align with broad market seeing daily consolidation.

Spot Vix 3 months, daily candles Peeked over Fridays high right after it started trading early this AM; Currently pulling back to the top end of Fridays range. Getting over there and the next area of interest is around 18.30ish. 19 the declining 50 day MA(blue).

TLT 3 months, daily candles The weakness continues here as longer term rates rise again; Not that far from testing 3month lows. [BRIEFING.COM] S&P futures vs fair value: +2.00. Nasdaq futures vs fair value: flat.The S&P 500 futures are up 2 points and are trading slightly above fair value. The Nasdaq 100 futures are flat points and are trading in line with fair value. The Dow Jones Industrial Average futures are up 24 points and are trading 0.1% above fair value. Stock futures have seen mixed action this morning, yet moves are relatively modest. Uncertainty about the debt ceiling continues to loom over the market. Treasury Secretary Janet Yellen reiterated in an interview that early June is a "hard deadline" for the debt ceiling and the odds that the US can pay all its bills on June 15 are "quite low" without a debt ceiling increase, according NBC News. House Speaker Kevin McCarthy, though, said he had a "productive" call with President Biden and will resume debt ceiling negotiations today, according to the NY Times. Minneapolis Fed President Neel Kashkari (FOMC voter) said in a CNBC interview that it's a close call between raising rates in June or skipping a meeting, adding that if the Fed skips in June, it does not mean the tightening cycle is over. Separately, the G7 released a joint statement calling on China to "play by international rules" and criticizing the country for its activities in the South China Sea. Treasury yields are little changed from Friday's settlement levels. The 2-yr note yield is down two basis points to 4.26% and the 10-yr note yield is down two basis points to 3.67%. Energy complex futures trade in mixed fashion. WTI crude oil futures are up 0.3% to $71.87/bbl and natural gas futures are down 1.6% to $2.66/mmbtu. In corporate news:

  • Micron (MU 65.03, -3.14, -4.6%): confirmed Cyberspace Administration of China concluded Micron products present a cybersecurity risk and notified critical information infrastructure operators in China to stop using Micron products

  • Meta Platforms (META 242.42, -3.22, -1.3%): European Data Protection Board fines Facebook EUR 1.2 billion as a result of EDPB binding decision

  • Apple (AAPL 173.40, -1.76, -1.0%): downgraded to Hold from Buy at Loop Capital

  • DraftKings (DKING 24.83, +0.72, +3.0%): upgraded to Buy from Neutral at UBS

  • PacWest Bancorp (PACW 5.96, +0.23, +4.0%): discloses it entered into a loan purchase and sale agreement with unit of Kennedy-Wilson Holdings (KW) to sell a portfolio of 74 real estate construction loans with an approximate $2.6 bln aggregate principal balance currently outstanding

  • VectivBio (VECT 16.65, +4.95, +42.4%): Ironwood (IRWD) enters into definitive agreement to acquire VECT for $17.00/share

  • Ford (F 11.68, +0.03, +0.3%): For full-year 2023, company maintains guidance of $9 billion to $11 billion in adjusted EBIT and about $6 billion in adjusted free cash flow.

  • Norfolk Southern (NSC 222.78, +5.04, +2.3%): upgraded to Buy from Neutral at Citigroup; upgraded to Overweight from Equal Weight at Wells Fargo

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