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Market Rap 05/24/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures broke the lows from yesterday, heading down to test 5 day lows 412.52 the pre mkt low so far

414.94 the corresponding futures high

SPY 3 months, daily candles Daily consolidation underway as the market starts to show some worry over the debt ceiling circus. Daily 12ema(white) breached. The reversal doji from the previous day was confirmed.(support)

413.68 the low from yesterday - trading under there currently for the gap down open

412ish the biggest chunk of volume profile support

410.23-410.64

408.64

407.53 the 50 day MA(blue)

407.27 open gap

403.74 (resistance)

414.59 the 12ema now overhead

418.72

420.72

QQQ 5 days, hourly candles Nasdaq futures also broke yesterdays lows 331.94 the pre mkt low so far

334.09 the corresponding futures high

QQQ 3 months, daily candles Daily consolidation underway here as well on some increasing volume, but nothing that stands out. Daily 12ema still underneath with lots of room to find the next "higher low".(support)

333 the low from yesterday - trading under there currently for the gap down open

331.50

330.11 the 12ema(white)

327.04

322.94 the last daily "higher low" (resistance)

337.06 the high from yesterday

338.67

June Vix futures finally showed more than an oversold reflexive bounce yesterday, as traders/investors put on some disaster protection over debt ceiling drama; the previous couple days of action saw follow thru up to test the highs from last week.

Spot Vix 3 months, daily candles Thru the low 18s brick wall that had contained it for the past couple weeks; Seeing some follow thru today with a 20 test on deck. 21.33 the next point of interest if it pushes thru there.

TLT 15 days, 4hr candles and 3 month, daily candles Showing some flight to safety concern as the 4hr oversold bounce gets going. Above yesterdays highs currently, as the daily bounce looks to get going off the lower end of the 3month range.


https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: -16.00. Nasdaq futures vs fair value: -61.00.The S&P 500 futures are down 16 points and are trading 0.4% below fair value. The Nasdaq 100 futures are down 61 points and are trading 0.4% below fair value. The Dow Jones Industrial Average futures are down 134 points and are trading 0.3% below fair value. Weakness in stock futures is a reflection of more skittishness about the debt ceiling. Reports indicate that discussions have reached an impasse and that no additional meetings are scheduled at this time. Treasuries reflect some flight to safety action. The 2-yr note yield is down six basis points to 4.28% and the 10-yr note yield is down three basis points to 3.67%. The Reserve Bank of New Zealand raised its official cash rate by 25 bps to 5.50% and indicated that the terminal rate has been reached. The weekly MBA Mortgage Application Index dropped 4.6% with purchase applications falling 4.0% and refinance applications dropping 5.0%. Other economic data today includes:

  • 10:30 a.m. ET: Weekly EIA Crude Oil Inventories (prior +5.04 million)

  • 2:00 p.m. ET: Minutes from the May 2-3 FOMC meeting

In corporate news:

  • Kohl's (KSS 21.73, +2.46, +12.8%): beats by $0.57, beats on revs; reaffirms FY24 EPS guidance, revs guidance

  • Agilent (A 116.39, -12.25, -9.5%): beats by $0.01, beats on revs; guides JulQ EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs below consensus; downgraded to Sector Weight from Overweight at KeyBanc Capital Markets

  • Intuit (INTU 426.88, -22.92, -5.1%): beats by $0.43, misses on revs; guides Q4 EPS below consensus, revs above consensus

  • Palo Alto Networks (PANW 198.65, +8.91, +4.7%): beats by $0.17, reports revs in-line; guides JulQ EPS above consensus, revs in-line

  • Urban Outfitters (URBN 30.31, +3.65, +13.7%): beats by $0.20, beats on revs, comparable retail segment net sales increased 5%; upgraded to Overweight from Equal Weight at Barclays

  • Toll Brothers (TOL 65.49, +1.74, +2.7%): beats by $0.93, beats on revs

  • New Relic (NEWR 76.99, -5.52, -6.7%): beats by $0.20, reports revs in-line; guides Q1 revs below consensus; guides FY24 revs below consensus

  • PacWest Bancorp (PACW 7.72, +0.34, +4.6%): Roc Capital Holdings acquires origination assets of Civic Financial Services, a subsidiary of Pacific Western Bank

  • PTC Therapeutics (PTCT 47.49, -10.92, -18.7%): announces "topline" results from Vatiquinone MOVE-FA registration-directed trial, Friedreich Ataxia did not meet primary endpoint; reducing workforce by approximately 8%; terminates employment of CFO Emily Hill, effective August 20

  • Analog Devices (ADI 179.68, -8.24, -4.4%): beats by $0.07, beats on revs; guides Q3 EPS below consensus, revs in-line


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