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Market Rap 05/30/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures over Fridays highs and shaping up for a gap up open as the hourly RSI hangs out in overbought territory; 4hr RSI just clicked into overbought RSI readings also 422.72 the pre mkt high

420.02 the after hours low from Friday afternoon

SPY 3 months, daily candles and 3yr, weekly candles Tested/peeked over the recent highs on Friday; Gap up open shaping up to start the week, as we zoom out to the weekly chart to find the next levels of resistance from Aug. of '22.(resistance)

420.77 the high from Friday - trading above there currently for the gap up open ahead

431.73 the peak from the week of 8/15/22 (support)

415.25 the low from Friday

415.05 the daily 12ema(white)


409.88 the last daily "higher low" in the context of the uptrend on this timeframe

408.90 the 50 day MA(blue)

QQQ 5 days, hourly candles Nasdaq futures also thru the highs from Friday, with a gap up open setting up; hourly, 4hr, and 12hr RSI all in overbought territory 353.46 the pre mkt high

349ish the corresponding futures low

QQQ 3 months, daily candles and 3yr, weekly candles Over the next levels of resistance and back into prices last seen early in April of '22. Daily RSI back in overbought territory, and the weekly RSI just got there as well. A deeper cooldown should be expected, but no signs of bulls losing momentum so far. (resistance)

349.25 the high from Friday - trading well above there currently for the gap up ahead

369.31-371.83 the next weekly resistance area from late March/early April of '22 (support)

340.66 the low from Friday


334.34 the daily 12ema(white)

332.91 open gap

329.56 the last daily "higher low" - bulls can find the next one anywhere above there once daily consolidation begins, in order to maintain the uptrend on this timeframe

June Vix futures 3 months, daily candles Held above the recent lows on Friday, but breaking below those lows here today

Spot Vix 3months, daily candles Breaking below Fridays lows today; 15.53-15.85 the recent lows

$DXY 3 months, daily candles The dollar saw some initial higher highs to start the week, but is currently reversing course [BRIEFING.COM] S&P futures vs fair value: +24.00. Nasdaq futures vs fair value: +195.00.The S&P 500 futures are up 24 points and are trading 0.6% above fair value. The Nasdaq 100 futures are up 195 points and are trading 1.4% above fair value. The Dow Jones Industrial Average futures are down 14 points and are trading slightly below fair value. Stock futures have been mixed this morning following news over the weekend that President Biden and House Speaker McCarthy reached a debt ceiling deal; however, market participants are now waiting to see if the debt ceiling agreement will pass in both chambers of Congress. Strength in the mega cap stocks, which are getting an added boost from falling market rates, has been supportive of the S&P 500 and Nasdaq 100 futures. The S&P 500 closing above 4,200 last Friday has been another supportive factor. The 2-yr Treasury note yield is down five basis points to 4.51% and the 10-yr note yield is down nine basis points to 3.72%. Market participants will receive the following economic data today:

  • March FHFA Housing Price Index (prior 0.5%) and March S&P Case-Shiller Home Price Index (prior 0.4%) at 9:00 ET

  • May Consumer Confidence (prior 101.3) at 10:00 ET

In corporate news:

  • Ford (F 12.46, +0.37, +3.1%): upgraded to Buy from Hold at Jefferies

  • Iovance Biotherapeutics (IOVA 9.13, +1.58, +20.9%): received FDA Acceptance of BLA for Lifileucel

  • Boston Beer (SAM 322.35, +4.50, +1.4%): upgraded to Buy from Neutral at Roth

  • Kenvue (KVUE 26.59, +0.29, +1.1%): JPMorgan initiated coverage with an Overweight rating

  • NVIDIA (NVDA 404.20, +14.74, +3.8%): announces DGX GH200 AI Supercomputer and several other product updates

  • Disney (DIS 88.58, +0.29, +0.3%): "The Little Mermaid" brought in $117.5 million at US box office over Memorial Day weekend, according to CNN

  • Coinbase Global (COIN 59.30, +2.42, +4.3%): upgraded to Overweight from Neutral at Atlantic Equities

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