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Market Rap 05/31/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures hanging out near the lows from yesterday again, after a break earlier this AM that saw no follow thru

418.40 the corresponding futures low

420.53 the corresponding futures high

SPY 3 months, daily candles and 3yr, weekly candles Starting to peek under yesterdays lows here in pre mkt and on the verge of daily consolidation. Plenty of room to find the next daily "higher low" after that consolidation gets underway. (support)

418.74 the low from yesterday - trading a tad under there now for the potential small gap down open

415.84 the daily 12ema(white)



409.88 the last daily "higher low"

409.50 the 50 day MA(blue) (resistance)

422.58 the high from yesterday (8/19/22 gap filled)


QQQ 5 days, hourly candles Nasdaq futures also hanging out/testing yesterdays lows 348.45 the corresponding futures low

350.74 the corresponding futures high

QQQ 3 months, daily candles and 3yr, weekly candles Yesterdays gap up open filled by mid-day, as this current move starts to get extended (daily RSI overbought, weekly RSI just clicking into overbought readings).

If we break yesterdays lows with some follow thru today, daily consolidation gets underway, looking for the next "higher low" anywhere above the last one found on 5/24. (resistance)

353.93 the high from yesterday

369.31-371.83 weekly resistance from March/April of '22 (support)

348.53 the low from yesterday looking to get tested first thing after the open


336.75 the daily 12ema(white)


332.91 open gap created after the NVDA earnings report

329.56 the last daily "higher low" and spot for bulls to hold anywhere above to maintain the uptrend on this timeframe

June Vix futures 3months, daily candles

Yesterdays break of the recent lows saw no follow thru; Attempting to hold up today above those lows with an inside bar so far.

-above 19.75 and needed for the bull break (and deeper broad market consolidation)

-below 18.65 needed for the bear break

Spot Vix 3 months, daily candles Muted action to start the day so far, as it trades in the upper half of yesterdays range.

Inside bar day so far with 18.34 and above needed for the bull break, and 16.98 and below needed for the bear break.

TLT 3months, daily candles

Seeing a bounce off the lower end of the range from the past 3-6months [BRIEFING.COM] S&P futures vs fair value: -17.00. Nasdaq futures vs fair value: -55.00.The S&P 500 futures are down 17 points and are trading 0.4% below fair value. The Nasdaq 100 futures are down 55 points and are trading 0.4% below fair value. The Dow Jones Industrial Average futures are down 92 points and are trading 0.2% below fair value. Stock futures are a little softer this morning as market participants continue to wait on the passage of the debt ceiling and digest increasing calls that suggest mega cap stocks and growth stocks are due for a period of consolidation. Concerns about global growth prospects have been a limiting factor, too, after China's Manufacturing PMI remained in contraction for the second consecutive month. Also, worries are mounting about the Fed sticking to a hawkish line after Cleveland Fed President Loretta Mester (not a voting FOMC member) in interview said there is no "compelling reason to pause," according to the FT. The 2-yr Treasury note yield is down seven basis points to 4.42% and the 10-yr note yield is down six basis points to 3.65%. In corporate news:

  • Advance Auto (AAP 83.50, -28.70, -25.6%): misses by $1.84, reports revs in-line; guides FY23 EPS below consensus, revs below consensus

  • HP Inc. (HPQ 29.07, -1.86, -6.0%): beats by $0.04, misses on revs; guides JulQ EPS in-line; guides FY23 EPS in-line

  • Hewlett Packard Enterprise (HPE 14.22, -1.30, -8.4%): beats by $0.03, misses on revs; guides Q3 EPS in-line, revs below consensus; guides FY23 EPS in-line

  • Ambarella (AMBA 66.50, -15.46, -18.9%): beats by $0.05, reports revs in-line; guides Q2 revs below consensus

  • Box (BOX 28.26, +0.24, +0.9%): beats by $0.05, reports revs in-line; guides Q2 EPS above consensus, revs in-line; guides FY24 EPS in-line, revs in-line

  • Twilio (TWLO 64.88, +2.21, +3.5%): moving higher on report it will lose supervoting protection next month; also co has been meeting with activist, according to The Information

  • Teck Resources (TECK 39.38, +1.28, +3.4%): Glencore (GLNCY) mulling higher bid for Teck Resources (TECK), according to Bloomberg

  • Microsoft (MSFT 332.71, +1.50, +0.5%): Piper Sandler maintained Overweight rating and raised price target to $400 from $348

  • American Airlines (AAL 14.99, +0.37, +2.5%): raises Q2 guidance; reaffirms FY23 guidance

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