SPY / QQQ / Vix
SPY 5 days, hourly candles S&P futures testing yesterdays highs 419.34 the pre mkt high
417.31 the corresponding futures low
SPY 3 months, daily candles Tested the 12ema(white) yesterday before seeing a bounce. Bulls will look to get over yesterdays high today, and set the next daily "higher low" at yesterdays low, keeping daily consolidation healthy. (support)
416.22 the low from yesterday
416.15 that 12ema
415.25
412.41
409.99 the 50 day MA(blue)
409.88 (resistance)
419.22 yesterdays high
422.58
QQQ 5 days, hourly candles Nasdaq futures seeing a more muted recovery effort, trading in the middle of yesterdays range 346.62 the corresponding futures low
348.62 the pre mkt high
QQQ 3 months, daily candles Daily consolidation underway, plenty of room for bulls to find the next "higher low" in this daily uptrend. Still a lot of room until it even tests the 12ema(white) and further cools off that overheated daily RSI reading. (support)
346.51 the low from yesterday
340.66
338.48 that daily 12ema
336.67
332.91 open gap
329.56 the last daily "higher low" (resistance)
350.60 the high from yesterday
353.93 the recent high
June Vix futures 3 months, daily candles
Testing/peeking under the last couple days of lows
Spot Vix 3months, daily candles Failed to see follow thru yesterday over that 18.30-18.40 area thats contained it recently (besides a few days of debt ceiling drama fear from last week). Testing the last couple days of lows so far today.
Oil bulls hoping for an hourly/4hr oversold bounce, as it heads down to test 1 year lows
https://www.briefing.com/stock-market-update
[BRIEFING.COM] S&P futures vs fair value: +8.00. Nasdaq futures vs fair value: +11.00.The S&P 500 futures are up 8 points and are trading 0.1% above fair value. The Nasdaq 100 futures are up 11 points and are trading 0.1% above fair value. The Dow Jones Industrial Average futures are down 5 points and are trading slightly below fair value.
Stock futures are mixed this morning. The Dow Jones Industrial Average futures are underperforming due to weakness in Salesforce (CRM) following its earnings report.
The House passed a 2 year debt ceiling/spending cap bill by a vote of 314-117. The Senate is expected to vote this weekend.
Also, market participants are reacting to Fed officials signaling that a pause is likely in June, but officials also contend that more increases may be needed.
There is a large slate of U.S. economic data due out today, yet foreign data featured a stronger than expected Caixin Manufacturing PMI report from China and better than expected inflation data from the eurozone. May CPI was up 6.1% year-over-year versus an expected 6.3% and the prior month's reading of 7.0%.
The 2-yr Treasury note yield is up three basis points to 4.42% and the 10-yr note yield is up two basis points to 3.65%.
Market participants will receive the following economic data today:
8:15 ET: May ADP Employment Change (Briefing.com consensus 160,000; prior 296,000)
8:30 ET: Weekly initial jobless claims (Briefing.com consensus 233,000; prior 229,000) and continuing claims (prior 1.794 million); Q1 Productivity Rev. (Briefing.com consensus -2.7%; prior -2.7%) and Unit Labor Costs Rev. (Briefing.com consensus 6.3%; prior 6.3%)
9:45 ET: May IHS Markit Manufacturing PMI - Final (prior 48.5)
10:00 ET: May ISM Manufacturing Index (Briefing.com consensus 47.1; prior 47.1); April Construction Spending (Briefing.com consensus 0.2%; prior 0.3%)
10:30 ET: Weekly EIA Natural Gas Inventories (prior +96 bcf)
11:00 ET: Weekly EIA Crude Oil Inventories (prior -12.46M)
In corporate news:
Salesforce (CRM 209.40, -13.98, -6.3%): beats by $0.08, reports revs in-line; guides Q2 EPS above consensus, revs above consensus; guides FY24 EPS above consensus, reaffirms FY24 revs guidance
CrowdStrike (CRWD 144.00, -16.13, -10.1%): beats by $0.06, beats on revs; guides Q2 EPS and revs midpoints above consensus; guides FY24 EPS above consensus, revs above consensus
C3.ai (AI 32.83, -7.19, -18.0%): beats by $0.04, beats on revs; guides Q1 revs in-line; guides FY24 revs in-line
Okta (OKTA 73.38, -17.52, -19.3%): beats by $0.10, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY24 EPS above consensus, revs in-line; CEO says macro pressures are increasing
Nordstrom (JWN 15.84, +0.54, +3.5%): beats by $0.17, beats on revs; reaffirms FY24 EPS guidance, revs guidance
Macy's (M 12.31, -1.28, -9.4%): beats by $0.11, reports revs in-line; guides FY24 EPS below consensus, revs below consensus
Dollar General (DG 182.88, -18.21, -9.1%): misses by $0.04, misses on revs; guides FY24 EPS below consensus, revs below consensus
Veeva Systems (VEEV 181.60, +15.90, +9.6%): beats by $0.12, beats on revs; guides Q2 EPS above consensus, revs in-line; guides FY24 EPS above consensus, revs in-line
Chewy (CHWY 34.39, +4.90, +16.6%): beats by $0.24, beats on revs; sees Q2 guidance above consensus; raises FY23 revs outlook
NetApp (NTAP 70.00, +3.65, +5.5%): beats by $0.19, beats on revs; guides Q1 EPS below consensus, revs in-line; guides FY24 EPS above consensus, revs inline, also announces new share repurchase authorization of an additional $1 bln
Target (TGT 129.00, -1.93, -1.5%): downgraded to Neutral from Overweight at JPMorgan
Chevron (CVX 151.93, +1.31, +0.9%): upgraded to Outperform from Sector Perform at RBC Capital Markets
Lucid Group (LCID 6.68, -1.09, -14.1%): commences public offering of 173,544,948 shares of its common stock and corresponding investment by an affiliate of PIF for aggregate expected gross proceeds of approximately $3.0 billion Lots of economic data today; May non-farm payrolls out tomorrow morning
