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Market Rap 06/02/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures over yesterdays highs with follow thru, more new recent highs. Hourly RSI back to overbought conditions/4hr RSI not far from overbought. 424.25 the pre mkt high

421.59 the after hours low from yesterday afternoon, before futures opened

SPY 3 months and 1yr daily candles Next daily "higher low" set at Wednesdays low, off the 12ema(white). Bulls in full control in the short term, as we zoom out to look for the next areas of resistance going back to Aug of '22. (resistance)

422.92 the high from yesterday - trading above there currently for the potential gap up open (pending May NFP reaction, coming up at 8:30et)

425.26 the 8/19/22 high

425.50 an 8/18/22 small gap

428.61-429.50

431.73 from 8/16/22 (support)

417.02 the daily 12ema

416.79 the low from yesterday

416.22 the new daily "higher low", and spot for bulls to stay above to maintain the uptrend on this timeframe


QQQ 5 days, hourly candles Nasdaq futures also pushing thru yesterdays highs/recent highs as the hourly/4hr RSI sneaks back into overbought territory 354.26 the pre mkt high

352.01 the after hours low from yesterday afternoon, before futures opened

QQQ 3 months, daily candles and 3yr, weekly candles New daily "higher low" set here yesterday also, as the daily RSI hangs out in overbought conditions. Testing the recent highs. Zooming out to the weekly chart to find the next levels of interest from March/April of '22. (resistance)

353.36 the high from yesterday - trading over that level currently for the potential gap up open, pending the May jobs report reaction

353.93 the recent high - also a scooch above that level

369.39-371.83 the next weekly resistance area (support)

346.66 the low from yesterday

346.51 the new daily "higher low", and spot for bulls to stay above in order to maintain full control on this timeframe

340.56 the 12ema(white)


June Vix futures 3 months, daily candles End of week vol crush in full swing, as the daily RSI dips into "oversold" readings

Spot Vix 3 months, daily candles and 3yr, weekly candles Recent lows tested and broken. Lowest levels of volatility seen since Nov. '21 (14.73 the Nov. '21 low), when the last bull market in equities was topping out.


$DXY 3 months, daily candles Daily consolidation of this recent move underway

https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: +19.00. Nasdaq futures vs fair value: +43.00. The S&P 500 futures are up 19 points and are trading 0.4% above fair value. The Nasdaq 100 futures are up 81 points and are trading 0.3% above fair value. The Dow Jones Industrial Average futures are up 157 points and are trading 0.4% above fair value. Stock futures have a positive disposition, driven in part by upside momentum after the S&P 500 closed above 4,200 yesterday. Market participants are also reacting to news that the Senate passed the debt ceiling deal by a vote of 63-36. The bill now heads to President Biden for signing. There has also been a fair amount of corporate news since yesterday's close. Positive reactions to earnings from lululemon (LULU), MongoDB (MDB), and Five Below (FIVE) have helped boost sentiment. Market participants are awaiting the potentially market-moving Employment Report for May at 8:30 a.m. ET. The 2-yr note yield is unchanged at 4.34% and the 10-yr note yield is unchanged at 3.60%. In corporate news:

  • lululemon athletica (LULU 377.87, +49.52, +15.1%): beats by $0.32, beats on revs, comparable sales increased 14%; guides Q2 EPS in-line, revs in-line; guides FY24 EPS above consensus, revs above consensus

  • MongoDB (MDB 376.43, +82.47, +28.0%): beats by $0.38, beats on revs; guides JulQ EPS above consensus, revs above consensus; guides FY24 EPS above consensus, revs above consensus

  • Dell (DELL 44.21, -1.25, -2.8%): beats by $0.45, beats on revs; expects Q2 EPS and revs in-line with consensus; raises FY24 earnings outlook, reaffirms revenue guidance; reiterates long-term financial goals

  • Broadcom (AVGO 789.90, -0.05, -0.01%): beats by $0.20, reports revs in-line; guides JulQ revs above consensus

  • Five Below (FIVE 176.70, +7.35, +4.3%): beats by $0.04, reports revs in-line comps +2.7%; guides Q2 EPS below consensus, revs below consensus; guides FY24 EPS in-line, revs in-line

  • SentinelOne (S 13.33, -7.39, -35.7%): beats by $0.02, misses on revs; guides Q2 revs below consensus; guides FY24 revs below consensus

  • Costco (COST 509.89, -2.71, -0.5%): reports May net sales +1.2% yr/yr to $18.23 bln; total monthly comparable sales -0.3%, adj comps (ex gas fx) +3.3%

  • Zscaler (ZS 137.75, +2.66, +2.0%): beats by $0.06, beats on revs; guides Q4 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus

  • PagerDuty (PD 23.30, -4.45, -16.0%): beats by $0.11, reports revs in-line; guides Q2 EPS above consensus, revs below consensus; guides FY24 EPS above consensus, revs below consensus

  • Guidewire Software (GWRE 77.95, -4.89, -5.9%): misses by $0.12, misses on revs; guides Q4 revs in-line; guides FY23 revs below consensus

  • Elastic (ESTC 68.90, -2.76, -3.9%): beats by $0.13, reports revs in-line; guides JulQ EPS below consensus, revs below consensus; guides FY24 EPS above consensus, revs below consensus

  • The Trade Desk (TTD 75.89, +2.63, +3.6%): upgraded to Overweight from Equal Weight at Morgan Stanley




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