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
