top of page

Market Rap 06/05/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures trading sideways in the upper half of Fridays range 427.28 the the corresponding futures low

428.24 the pre mkt high

SPY 3 months and 1yr daily candles Daily uptrend continuation Friday as it heads up to test 1yr highs. (resistance)

428.74 the high from Friday



435ish where some weekly volume profile resistance starts to show back up, from April '22 (support)

423.95 the low from Friday

422.92 open gap

418.70 the daily 12ema(white)

416.22 the last daily "higher low" and spot for bulls to stay anywhere above once daily consolidation begins, in order to maintain the uptrend

QQQ 5 days, hourly candles Nasdaq futures trading in the middle of Fridays range 353.06 the corresponding futures low

354.96 the after hours high from Friday afternoon

QQQ 3 months, daily candles Peeking into some higher recent highs/into levels from April '22 as the daily RSI hangs out in overbought territory. (resistance)

355.83 the high from Friday

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

352.01 the low from Friday

346.51 the daily "higher low" and spot for bulls to stay above when consolidation begins, to maintain this steep uptrend

342.73 the daily 12ema(white)

June Vix futures 3 months, daily candles Big vol crush to end the week on Thursday and Friday, scraping just above those Friday lows to start the week. Daily RSI pretty beaten up in oversold territory.

Spot Vix 3 months, daily candles Multi year lows hit Friday, trading back at vol levels last seen in summer of '21.

14.10 was the June '21 low. [BRIEFING.COM] S&P futures vs fair value: +1.80. Nasdaq futures vs fair value: -25.00.The S&P 500 futures are up 1 point and are trading in line with fair value. The Nasdaq 100 futures are down 19 points and are trading 0.2% below fair value. The Dow Jones Industrial Average futures are up 10 points and are trading 0.1% above fair value. Stock futures have been mixed, yet there hasn't been a lot of movement in either direction. Market participants are anxious to see if Friday's rally will continue today. Some mega cap stocks are relatively weak this morning, limiting moves for the broader market. Oil prices are climbing after Saudi Arabia said it will implement an additional voluntary cut in its production of crude oil, amounting to one million barrels per day. WTI crude oil futures are up 2.3% to $73.38/bbl. The Port of Los Angeles and Long Beach is shut down after labor negotiations stall. Separately, President Biden signed the debt ceiling bill into law on Saturday. The 2-yr Treasury note yield is up five basis points to 4.56% and the 10-yr note yield is up seven basis points to 3.75%. In corporate news:

  • Palo Alto Networks (PANW 230.39, +13.15, +6.1%): will replace DISH Network (DISH) in the S&P 500 prior to the open on June 20

  • Chevron (CVX 158.32, +2.06, +1.3%) and Exxon (XOM 107.35, +1.59, +1.5%): OPEC+ makes no changes to oil production targets, but Saudi Arabia will implement an additional voluntary cut in its production of crude oil, amounting to one million barrels per day

  • Allstate (ALL 112.00, +1.92, +1.7%): will stop offering new insurance policies in California due to climate conditions and building costs, according to NY Times

  • Apple (AAPL 182.55, +1.61, +0.9%): will introduce its mixed reality headset at WWDC today, according to Bloomberg

  • 3M (MMM 102.49, -0.04, -0.04%): Lawyers trying to delay 3M (MMM) trial to come to settlement, according to WSJ

  • Estee Lauder (EL 185.36, -2.93, -1.6%) downgraded to Perfrom from Outperform at Oppenheimer

  • Dollar General (DG 164.13, -1.99, -1.2%): downgraded to Equal Weight from Overweight at Morgan Stanley

  • Target (TGT 132.21, -1.01, -0.8%): downgraded to Sector Weight from Overweight at KeyBanc

  • EPAM Systems (EPAM 222.90, -36.75, -14.2%): sees Q2 and FY23 EPS and revs below expectations

1 view0 comments

Recent Posts

See All


Post: Blog2_Post
bottom of page