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Market Rap 06/06/23 by CTG

SPY / QQQ / Vix SPY 5 days, hourly candles S&P futures scraping along yesterdays lows 426.50 the corresponding futures low

427.56 the corresponding futures high

SPY 3 months and 1yr, daily candles Pushed some new recent highs/tested 1 year highs before reversing some by close (resistance)

429.62 the high from yesterday

431.73 the 8/16/22 high

436ish-440ish the next weekly volume profile resistance area (support)

426.37 the low from yesterday - break that level with some follow thru and daily consolidation gets underway

423.95

422.92 open gap

419.99 the daily 12ema(white)

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


QQQ 5 days, hourly candles Nasdaq futures also scraping along yesterdays lows 354.20 the corresponding futures low

355.51 the corresponding futures high


QQQ 3 months, daily candles and 3yr, weekly candles Reversal bearish hammer candle yesterday, breaking yesterdays lows with some follow thru would confirm and get daily consolidation underway. Finally time for the daily/weekly RSI to cool off here? (resistance)

357.50 the high from yesterday

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

353.85 the low from yesterday

352.01

346.51 the last daily "higher low" and spot for the bulls to stay above once consolidation does begin, in order to maintain the uptrend

344.60 the daily 12ema(white)


June Vix futures 3 months, daily candles Keeps finding lower lows, unable to find any bid. RSI says its pretty oversold, but no sign of any type of buying here so far. That will need to change for the broad market to see any kind of consolidation.

Spot Vix 3 months, daily candles Hanging out near recent lows/just above 3yr lows; daily bear flag possible if it cant push back above that 15.65ish area.

https://www.briefing.com/stock-market-update

[BRIEFING.COM] S&P futures vs fair value: -5.00. Nasdaq futures vs fair value: -3.00.The S&P 500 futures are down 2 points and are trading 0.1% below fair value. The Nasdaq 100 futures are down 2 points and are trading slightly below fair value. The Dow Jones Industrial Average futures are down 22 points and are trading 0.1% below fair value. Stock futures are softer this morning. Participants are taking a wait-and-see approach after yesterday's nice start faded by the close. There is also a sense that mega cap stocks are overbought on a short term basis and are due for period of consolidation. The Reserve Bank of Australia raised its cash rate by 25 bps to 4.10% against expectations for no change and indicated that more rates hikes may be needed. China Securities Journal speculated that the PBOC will cut its reserve requirement ratio and other interest rates in the second half of the year. Labor issues continue at some West Coast ports, according to CNBC. Treasuries are little changed from yesterday's settlement levels. The 2-yr note yield is down one basis point to 4.47% and the 10-yr note yield is down one basis point to 3.67%. Oil prices are declining, giving back all of yesterday's gains. WTI crude oil futures are down 2.4% to $70.44/bbl. There is no U.S. economic data of note today. In corporate news:

  • GitLab (GTLB 45.29, +9.89, +27.9%): beats by $0.08, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY24 EPS above consensus, revs above consensus

  • J.M. Smucker (SJM 146.50, -2.46, -1.7%): beats by $0.23, beats on revs; guides FY24 EPS in-line, revs above consensus

  • FedEx (FDX 220.64, -1.10, -0.5%): Atlantic Equities initiated coverage with an Overweight rating

  • Apple (AAPL 178.81, -0.77, -0.4%): D.A. Davidson downgraded to Neutral from Buy

  • Sprinklr (CXM 14.06, +0.88, +6.7%): beats by $0.05, beats on revs; guides JulQ EPS above consensus, revs in-line; guides FY24 EPS above consensus, revs in-line

  • HealthEquity (HQY 62.32, +3.48, +5.9%): beats by $0.09, beats on revs; guides FY24 EPS and revs above consensus

  • Ciena (CIEN 49.09, +1.59, +3.4%): beats by $0.13, beats on revs

  • GE HealthCare (GEHC 78.00, -2.49, -3.1%): files for 25,000,000 shares of common stock by selling shareholder

  • Thor Industries (THO 8.51, +6.35, +8.0%): beats by $1.16, beats on revs; guides FY23 EPS above consensus, revs in-line



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