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Market Rap 06/07/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures testing yesterdays highs 428.75 the corresponding futures high

427.40 the pre mkt low

SPY 3 months and 1yr daily candles, along with 3yr weekly candles Daily consolidation tried to get going yesterday, but saw no follow thru on the break of Mondays lows and reversed before the close. Daily bull flag in play as it tests 1yr highs.(support)

425.99 the low from yesterday

423.95

422.92 open gap

421.23 the daily 12ema(white)(resistance)

428.58 the high from yesterday - trading a scooch above there currently for the potential gap up open ahead

429.62

431.73 the 8/16/22 high

435ish to 440ish some weekly volume profile resistance comes into play



QQQ 5 days, hourly candles Nasdaq futures also testing yesterdays highs 355.59 the pre mkt high so far

353.90 the pre mkt low

QQQ 3 months, daily candles and 3yr, weekly candles Daily consolidation started yesterday, with little follow thru. Daily RSI content to hang out in overbought territory for now. (support)

352.93 the low from yesterday

352.01

346.51 the last daily "higher low"

346.18 the daily 12ema (resistance)

355.82 the high from yesterday, looking to get tested first thing

357.50

369.31-371.83 weekly resistance from March/April '22


IWM 3 months, daily candles Follow thru over the recent daily range/200 day MA(purple), on increasing volume, as the small caps join the party

June Vix futures 3 months, daily candles The vol crush continues, testing yesterdays lows again currently

Spot Vix 3 year, weekly candles Peeking under 3 year lows

https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: +6.00. Nasdaq futures vs fair value: +26.00.The S&P 500 futures are up 6 points and are trading 0.1% above fair value. The Nasdaq 100 futures are up 26 points and are trading 0.2% above fair value. The Dow Jones Industrial Average futures are up 5 points and are trading slightly above fair value. There's not a lot of conviction this morning. Market participants are still contending with the notion that mega caps are due for a period of consolidation. Also, China reported a smaller than expected trade surplus for May as exports fell more than expected, stoking concerns over global growth prospects. The weekly MBA Mortgage Applications Index fell 1.4% with purchase applications declining 2.0% and refinancing applications falling 1.0%. Other economic data today includes:

  • 8:30 a.m. ET: April Trade Balance (Briefing.com consensus -$75.3 billion; prior -$64.2 billion)

  • 10:30 a.m. ET: EIA Crude Oil Inventories (prior +4.49 million barrels)

  • 3:00 p.m. ET: April Consumer Credit (Briefing.com consensus $21.0 billion; prior $26.5 billion)

Treasuries are little changed from yesterday's settlement levels. The 2-yr note yield is down one basis point to 4.51% and the 10-yr note yield is unchanged at 3.69%. In corporate news:

  • Dave & Buster's (PLAY 35.45, +1.71, +5.1%): beats by $0.19, misses on revs

  • Campbell Soup (CPB 49.30, -1.29, -2.6%): beats by $0.03, reports revs in-line; reaffirms FY23 EPS guidance, revs guidance

  • Casey's General (CASY 215.00, -9.26, -4.1%): misses by $0.15, misses on revs, inside comps of +6.5%; expects FY24 inside same-store sales to increase +3-5%; increases quarterly dividend 13% to $0.43/share

  • Netflix (NFLX 414.69, +15.40, +3.9%): JPMorgan raised price target to $470 form $380 and reiterated an Overweight rating

  • Petrobras (PBR 12.96, +0.31, +2.5%): upgraded to Overweight from Equal Weight at Morgan Stanley

  • Yext (YEXT 11.31, +1.71, +17.8%): beats by $0.04, reports revs in-line; guides JulQ EPS above consensus, revs above consensus; guides FY24 EPS above consensus, revs above consensus

  • Couchbase (BASE 18.94,- 3.29, -14.8%): beats by $0.05, beats on revs; guides Q2 revs below consensus; guides FY24 revs in-line

  • Coinbase (COIN 53.31, +1.70, +3.3%): Cathie Wood increases stake in Coinbase, according to Bloomberg

  • UnitedHealth (UNH 489.10, +1.53, +0.3%): authorized a 14% increase to its quarterly cash dividend

  • Marvell (MRVL 62.32, +3.18, +5.4%): co has secured Amazon (AMZN) artificial intelligence order, according to Taiwan site Liberty Times Net

  • United Natural Foods (UNFI 20.70, -6.87, -24.9%): misses by $0.11, reports revs in-line; guides FY23 EPS below consensus, reaffirms FY23 revs guidance


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