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Market Rap 06/09/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures heading up to test yesterdays highs/recent highs/1 year highs 429.35 the pre mkt high so far

427.93 the corresponding futures low

SPY 3 months and 1yr daily candles, and 3yr, weekly candles Very little follow thru on daily consolidation as the bull flag shapes up, and looks to test recent highs/1 year highs first thing after open. (resistance)

429.60 yesterdays high

429.62 Mondays high

431.73 the 1 year high

435-440ish weekly resistance volume profile area (support)

425.82 the low from yesterday


423.14 the daily 12ema(white)

422.92 open gap

QQQ 5 days, hourly candles Nasdaq futures also testing yesterdays highs 353.81 the pre mkt high so far

352.33 the corresponding futures low

QQQ 3 months, daily candles and 3yr, weekly candles Daily consolidation paused yesterday just above the 12ema(white), and weekly consolidation has been resisted this week yet again. Daily RSI has seen a slight cooldown out of the overbought zone, and already looks ready to test recent highs.

Get thru those and the next daily "higher low" gets set at Wednesdays low, in the context of this sharp daily uptrend. (support)

348.89 the low from yesterday

348.18 Wednesdays low

347.59 the daily 12ema (resistance)

353.62 the high from yesterday - trading a whisper above there currently


369.31-371.83 weekly resistance from March/April '22

June Vix futures 3 months, daily candles Moar end of week bleeding out yesterday, unable to get anything going even with it really "oversold" in the short term

Spot Vix 3 months, daily candles Hanging out under 3year lows now, as we saw some new marginal lower lows again yesterday. Trading near yesterdays lows currently, with vol bulls needing a push thru that 14.21-14.29 area to even get a daily bounce underway. [BRIEFING.COM] S&P futures vs fair value: flat. Nasdaq futures vs fair value: +20.00.The S&P 500 futures are flat and are trading roughly in line with fair value. The Nasdaq 100 futures are up 20 points and are trading 0.1% above fair value. The Dow Jones Industrial Average futures are down 63 points and are trading 0.2% below fair value. Equity futures are mixed this morning. Market participants are still in wait-and-see mode ahead of the May Consumer Price Index and Fed decision next week. Some mega caps are weak in premarket action, but a nice gain in Tesla (TSLA) following news of a charging network deal with General Motors (GM) is helping to offset that. China reported inflation data for May. CPI increased 0.2% year-over-year (expected 0.3%) following a 0.1% increase in April. China's PPI, however, fell at its fastest pace since early 2016, down 4.6% year-over-year (expected -4.3%) versus a 3.6% decline in April. Treasury yields are moving higher. The 2-yr note yield is up three basis points to 4.56% and the 10-yr note yield is up four basis points to 3.75%. The U.S. Dollar Index is pulling back from overnight highs, flat at 103.38. There is no U.S. economic data of note today. In corporate news:

  • General Motors (GM 37.32, +1.47, +4.1%) and Tesla (TSLA 249.30, +14.53, +6.2%): General Motors announces collaboration with Tesla to integrate the North American Charging Standard connector design into its EVs starting in 2025

  • DocuSign (DOCU 61.73, +3.25, +5.6%): beats by $0.16, beats on revs on billings; guides Q2 revs above consensus; guides FY24 revs above consensus

  • Taiwan Semiconductor Manufacturing (TSM 100.99, +1.05, +1.1%): reports May sales increased 19.4% yr/yr to NT$176.54 bln

  • Vail Resorts (MTN 252.00, -6.04, -2.3%): misses by $0.63, misses on revs; narrows FY23 EBITDA forecast

  • Braze (BRZE 37.99, +4.05, +11.9%): beats by $0.05, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY24 EPS in-line, revs above consensus

  • Planet Labs (PL 4.0900, -0.81, -16.5%): beats by $0.02, reports revs in-line; guides Q revs below consensus; guides FY24 revs below consensus

  • The Duckhorn Portfolio (NAPA 14.67, +0.84, +6.1%): beats by $0.04, beats on revs; guides FY23 EPS and revs in-line

  • Adobe (ADBE 455.16, +16.23, +3.7%): upgraded to Overweight from Equal Weight at Wells Fargo

  • Corning (GLW 32.70, +1.02, +3.2%): upgraded to Overweight from Equal Weight at Morgan Stanley

  • Target (TGT 129.35, -1.92, -1.4%): downgraded to Neutral from Buy at Citigroup

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