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Market Rap 06/12/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures trading in the upper half of Fridays range 431.73 the pre mkt high

429.88 the after hours low from Friday afternoon

SPY 3 months and 1yr daily candles, and 3yr weekly candles Pushed thru 1 year highs on Friday but didn't see much follow thru, and an indecision doji went in by close. Patiently watching today to see if it's signaling any weakness ahead of the FOMC on Wednesday. (resistance)

431.99 the high from Friday and 1 year high

435-440ish some weekly volume profile resistance comes back into play (support)

a close under 429.90 would confirm that doji as a reversal (on track currently to open above there)

428.87 the low from Friday


424.18 the daily 12ema(white)


422.92 open gap

QQQ 5 days, hourly candles Nasdaq futures also trading in the upper half of Fridays range 356.86 the pre mkt high 354.25 the low from Friday

QQQ 3 months, daily candles and 3yr weekly candles Doji candle close here on Friday also, after seeing a brief peek into fresh 1 year highs. An open (not shaping up that way) and more importantly a close below 354.50 would confirm the indecision doji as a reversal. (resistance)

357.66 the high from Friday

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

353.03 the low from Friday

348.66 the daily 12ema(white)

348.18 the last daily "higher low" in the context of the uptrend on this timeframe

June Vix futures 3 months, daily candles Attempting to hold above the lows seen last Thursday, and curl off some oversold RSI readings, but the first step would be to see some follow thru over 15.65-15.85ish.

Spot Vix 5 year, monthly candles Friday saw the lowest levels of vol since February of 2020, just before the big Covid spike [BRIEFING.COM] S&P futures vs fair value: +12.00. Nasdaq futures vs fair value: +74.00.The S&P 500 futures are up 12 points and are trading 0.3% above fair value. The Nasdaq 100 futures are up 74 points and are trading 0.5% above fair value. The Dow Jones Industrial Average futures are up 40 points and are trading 0.1% above fair value. Stock futures have a positive disposition to start the week. Some hopeful anticipation that the Fed will not raise rates has contributed to the positive bias along with relative strength in the mega cap stocks. It's a big week of news that will feature the release of the May Consumer Price Index and Retail Sales, along with policy decisions from the FOMC, the European Central Bank, and the Bank of Japan. Oil prices are lower, down 2.3% to $68.58/bbl, following news that Goldman Sachs has cut its price forecast for Brent Crude (to $86 from $95) and WTI Crude (to $81 from $89) due to higher oil supplies. Treasuries are little changed from Friday's settlement levels. The 2-yr note yield is down two basis points to 4.60% and the 10-yr note yield is up one basis point to 3.75%. Economic data today is limited to the May Treasury Budget (prior $176.0 billion) at 2:00 p.m. ET. In corporate news:

  • Illumina (ILMN 208.20, +7.67, +3.8%): provides CEO transition plan, CEO Francis deSouza resigned effective June 11

  • Biogen (BIIB 315.80, +6.92, +2.2%): late Friday, FDA Advisory Committee votes unanimously to confirm the clinical benefit of LEQEMBI

  • Chinook Therapeutics (KDNY 39.52, +15.51, +64.2%): to be acquired by Novartis (NVS) for $40.00 per share upfront plus contingent value right of up to $4.00 per share

  • Carnival (CCL 13.87, +0.78, +6.0%) upgraded to Overweight from Neutral at JP Morgan; upgraded to Buy from Neutral at BofA Securities

  • NASDAQ (NDAQ 53.50, -4.33, -7.5%): to acquire Adenza, a provider of mission-critical risk management and regulatory software for $10.5 billion in cash and shares of common stock

  • Amazon (AMZN 124.38, +0.95, +0.8%): Bank of America reiterated its Buy rating and raised its price target to $154 from $139

  • Oracle (ORCL 114.50, +4.65, +4.2%): upgraded to Outperform from Peer Perform at Wolfe Research

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