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Market Rap 06/20/23 by CTG

SPY / QQQ / Vix SPY 5 days, hourly candles S&P futures broke the lows from Friday, and are probing into the lower range seen from last Thursday 437.20 the pre mkt low

438.76 the corresponding futures high

SPY 3 months, daily candles and 3yr, weekly candles Some cooldown of the overheated daily RSI seen on Friday. Plenty of room for bulls to look for the next daily "higher low" as daily consolidation gets underway. (support)

438.97 the low from Friday - trading under there currently for the gap down open shaping up/daily consolidation ahead

436.23

433.59

432.28 the daily 12ema(white) (resistance)

443.61-443.90

450.01 weekly resistance from April '22


QQQ 5 days, hourly candles Nasdaq futures also broke the lows from last Friday, and are seeing a small bounce off hourly oversold conditions 364.95 the pre mkt low

367.83 the pre mkt high

QQQ 3 months, daily candles and 3yr, weekly candles Overheated daily RSI started to cool some on Friday, as daily consolidation of this recent move looks to get underway today. (support)

367.48 the low from Friday - trading under there currently as the gap down open shapes up

363.98

360.03

358.63 the daily 12ema(white) (resistance)

372.85

376.22


July Vix futures 3 months, daily candles July becomes the new front month after today. Trying to hold up against recent lows, not seeing much movement so far.

Spot Vix 3 months, daily candles Started the week off taking back all of Fridays vol crush. We'll see if it can actually get a daily bounce going this week, though.

The S&P 500 futures are down 13 points and are trading 0.3% below fair value. The Nasdaq 100 futures are down 41 points and are trading 0.2% below fair value. The Dow Jones Industrial Average futures are down 108 points and are trading 0.3% below fair value. The stock market is poised to start this holiday shortened week on a softer note. Still, there hasn't been any real urgency to sell, leading to only a modest pullback after a big run recently. The People's Bank of China lowered its one-year loan prime rate by ten basis points to 3.55% while the five-year rate was also lowered by ten basis points, to 4.20%. On a related note, Goldman Sachs lowered its 2023 GDP estimate for China to 5.4% from 6.0%. Treasury yields are little changed from Friday's settlement levels. The 2-yr note yield is down three basis points to 4.69% and the 10-yr note yield is down one basis point to 3.75%. U.S. economic data today is limited to May Housing Starts (prior 1.401 million) and Building Permits (prior 1.416 million) at 8:30 a.m. ET. Looking ahead, Fed Chair Powell will deliver his semiannual monetary policy report before Congress on Wednesday and Thursday. In corporate news:

  • Alibaba (BABA 89.98, -2.12, -2.3%): announces Chairman and CEO succession plan

  • U.S. Foods (USFD 42.71, +1.06, +2.6%): upgraded to Overweight from Equal Weight at Morgan Stanley

  • Baidu (BIDU 146.75, +1.64, +1.1%): upgraded to Overweight from Equal-Weight at Morgan Stanley

  • U.S. Steel (X 23.28, -0.13, -0.6%): sees Q2 EPS above consensus

  • Avis Budget (CAR 212.72, +8.43, +4.1%): upgraded to Overweight from Equal-Weight at Morgan Stanley

  • Tesla (TSLA 260.40, -0.14, -0.1%): offers discounts on Model S and Model X, according to ElecTrek

  • Lazard (LAZ 33.55, +1.45, +4.5%): Abu Dhabi's sovereign wealth fund in discussions to take Lazard (LAZ) private, according to the FT.

  • V.F. Corp (VFC 19.50, -0.01, -0.1%): appoints Bracken Darrell as President and CEO



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