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Market Rap 06/21/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures sideways ahead of Powell's congress testimony at 10et 436.44 the corresponding futures low

437.72 the corresponding futures high

SPY 3 months, daily candles Daily consolidation got underway yesterday, but the bears weren't able to see much follow thru. Watching today to see if yesterdays low was the next "higher low" (get above yesterdays high/fill the gap left behind, would set it). Daily RSI cooled off some. (support)

435.03 the low from yesterday


433.03 the daily 12ema(white) (resistance)

438.37 the high from yesterday

438.97 fills the open gap


QQQ 5 days, hourly candles Nasdaq futures also sideways ahead of Powell 367.41 the corresponding futures high

366.15 the pre mkt low

QQQ 3 months, daily candles Daily consolidation underway here as well, with little follow thru from bears so far. (support)

363.89 the low from yesterday


359.90 the daily 12ema(white) (resistance)

368.32 the high from yesterday

372.85 the recent high

June Vix futures 3 months, daily candles Continues to bleed out

Spot Vix 3 months, daily candles Scraping along recent lows, unable to get any daily bounce going still [BRIEFING.COM] S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -24.00.The S&P 500 futures are down 3 points and are trading 0.1% below fair value. The Nasdaq 100 futures are down 24 points and are trading 0.1% below fair value. The Dow Jones Industrial Average futures are down 20 points and are trading 0.1% below fair value. The stock market is poised for flattish open today. There's still a lingering sense that the market is due for consolidation period. Also, Fed Chair Powell will begin his semiannual monetary policy report before the House Financial Services Committee at 10:00 a.m. ET. Hotter than expected CPI and Core CPI figures from the U.K. have created some angst and boosted expectations for a 50-bps rate hike ahead of the Bank of England's policy decision tomorrow. The weekly MBA Mortgage Applications Index rose 0.5% with purchase applications rising 2.0% while refinancing applications fell 2.0%. Treasuries are little changed from yesterday's settlement levels. The 2-yr note yield is up one basis point to 4.71% and the 10-yr note yield is up three basis points to 3.75%. The U.S. Dollar Index is flat at 102.57. In corporate news:

  • FedEx (FDX 225.99, -5.66, -2.4%): beats by $0.09, misses on revs; guides FY24 EPS in-line, revs in-line; says demand backdrop likely to pressure sales growth in FY24

  • Visa (V 226.60, +0.13, +0.1%): appoints Chris Suh as CFO; succeeds Vasant Prabhu, who will serve as CFO Designate from July 10 until August 1, departing on September 30

  • American Intl (AIG 56.00, -0.08, -0.1%): announces that Sabra Purtill, who has served as Interim CFO January 2023, has been named to the role on a permanent basis, effective immediately

  • Spotify (SPOT 159.65, +2.83, +1.8%): upgraded to Outperform from Peer Perform at Wolfe Research

  • Tesla (TSLA 278.27, +3.82, +1.4%): downgraded to Equal Weight from Overweight at Barclays

  • Adobe (ADBE 493.95, +8.09, +1.7%): upgraded to Outperform from Market Perform at BMO Capital Markets

  • 3M (MMM 102.16, -0.14, -0.1%): could face dividend cut & higher debt amid potential lawsuits, according to the WSJ

  • Patterson Companies (PDCO 30.90, +2.64, +9.3%): beats by $0.14, beats on revs; guides FY24 EPS above consensus

  • Intel (INTC 34.79, -0.21, -0.6%): to sell 20% stake in IMS Nanofabrication GmbH to Bain Capital in deal that values IMS at approx. $4.3 bln

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