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Market Rap 06/23/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures testing the lower end of yesterdays range 434.04 the corresponding futures low

436.89 the after hours high from yesterday afternoon, before futures opened

SPY 3 months, daily candles Daily consolidation continued a bit further yesterday morning, before a bounce off the daily 12ema(white). Bulls are hoping to set the next daily "higher low" off of there, and would get it accomplished with a break of the high from yesterday/Wednesday. Bears are hoping to break yesterdays low/and that daily 12ema, and push deeper consolidation than the healthy amount we've seen so far. (support)

433.82 that daily 12ema

433.60 the low from yesterday



425.82 (resistance)

436.62-436.99 the highs from the past couple days


438.97 open gap

QQQ 5 days, hourly candles Nasdaq futures have retraced about half of yesterdays bounce 363.37 the pre mkt low

366.82 the after hours high from yesterday afternoon, before futures opened

QQQ 3 months, daily candles

The bounce off the daily 12ema(white) is looking even more convincing here, with a bullish engulfing candle going in yesterday. If bulls see some follow thru today above there, the new daily "higher low" will be set off yesterdays low.


361.13 the daily 12ema

360.22 the low from yesterday



366.33 the high from yesterday



July Vix futures 3months, daily candles More lows yesterday as the front month contract stays trapped in "oversold" conditions, much like the June contract saw in the previous weeks. Vol bulls MIA.

Spot Vix 3 months, daily candles and 5yr, monthly candles New multi year lows continued yesterday - with a peek into levels last seen pre-pandemic. [BRIEFING.COM] S&P futures vs fair value: -20.00. Nasdaq futures vs fair value: -89.00.The S&P 500 futures are down 20 points and are trading 0.5% below fair value. The Nasdaq 100 futures are down 89 points and are trading 0.6% below fair value. The Dow Jones Industrial Average futures are down 103 points and are trading 0.3% below fair value. The stock market is poised for a lower open, pressured by ongoing concerns about global growth and by weak mega cap stocks. Following yesterday's slate of central bank policy rate hikes, market participants are digesting a batch of disappointing global Manufacturing PMIs. Specifically, flash June Manufacturing PMI readings from Germany, France, and the U.K. showed a deepening contraction while France's Services PMI also fell into contractionary territory (i.e. sub-50 readings). Australia's Manufacturing PMI contracted for the fourth consecutive month, albeit showing some improvement from last month, while Japan's Manufacturing PMI fell back into contraction after expanding slightly in May. Those reports have fed into a general sense that global manufacturing activity is weakening amid ongoing rate hikes. Treasury yields are moving lower. The 2-yr note yield is down four basis points to 4.75% and the 10-yr note yield is down six basis points to 3.74%. As a reminder, the Russell Reconstitution is final after the close of the US equity markets. In corporate news:

  • CarMax (KMX 82.80, +4.48, +5.7%): beats by $0.65, beats on revs

  • 3M (MMM 104.27, +.384, +3.8%): enters into broad class resolution to support PFAS remediation for public water suppliers that detect PFAS at any level; agreement includes commitment of up to $10.3 bln payable over 13 yrs

  • Ford (F 14.13, -0.06, -0.4%): preparing new round of layoffs for U.S. salaried workers, according to WSJ

  • Lululemon (LULU 376.84, -1.12, -0.3%): unable to find a buyer for fitness product Mirror, according to NY Post

  • Under Armour (UAA 7.16, -0.19, -2.6%): downgraded to Equal Weight from Overweight at Wells Fargo

  • (AI 37.13, -0.31, -0.8%): Deutsche Bank reiterated its Sell rating with a $16 price target

  • Virgin Galactic (SPCE 4.77, -0.55, -10.3%): entered into a distribution agency agreement for the offer and sale of up to $400,000,000 of shares of common stock

  • Starbucks (SBUX 99.56, -1.29, -1.3%): union says workers at 150 stores will strike over "treatment of LGBTQIA+ workers"

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