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Market Rap 06/26/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures broke Fridays lows; so far not seeing much follow thru, and hanging out back near those lows 431.99 the corresponding futures low

434.49 the corresponding futures high

SPY 3 months, daily candles Daily consolidation continued Friday, with a push below the 12ema(white). Bulls will look to quickly get back above that level, or they're risking creating a lot of space for bears to make a "lower high" compared to recent highs, on the next bounce attempt. (support)

432.47 the low from Friday

430.17

428.87

425.82 (resistance)

433.72 the daily 12ema

435.06 the high from Friday

436.99

438.37

438.97 open gap

QQQ 5 days, hourly candles Nasdaq futures testing/holding above the lows from Friday so far 361.27 the pre mkt low

363.89 the corresponding futures high

QQQ 3 months, daily candles Trying to keep this daily consolidation healthy and hold above the 12ema(white) (support)

361.34 the daily 12ema

360.22-360.82 the past 2 days of lows

355.20 (resistance)

364.88 the high from Friday

366.33

368.32

July Vix futures 3 months, daily candles Inside bar day so far to start the week within Fridays range; Would need to break 16.40-16.50ish area to get a daily "oversold" bounce going.

Spot Vix 3 months, daily candles Monday gap up to start the week as the daily bounce gets underway; watching for a "lower high" compared to the 15.06 area. If it were to get thru there, the broad market consolidation we've seen recently will push deeper.

[BRIEFING.COM] S&P futures vs fair value: -3.00. Nasdaq futures vs fair value: -18.00.The S&P 500 futures are down 3 points and are trading fractionally below fair value. The Nasdaq 100 futures are down 18 points and are trading 0.1% below fair value. The Dow Jones Industrial Average futures are down 3 points and are trading roughly in line with fair value. There's a softer tone in the stock futures market this morning, but there hasn't been any significant selling. The relative weakness is likely driven by continued consolidation efforts. Also, losses in Tesla (TSLA), which was downgraded to Neutral from Buy at Goldman Sachs, and in Alphabet (GOOG), which was downgraded to Neutral from Buy at UBS, have had an outsized influence on the broader market. Separately, reports over the weekend indicated the Wagner military group led an armed uprising against Russian military leadership; however, Yevgeny Prigozhin agreed to halt the march towards Moscow after an agreement was made with Belarus, according to the NY Times. Treasury yields are moving lower. The 2-yr note yield is down three basis points to 4.72%. The 10-yr note yield is down five basis points to 3.69%. There is no U.S. economic data of note today, but it's a busy week of data that will culminate with the release of the Personal Income and Spending report at 8:30 a.m. ET on Friday that will feature the Fed's preferred inflation gauge (the PCE and core-PCE Price Indices). In corporate news:

  • Tesla (TSLA 251.50, -5.11, -2.0%): downgraded to Neutral from Buy at Goldman Sachs

  • Moderna (MRNA 121.42, +2.92, +2.5%): upgraded to Buy from Neutral at UBS

  • IBM (IBM 129.17, -0.26, -0.2%): to acquire Apptio from Vista Equity Partners for $4.6 bln

  • Alphabet (GOOG 121.32, -1.70, -1.4%): downgraded to Neutral from Buy at UBS

  • Lucid Group (LCID 6.18, +0.70, +12.8%): entered into a definitive agreement to establish a long-term strategic technology partnership with Aston Martin

  • Pfizer (PFE 37.45, -0.90, -2.4%): is continuing to advance the first full agonist oral GLP-1-RA candidate danuglipron toward late-state development, Second GLP-1-RA candidate lotiglipron to be discontinued

  • FibroGen (FGEN 3.70, -12.35, -77.0%): announces topline results from Phase 3 ZEPHYRUS-1 study of pamrevlumab for the treatment of idiopathic pulmonary fibrosis; Study did not meet the primary endpoint

  • Mercury (MRCY 30.76, -4.11, -11.8%): CEO Mark Aslett to resign, effective June 24, following review of strategic alternatives; appoints Bill Ballhaus Interim CEO; will announce new CFO in coming weeks


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