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Market Rap 06/27/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures saw some bounce off yesterdays lows; Currently giving a lot of that back, and heading into the lower range from yesterday 433 the corresponding futures high

431.44 the after hours low from yesterday before futures opened

SPY 3 months, daily candles Daily consolidation starting to push a bit deeper than bulls would like, with a loss of the 12ema(white). Still looking for the next daily "higher low" in the context of the daily uptrend, though. (support)

431.19 the low from yesterday




422.92 open gap (resistance)

433.37 the daily 12ema back overhead

434.61 the high from yesterday




438.97 open gap

QQQ 5 days, hourly candles Nasdaq futures also saw a bounce off yesterdays lows

359.66 the pre mkt high

357.65 the after hours low from yesterday before futures opened

QQQ 3months, daily candles Loss of the daily 12ema(white) here as well, as the daily RSI cools off further.

Bulls still searching for the next daily "higher low" compared to the 6/7 low, in the context of the daily uptrend. (support)

357.59 the low from yesterday



348.18 the previous daily "higher low" and spot for bulls to pivot anywhere above in order to maintain the uptrend (resistance)

360.78 daily 12ema back overhead




July Vix futures 3 months, daily candles Still unable to get anything going here, even with the broad market consolidating. All vol etfs are moved primarily by this futures contract currently, and each day the Aug vix futures contract creeps into the calculation.

Spot Vix 3 months, daily candles A daily bounce got underway here yesterday. Inside bar day so far today.

14.71 needed for the bull break, 13.78 needed for the bear break.

TLT with a tepid daily uptrend underway and a push back above it's 50 day MA/200 day MA - right as the "death cross" (50 day crossing the 200 day down) prints on the chart. The weekly chart continues to range trade this year between the 100-110ish levels. TLT 3months, daily candles and 3yr, weekly candles [BRIEFING.COM] S&P futures vs fair value: +3.00. Nasdaq futures vs fair value: +49.00.The S&P 500 futures are up 3 points and are trading 0.1% above fair value. The Nasdaq 100 futures are up 49 points and are trading 0.3% above fair value. The Dow Jones Industrial Average futures are down 55 points and are trading 0.2% below fair value. The S&P 500 and Nasdaq 100 futures are somewhat higher this morning thanks to some rebound action in the mega cap stocks. Alphabet (GOOG) is an exception in that regard after being downgraded to Market Perform from Outperform at Bernstein. Dow Jones Industrial Average futures trade on the weaker side. A decent loss in Walgreens Boots Alliance (WBA) after its disappointing earnings report has contributed to that weakness. Quarter end rebalancing activity will be in play again today. Market participants will also have a slate of economic data to digest that will include:

  • 8:30 ET: May Durable Orders ( consensus -1.0%; prior 1.1%) and Durable Orders -ex transportation ( consensus 0.0%; prior -0.2%)

  • 9:00 ET: April FHFA Housing Price Index (prior 0.6%) and April S&P Case-Shiller Home Price Index ( consensus -2.5%; prior -1.1%)

  • 10:00 ET: June Consumer Confidence ( consensus 103.8; prior 102.3) and May New Home Sales ( consensus 665,000; prior 683,000)

The 2-yr Treasury note yield is down six basis points to 4.68% and the 10-yr note yield is unchanged at 3.72%. The U.S. Dollar Index is down 0.1% to 102.55. In corporate news:

  • Walgreens Boots Alliance (WBA 29.47, -2.12, -6.7%): misses by $0.07, beats on revs; guides FY23 EPS below consensus; immediate actions to improve profitability including $600 million of incremental cost savings

  • Delta Air Lines (DAL 43.75, +0.61, +1.4%): sees Q2 EPS and revs above consensus; sees FY23 EPS at the top end of prior guidance range

  • Eli Lilly's (LLY 459.90, +7.14, +1.6%): phase 2 retatrutide results published in The New England Journal of Medicine show the investigational molecule achieved up to 17.5% mean weight reduction at 24 weeks in adults with obesity and overweight

  • Robinhood Markets (HOOD 9.76, +0.13, +1.4%): cutting roughly 7% of its full-time staff, according to WSJ

  • Alphabet A (GOOGL 117.42, -0.92, -0.8%): downgraded to Mkt Perform from Outperform at Bernstein

  • Kellogg (K 67.20, +1.60, +2.4%): upgraded to Buy from Neutral at Goldman

  • Microsoft (MSFT 330.40, +1.80, +0.6%): CEO Satya Nadella says company aims to reach $500 bln in sales by 2030, according to CNBC

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