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Market Rap 06/28/23 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures cooling off hourly overbought RSI conditions overnight 435.09 the pre mkt low

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

SPY 3 months, daily candles New daily "higher low" is set at Mondays low; back above the daily 12ema(white) (resistance)

436.81 the high from yesterday

436.99

438.37

438.97 open gap (support)

433.80 the daily 12ema

431.19-431.88

QQQ 5 days, hourly candles Nasdaq futures also cooling off from hourly overbought RSI conditions 361.79 the pre mkt low

363.90 the after hours high from yesterday before futures futures opened

QQQ 3 months, daily candles Back above the 12ema(white) and trying to set the next daily "higher low" at Mondays low, but needs to follow thru the last few days of highs to confirm. (support)

361.25 the daily 12ema

358.51 the low from yesterday

357.59 (resistance)

364.57-364.88 the last few days of highs

366.33

368.32

July Vix futures 3 months, daily candles Lower lows yesterday, unable to get anything going still

Spot Vix 3 months, daily candles Off the recent lows, but not showing any signs of fear or bigger pullback so far

https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: -8.00. Nasdaq futures vs fair value: -66.00.The S&P 500 futures are down 8 points and are trading 0.2% below fair value. The Nasdaq 100 futures are down 66 points and are trading 0.4% below fair value. The Dow Jones Industrial Average futures are up 3 points and are trading roughly in line with fair value. There's not a lot of conviction on either side of the tape, driving mixed action in the equity futures market. Participants are waiting to see if there will be any follow through to yesterday's rally. Weakness in NVIDIA (NVDA) and other chipmakers following reports that the U.S. is mulling new restrictions on artificial intelligence chip exports from China has weighed on the broader market. Fed Chair Powell will speak on a policy panel at the European Central Bank (ECB) Forum on Central Banking 2023 in Sintra, Portugal at 9:30 a.m. ET. Mr. Powell wrapped up his semiannual monetary policy testimony before Congress last Thursday, so there shouldn't be anything too surprising in his commentary today. After today's close, the Federal Reserve will release the results from the annual bank stress tests. The weekly MBA Mortgage Applications Index rose 3.0% with purchase applications and refinancing applications each rising 3.0%. Other economic data today includes:

  • 8:30 a.m. ET: May Adv. Intl. Trade in Goods (prior -$96.8 billion), Adv. Retail Inventories (prior +0.2%), and Adv. Wholesale Inventories (prior -0.2%)

  • 10:30 a.m. ET: Weekly EIA Crude Oil Inventories (prior -3.83 million barrels)

The 2-yr Treasury note yield is down three basis points to 4.73% and the 10-yr note yield is down two basis points to 3.74%. The U.S. Dollar Index is up 0.3% to 102.76. In corporate news:

  • NVIDIA (NVDA 406.75, -12.26, -2.9%): US mulling new restrictions on artificial intelligence chip exports from China, according to WSJ

  • Walgreens Boots Alliance (WBA 28.62, -0.02, -0.1%): downgraded to Hold from Buy at Deutsche Bank

  • Pinterest (PINS 27.59, +1.19, +4.5%): upgraded to Overweight from Equal Weight at Wells Fargo

  • General Mills (GIS 77.29, -3.61, -4.5%): beats by $0.05, misses on revs; guides FY24 EPS in-line; raises dividend

  • IHS Holding Limited (IHS 10.08, +0.50, +5.2%): Blackwells Capital sends letter to the Board of Directors of IHS Holding Limited regarding the immediate need for governance enhancements

  • AeroVironment (AVAV 95.89, +5.57, +6.2%): beats by $0.04, beats on revs; guides FY24 EPS above consensus, revs above consensus

  • AST SpaceMobile (ASTS 4.72, -1.65, -25.9%): prices offering of 12.5 mln shares of common stock for gross proceeds of $59.4 mln

  • Canadian Pacific (CP 78.00, -2.36, -2.9%): provides growth outlook at 2023 Investor Day; provides multi-year guidance; sees FY23 EPS below consensus


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