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Market Rap 06/29/23 by CTG

SPY / QQQ / Vix SPY 5 days, hourly candles S&P futures pushing thru yesterdays highs 437.80 the pre mkt high

436.14 the corresponding futures low

SPY 3 months, daily candles Held firm above the 12ema(white) yesterday, as the daily bounce saw some small continuation (resistance)

437.44 the high from yesterday, trading right around there currently

438.37

438.97 open gap

443.61-443.90 (support)

434.41 the low from yesterday

434.20 the 12ema

431.19-431.88

QQQ 5 days, hourly candles Nasdaq futures testing yesterdays upper range 366.16 the pre mkt high

364.33 the corresponding futures low

QQQ 3 months, daily candles Inside bar from Tuesday broke bull yesterday, as the daily bounce gets underway; setting the new daily "higher low" at Mondays low in the process (resistance)

366.52 the high from yesterday

368.32

372.85 (support)

361.90 the low from yesterday

361.75 the daily 12ema (white)

358.51

357.59 the new daily "higher low" and spot for bulls to stay above to maintain the daily uptrend

July Vix futures 3 months, daily candles Cant stop wont stop - bleeding.

Spot Vix 3 months, daily candles Looks headed back down to test the recent multi-year lows

https://www.briefing.com/stock-market-update

[BRIEFING.COM] S&P futures vs fair value: +12.00. Nasdaq futures vs fair value: +48.00.The S&P 500 futures are up 12 points and are trading 0.3% above fair value. The Nasdaq 100 futures are up 48 points and are trading 0.4% above fair value. The Dow Jones Industrial Average futures are up 95 points and are trading 0.3% above fair value. There is a positive tone on the equity futures market, as traders react to the encouraging indication from Micron (MU) that it is confident a bottom in industry demand has already formed. That view was shared in conjunction with company's earnings report and it has helped put a bid in other semiconductor stocks. Separately, modest gains in the mega-cap cohort has been an added support for the broader market, which is also relishing the news that all 23 banks passed the Fed's annual stress test. Today will feature a batch of IPOs in a nice change of pace for the IPO market. Today's economic data includes:

  • 8:30 a.m. ET: Initial Claims (Briefing.com consensus 266K; Prior 264K) and Continuing Claims (Prior 1759K)

  • 8:30 a.m. ET: Q1 GDP - Third Estimate (Briefing.com consensus 1.3%; Prior 1.3%) and Q1 GDP Deflator - Third Estimate (Briefing.com consensus 4.2%; Prior 4.2%)

  • 10:00 a.m. ET: May Pending Home Sales (Briefing.com consensus -0.8%; Prior 0.0%)

  • 10:30 a.m. ET: EIA Natural Gas Inventories (Prior +95 bcf)

The 2-yr Treasury note yield is up three basis points to 4.75% and the 10-yr note yield is up four basis points to 3.75%. The U.S. Dollar Index is down 0.1% to 102.83. In corporate news:

  • Walt Disney (DIS 88.29, -0.54, -0.6%): downgraded to Sector Weight from Overweight at KeyBanc Capital Markets

  • Micron (MU 69.20, +2.13, +3.2%): beats by $0.18, beats on revs; guides Q4 EPS below consensus, revs in-line; states that the Cyberspace Administration of China decision is a significant headwind that is impacting its outlook; adds that it is confident a bottom in industry demand already formed

  • Pfizer (PFE 36.10, -0.19, -0.5%): downgraded to Neutral from Outperform at Credit Suisse; tgt lowered to $40

  • Occidental Petroleum (OXY 58.24, +0.78, +1.4%): 10% owner Berkshire Hathaway (BRK.A / BRK.B) bought 2,138,250 shares (6/26-6/28 transaction dates)

  • Ashland (ASH 79.01, -4.83, -5.8%): guides Q3 and FY23 revs below consensus; authorizes $1.0 bln for share repurchases; downgraded to In-line from Outperform at Evercore ISI

  • BlackBerry Ltd. (BB 5.70, +0.69, +13.8%): beats by $0.12, beats on revs

  • SPDR S&P Bank ETF (KBE 36.25, +0.68, +1.9%): All 23 banks pass the Fed's annual bank stress test

  • FREYR Battery (FREY 8.34, +0.79, +10.5%): upgraded to Overweight from Equal-Weight at Morgan Stanley; tgt $13



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