Market Rap 12/13/22 by CTG
SPY / QQQ / Vix
SPY 5 days, hourly candles S&P futures running thru yesterdays highs like they stole something, ahead of the CPI report at 8:30 et 401.40 the pre mkt high so far 398.21 the after hours low from yesterday before futures opened
SPY 3 months, daily candles Bulls continued to play defense yesterday, then went on offense in the afternoon with a push back thru the 12ema (white). Seeing a continuation of that move in futures action, with the CPI report ahead at 8:30 et. (resistance)
398.95 the high from yesterday - trading well above there currently for the potential gap up open (with CPI reaction being the final decider)
399.99 last Tuesdays high, also trading over that level
402.67 the 200 day MA (purple)
404.93
407.86
410 recent highs (support)
393.41 the low from yesterday
391.87 the 150 day MA (orange)
391.64 the recent lows
385.64
384.11 the 50 day MA (blue)
381.14 open gap391.64
QQQ 5 days, hourly candles Nasdaq futures also seeing a big push thru yesterdays highs and the spot we broke down from last Tuesday 287.63 the pre mkt high so far 284.94 the corresponding futures low
QQQ 3 months, daily candles More defense played by bulls here yesterday as well, before going on offense back thru the 12ema by the close. (resistance)
285.64 the high from yesterday - trading above there currently for the gap up open with CPI whippage ahead
287.62 last Tuesdays high, trading right around there
291.71 the 150 day MA (orange)
293.45
295.75 the recent high (support)
281.16 the low from yesterday
278.78 the recent low
277.82 the 50 day MA (blue)
273.85
268.56 open gap
Dec. Vix futures 3 months, daily candles Muted, indecisive action here ahead of the CPI report yesterday, up near the highs of this recent bounce
Spot Vix 3 months, daily candles Gap up open yesterday, continuation today right along with the broad market rallying. Historic disconnection from the Vix futures here ahead of this CPI report today / FOMC Wednesday. Trading mid 20s again, so wider moves and ranges should be expected.
https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: +25.30. Nasdaq futures vs fair value: +80.80.The S&P 500 futures are up 23 points and are trading 0.6% above fair value. The Nasdaq 100 futures are up 75 points and are trading 0.7% above fair value. The Dow Jones Industrial Average futures are up 207 points and are trading 0.6% above fair value. Equity futures are moving higher this morning, carrying over yesterday's positive bias amid hopeful anticipation that the November Consumer Price Index will provide some good news. China is working on a $143 billion monetary support plan for China's semiconductor industry, according to Reuters. Germany's Consumer Price Index for November was in line with expectations and showed a welcome deceleration on a year-over-year basis (10.0% versus 10.4% prior). Sam Bankman-Fried has been arrested in the Bahamas, which means he will not be testifying at today's House hearing on the collapse of FTX. Treasury yields are inching lower. The 2-yr note yield is down two basis points to 4.37% and the 10-yr note yield is down three basis points to 3.58%. The NFIB Small Business Optimism survey rose to 91.9 in November from 91.3 in October. In corporate news:
Oracle (ORCL 83.80, +2.52, +3.1%): beats by $0.04, beats on revs; guides Q3 (Feb) EPS below consensus, guides Q3 revenue above consensus
Pinterest (PINS 24.27, +0.66, +2.8%): upgraded to Overweight from Neutral at Piper Sandler
Boeing (BA 190.49, +4.22, +2.3%): United (UAL) finalized its order to purchase 100 firm Boeing 787 aircraft scheduled to be delivered starting with eight aircraft in 2024
Moderna (MRNA 177.00, +11.87, +7.2%) and Merck (MRK 111.64, +2.67, +2.5%): announce investigational cancer vaccine, mRNA-4157/V940, has met primary efficacy endpoint
First Solar (FSLR 150.83, +0.55, +0.4%): Set to Join S&P 500 prior to the open on December 19
Mirati Therapeutics (MRTX 45.45, +4.04, +9.8%): receives FDA accelerated approval of KRAZATI
Eli Lilly (LLY 360.00, -7.25, -2.0%): reaffirms FY22 guidance; sees FY23 EPS and revs below consensus
