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Market Rap 12/19/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures sneaking back up into the upper third of Fridays range 385.39 the pre mkt high

382.20 the after hours low from Friday

SPY 3 months, daily candles Friday saw gap down follow thru for the bears, after the convincing bearish break of the daily range on Thursday. 11/9-11/10 gap now filled. Closed under the 50 day MA (blue). If Santa's going to come, he needs to get it together fast.

(support)

381.04 the low from Friday

373.61 after that

368.79-370

(resistance)

385.70 that 50 day MA

386.58 the high from Friday

387.89 open gap

391.80 the 150 day MA (orange)

394.86 the 12ema (white)

395.25

396.31 open gap


QQQ 5 days, hourly candles Nasdaq futures bounce a bit weaker, only into the middle of Fridays range 275.50 the pre mkt high

273.40 the after hours low from Friday

QQQ 3 months, daily candles Friday saw bearish follow thru after the break of the daily range from Thursday. Pushed into the lower gap but didn't fill it completely, unlike SPY. (SPY also was artificially lower Friday due to the ex-div of 1.78.) Another close under the 50 day MA (blue). (support)

272.61 the low from Friday

268.56 fills the gap

263.03

259.08

(resistance)

277.77 the high from Friday

278 that 50 day MA back overhead

282.68 the 12ema (white)

283.01 Thursdays high

283.19 small open gap

January Vix futures 3 months, daily candles (Dec. Vix futures expire tomorrow) Fridays bounce topped out right around the highs we saw in December, starting to peek under Fridays lows to start the week

Spot Vix 3 months, daily candles Muted action so far today right in the middle of Fridays range. Saw a pretty muted bounce the few days before that considering the broad market weakness. Seasonality probably contributing to keeping this lower as we head into the end of the year.

https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: +8.80. Nasdaq futures vs fair value: +42.50. The S&P 500 futures are up 12 points and are trading 0.2% above fair value. The Nasdaq 100 futures are up 50 points and are trading 0.4% above fair value. The Dow Jones Industrial Average futures are up 73 points and are trading 0.2% above fair value. Equity futures are up this morning presumably fueled by some bargain hunting activity following the poor finish last week and larger losses over the last two weeks. There are ongoing reports about COVID cases increasing rapidly in China. There was speculation that the Bank of Japan and the Japanese government will revise their objective, opening the door to a modification of the BoJ's ultra-loose monetary policy, according to Reuters. However, Japan's chief cabinet secretary pushed back against the speculation. Lawmakers are expected to work on $1.7 trillion government funding bill this week ahead of Friday's funding deadline, according to The Wall Street Journal. The 2-yr Treasury note yield is flat at 4.19% while the 10-yr note yield is up six basis points to 3.54%. Economic data today is limited to the December NAHB Housing Market Index (Briefing.com consensus 34; prior 33) at 10:00 a.m. ET. In corporate news:

  • Aerojet Rocketdyne (AJRD 55.80, +0.91, +1.7%): to be acquired by L3Harris Technologies (LHX) for $58.00/share in an all-cash transaction valued at $4.7 billion, inclusive of net debt

  • Moderna (MRNA 199.67, +6.38, +3.3%): upgraded from to Buy from Hold at Jefferies

  • Tesla (TSLA 154.89, +4.66, +3.1%): CEO Elon Musk posts poll asking if he should step down as head of Twitter; poll is 57% on YES

  • Madrigal Pharmaceuticals (MDGL 200.50, +136.70, +214.3%): announces positive topline results from pivotal Phase 3 MAESTRO-NASH Clinical Trial of resmetirom; trial achieved both liver histological improvement endpoints that FDA proposed

  • Intel (INTC 27.03, +0.11, +0.4%): aiming to delay German chip plant, according to Bloomberg

  • Walt Disney (DIS 89.98, -0.10, -0.1%): Avatar 2 had $134 mln in box office sales, coming up slightly short of expectations

  • Meta Platforms (META 117.93, -1.50, -1.3%): EU Commission sends statement of objections to Meta over abusive practices benefiting Facebook Marketplace


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