Market Rap 04/29/22 by CTG
SPY / QQQ / Vix
SPY 5 days, hourly candles S&P futures tested the middle of yesterdays range after the AMZN/AAPL reports, bounced some overnight to test back into the upper range; now back in the middle again 421.70 the after hours low before futures opened
427 the corresponding futures high
SPY 3 months, daily candles Reversal doji candle from Wednesday confirmed yesterday. Daily bounce underway; Still looking for a daily "lower high" within the context of the daily downtrend with the 12ema, 50 day MA, and 200 day MA's all overhead. Bulls looking/hoping for more continuation on this bounce to avoid any daily bear flag potential, which is still possible if we can't push thru yesterdays highs. (resistance)
429.64 the high from yesterday
431.71 the 12ema
437.88 the 50 day MA (support)
417.60 the low from yesterday
410.64 Feb low after that
QQQ 5 days, hourly candles Tested yesterdays lower end of the range after the AMZN/AAPL reports, then saw a futures bounce that made an attempt into the upper third of the range; Currently back in the middle of said range 318.87 the after hours low, before futures opened
326.50 the corresponding futures high
QQQ 3 months, daily candles Wednesdays reversal doji candle confirmed here yesterday as the daily bounce gets underway. Lots of work for the bulls with the 12ema, 50 day MA overhead, within the context of a daily downtrend that's looking for the next daily "lower high" on this bounce(resistance)
329.89 the high from yesterday
332.44 the 12ema
343.36 the 50 day MA (support)
317.52 the low from yesterday
315 Wednesdays low
May Vix futures 3 months, daily candles More daily consolidation here yesterday, inside bar so far today within yesterdays wide range
Spot Vix 3 months, daily candles Follow thru down here yesterday but closed in the middle of the big range, inside bar so far today. Still trading in the upper 20s so wide ranges and moves should be expected, both directions
$DXY 3 months, daily candles A runaway dollar surging to multi year highs, seeing the first signs of some cooldown today; overheated on short and longer term timeframes
TLT 3 months, daily candles Trying to carve out a bottom after this recent daily oversold bounce, which has cooled off the oversold condition on the daily timeframe. Weekly RSI still oversold.
https://www.briefing.com/stock-market-update Futures hampered by Apple and Amazon outlooks
29-Apr-22 07:56 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: -37.90. Nasdaq futures vs fair value: -180.30.
The S&P 500 futures trade 38 points, or 0.9%, below fair value as discouraging outlooks from Apple (AAPL 159.50, -4.14, -2.5%) and Amazon.com (AMZN 2617.40, -274.53, -9.7%) set the negative tone in the futures market.
Apple's quarterly results were better than expected, but the stock's 2.5% decline is rooted in a warning that the impact from supply chain issues will be $4-8 billion in fiscal Q3, which is "substantially larger" than what it experienced during fiscal Q2. Amazon is down about 10% after guiding Q2 revenue and operating income below expectations.
Intel (INTC 44.88, -1.96, -4.2%) and Chevron (CVX 159.46, -2.33, -1.4%) are also trading lower after the former issued downside Q2 guidance and the latter missed earnings expectations. Honeywell (HON 193.30, +3.38, +1.8%), however, is a notable earnings standout.
At 8:30 a.m. ET, investors will receive another inflation update with the inclusion of PCE Prices in the Personal Income (Briefing.com consensus 0.4%) and Spending (Briefing.com consensus 0.6%) report for March and the release of the Q1 Employment Cost Index (Briefing.com consensus 1.1%).
Afterwards, the Chicago PMI for April (Briefing.com consensus 62.0) will be available at 9:45 a.m. ET, followed by the final University of Michigan Index of Consumer Sentiment for April (Briefing.com consensus 65.7) at 10:00 a.m. ET.
Elsewhere, the 2-yr Treasury note yield is up four basis points to 2.68% while the 10-yr yield remains unchanged at 2.86%. The U.S. Dollar Index is down 0.6% to 102.97. WTI crude futures are up 1.0%, or $1.02, to $106.39/bbl.
10 yr off the high but up and elevated
DXY back off some, back in the long term channel. Daily
pre market action