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Market Rap 05/02/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures have held the lows from Friday afternoon so far, but testing those lows currently. Hourly RSI was oversold on Friday, but the weak futures bounce cooled off those conditions, and now leave a potential bear flag and room for more selling if bears want to press things here411.75 the corresponding futures low so far

415.10 the corresponding futures high

SPY 3 months, daily candles & 1yr daily candles Daily downtrend continues as we test the 2/24 Ukraine invasion lows (support)

411.21 the low from Friday

410.64 the 2/24 lows

411.05 an open gap from 5/19-5/20

404-405.33 after that (resistance)

425.87 the high from Friday

428.68 the 12ema

429.64 the last daily "lower high"; anything under there keeps the daily downtrend in play, whenever the bulls attempt their next bounce

QQQ 5 days, hourly candles Nasdaq futures similar action - Cooled off the oversold RSI from Friday with a weak bounce, starting to break Friday's low now as the hourly bear flag starts to play thru. After hours low from last Tues also being flushed 311.37 the corresponding futures/pre mkt low so far and currently in mid flush

316.05 the corresponding futures high

QQQ 1 year, daily candles Daily downtrend continues as we lose 52 week lows and set up for the gap down open. Zooming out to the weekly to find the next support areas of interest.

QQQ 3 year, weekly candles Weekly downtrend continues (support)

307.39 the next support level from March '21

297.45-299.51 next support from March '21 (resistance)

327.23 the high from Friday

329.49 the daily 12ema

329.89 the last daily "lower high" area bulls would need to get over to break the downtrend and start repairing all the chart damage we've seen

May Vix futures 3 months, daily candles Testing the March highs currently

Spot Vix 3months, daily candles Continuing up to test the Feb/March highs after last weeks consolidation proved to be a bull flag

Wide intraday moves, both directions, will be fast and furious with the Vix in the 30s TLT 15 days, 4hrsTrying to find the bottom the last couple weeks, but starting to probe new marginal lows. No follow thru yet with the Fed and Powell ahead this Wednesday.

$DXY 3 months, daily candles Dollar showed some signs of cooling off this overbought condition Friday, inside bar so far today within the middle of Fridays range.

10 yr 5 min


DXY daily

% of stocks above the 200day ended the week at the recent lows

Put volume

put call ratio

30 yr mortgage rate Futures muted to start the month 02-May-22 07:58 ET Market is Closed [BRIEFING.COM] S&P futures vs fair value: -1.30. Nasdaq futures vs fair value: -16.00. The S&P 500 futures trade roughly in-line with fair value in a meek start to the month following the beatdown in April. Growth concerns continue to linger after China's April Manufacturing PMI (47.4) contracted more than expected and Beijing tightened COVID restrictions, but the market might be drawing support from new inflows on the first trading day of the month. The 3% markdown in oil prices ($101.63, -3.09, -3.0%) is reflecting reduced demand expectations. There might also be some hesitation for the FOMC's policy decision on Wednesday, the vast amount of earnings news throughout the week, and key economic data starting with the April ISM Manufacturing Index ( consensus 57.9%) at 10:00 a.m. ET and culminating with the April employment report on Friday. The Construction Spending report for March ( consensus 0.8%) will be released concurrently with the ISM report, which will be preceded by the final IHS Markit Manufacturing PMI for April at 9:45 a.m. ET. The Treasury market has softened up this morning, pushing yields slightly higher. The 2-yr yield is up three basis points to 2.72%, and the 10-yr yield is up three basis points to 2.92%. The U.S. Dollar Index is up 0.4% to 103.38. In U.S. Corporate news:

  • Apple (AAPL 157.07, -0.58): -0.4% after the European Commission informed Apple of its preliminary view that it abused its dominant position in markets for mobile wallets on iOS devices.

  • Spirit Airlines (SAVE 23.01, -0.60): -2.5% after reiterating support for its merger with Frontier Airlines (ULCC 10.75, +0.14, +1.3%). JetBlue (JBLU 10.99, -0.02, -0.2%) submitted an "enhanced superior proposal" to acquire Spirit for $33 cash per share, but Spirit did not agree it was a superior offer.

  • Enterprise Products (EPD 26.12, +0.21): +0.8% after beating top and bottom-line estimates.

  • Global Payments (GPN 138.00, +1.02): +0.7% after beating top and bottom-line estimates.

  • Timken (TKR 57.64, -0.03): -0.1% after lowering its FY22 revenue guidance below consensus, mitigating the positive effect from its EPS beat.

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