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Market Rap 05/03/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures pushed over yesterdays highs, currently pulling back into the upper end of yesterdays range after the late day surge 417 the corresponding futures high

412.42 the corresponding futures/pre mkt low

Yesterdays flush of the 2/24 Ukraine invasion lows saw a quick late day reversal. Bulls have a lot of work to do to repair all the chart damage, with the Fed and Powell presser on deck for tomorrow. Daily and weekly downtrends in play. Monthly downtrend started to confirm yesterday but saw no follow thru. (support)

405.02 the low from yesterday

404 the May '21 lows

400.67 an open gap from March '21 (resistance)

415.92 the high from yesterday

425.87 next

426.50 the 12ema

429.64 the last daily "lower high"

QQQ 5 days, hourly candles Nasdaq futures also pushed over yesterdays late day surge highs, currently pulling back to the upper end of the days range 321.11 the corresponding futures high

316.83 the corresponding futures/pre mkt low

QQQ 3 months, daily candles Daily and weekly downtrend in play, plumbed more new 1 year lows yesterday before the late day reversal. Next areas of support go back to March'21 (support)

309.65 the low from yesterday

307.39 (March '21)

297.45-299.51 after that (March'21) (resistance)

318.72 the high from yesterday

327.23 next

327.80 the 12ema

329.89 the last daily "lower high"

May Vix futures 3 months, daily candles A brief pop thru the March highs here followed by a big upper wick of selling pressure. These high levels of volatility are hard to sustain, which also contributes to the type of late day surge we saw yesterday as this big move started to unwind.

Spot Vix 3 months, daily candles A test of the Feb/March highs here yesterday and initial failure/reversal against those highs. Trading right around the lows of yesterday currently.

With this above 30, wide ranges and moves both directions will be the norm.

10 yr 1 min

DXY daily consolidating at the top of the range

zoomed out weekly

% of stocks above the 200day

% of stocks above the 50day Futures muted with earnings in focus ahead of Fed policy meeting 03-May-22 07:55 ET Market is Closed [BRIEFING.COM] S&P futures vs fair value: -3.60. Nasdaq futures vs fair value: -40.00. The S&P 500 futures trade four points, or 0.1%, below fair value as the market pays heed to some cautious earnings updates while the Fed gets set to begin its two-day policy meeting. Investors continue to rethink earnings growth expectations after more companies like Pfizer (PFE 48.00, -0.34, -0.7%), Estee Lauder (EL 235.00, -25.63, -9.8%), and Rockwell Automation (ROK 219.95, -30.09, -12.0%) issued downside FY22 EPS outlooks amid the challenging macro environment. The 40% plunge in Chegg (CHGG 15.25, -9.73, -39.0%), meanwhile, is serving as yet another unwelcoming reminder that growth stocks are still subject to material losses should they disappoint investors with guidance. In Chegg's case, it was downside revenue guidance. Elsewhere, the 10-yr yield is down three basis points to 2.97% after peaking above 3.00% in overnight action. The 2-yr yield is up one basis point to 2.74%. The U.S. Dollar Index is down 0.3% to 103.49. WTI crude futures are down 1.1%, or $1.13, to $104.04/bbl. Separately, in terms of data, investors will receive Factory Orders for March ( consensus 1.0%) and the JOLTS - Job Openings report for March at 10:00 a.m. ET. In U.S. Corporate news:

  • Pfizer (PFE 48.00, -0.34): -0.7% after guiding FY22 EPS and revenue below consensus, overshadowing its beat on the top and bottom lines.

  • Estee Lauder (EL 235.00, -25.63): -9.8% after missing revenue estimates and guiding FY22 EPS below consensus.

  • Rockwell Automation (ROK 219.95, -30.09): -12.0% after missing top and bottom-line estimates and guiding FY22 EPS and revenue below consensus.

  • Chegg (CHGG 15.25, -9.73): -39.0% after guiding Q2 revenue below consensus and lowering its FY22 revenue guidance below consensus. Chegg beat EPS estimates.

  • Avis Budget (CAR 300.00, +19.44): +6.9% after beating top and bottom-line estimates.

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