Market Rap 05/04/22 by CTG
SPY / QQQ / Vix
SPY 5 days, hourly candles S&P futures testing the upper end of yesterdays range ahead of the Fed rate hike decision and Powell presser 418.45 the corresponding futures/pre mkt high
416 the after hours low from yesterday, before futures opened
SPY 3months, daily candles Daily bounce underway within the context of the daily/weekly downtrend; Anything under 429.64 on this sequence just another daily "lower high". (resistance)
418.93 the high from yesterday
424.94 the 12ema
429.64 the last daily "lower high" - bulls would need to push over that level to break the downtrend on this timeframe (support)
413.36 the low from yesterday
405.02 the recent low
QQQ 5 days, hourly candles Nasdaq futures also hanging out in the upper end of yesterdays range 320.73 the corresponding futures high
318.57 the after hours low, before futures opened
QQQ 3 months, daily candles Daily bounce underway without much follow thru so far, within the context of the daily/weekly downtrend; Any bounce that fails under 329.90 just the next daily "lower high".(resistance)
321.17 the high from yesterday
326.42 the 12ema
329.90 the previous daily "lower high" (support)
315.98 the low from yesterday
309.65 the recent low
May Vix futures 3months, daily candles Daily consolidation underway here, 27.70ish the next area of interest (4/28 low)
Spot Vix 3 months, daily candles Daily consolidation underway here as well, and back under the 30 level. 28 the next area of interest (4/28 low)
Vol is still extremely elevated, so wide ranges and moves both directions should still be expected.
10 yr, 5 min
30 yr mortgage
% above the 200day
https://www.briefing.com/stock-market-update Futures edge higher on Fed decision day 04-May-22 07:55 ET Market is Closed [BRIEFING.COM] S&P futures vs fair value: +23.10. Nasdaq futures vs fair value: +66.80.The S&P 500 futures trade 23 points, or 0.6%, above fair value as buying interest from the prior two days carries over in front of the FOMC policy decision this afternoon. The Fed is expected to raise the target range for the fed funds rate by 50 basis points and formally present a plan to reduce its balance sheet. The policy statement will be released at 2:00 p.m. ET, followed by Fed Chair Powell's press conference at 2:30 p.m. ET, which investors will tune in for any hints on how aggressive the Fed plans to be in the future with its tightening plans. In the meantime, there's been a bunch of earnings news to sift through. Advanced Micro Devices (AMD 96.62, +5.49, +6.0%), Airbnb (ABNB 152.56, +7.56, +5.2%), Starbucks (SBUX 79.06, +4.73, +6.4%), and Moderna (MRNA 158.50, +11.96, +8.2%) are some of the standouts. Lyft (LYFT 23.08, -7.68, -25.0%), on the other hand, has tanked 25% in pre-market action on downside Q2 revenue guidance. On the data front, investors will receive the ADP Employment Change report for April (Briefing.com consensus 390,000) at 8:15 a.m. ET, the Trade Balance for March (Briefing.com consensus -$97.5 bln) at 8:30 a.m. ET, and the ISM Non-Manufacturing Index for April (Briefing.com consensus 58.7%) at 10:00 a.m. ET. U.S. Treasuries trade mixed. The 2-yr yield is up two basis points to 2.78%, and the 10-yr yield is unchanged at 2.96%. The U.S. Dollar Index is down 0.1% to 103.36. WTI crude futures are up 4.1%, or $4.18, to $106.61/bbl. In U.S. Corporate news:
Advanced Micro Devices (AMD 96.62, +5.49): +6.0% after beating top and bottom-line estimates and issuing upside revenue guidance for Q2 and FY22.
Airbnb (ABNB 152.56, +7.56): +5.2% after beating top and bottom-line estimates and guiding Q2 revenue above consensus.
Starbucks (SBUX 79.06, +4.73): +6.4% despite missing revenue estimates and suspending guidance for Q3 and Q4 due to numerous macroeconomic challenges. The company said there will need to be significant investments to help catch up to unmet demand.
Moderna (MRNA 158.50, +11.96): +8.2% after beating top and bottom-line estimates.
Lyft (LYFT 23.08, -7.68): -25.0% after issuing downside Q2 revenue guidance and saying it expects to ramp up investments in driver supply.