Market Rap 05/09/22 by CTG
SPY / QQQ / Vix
SPY 5 days, hourly candles S&P futures breaking the recent lows and taking the next leg lower, hourly RSI not quite oversold, 4hr just starting to get there, as we head for the gap down open 402.69 the corresponding futures/pre mkt low so far
408.59 the corresponding futures high
SPY 1 year, daily candles Trading down to, starting to break 52 week lows; Zooming out to the weekly chart next to find some lower levels
SPY 3year, weekly candles (support)
404 from May '21, trading just below that level currently
400.67 an open weekly gap from March '21
392.81 after that
383.90 next (resistance)
414.80 the high from Friday
QQQ 5 days, hourly candles Nasdaq futures also taking the next leg lower as we head for the gap down open; Hourly RSI starting to click OS, 4hr RSI is already there 300.94 the corresponding futures/pre mkt low so far
307.50 the corresponding futures high
QQQ 3year, weekly candles Gap down open coming, trading at levels last seen in March '21, as the daily and weekly downtrends see continuation
Volume profile pocket starting to open up here (support)
297.45-299.51 going back to March '21
280ish after that (resistance)
315.09 the high from Friday
May Vix futures 3months, daily candles Pushing up to test the highs from last week as the broad market takes the next leg lower
Spot Vix 3 months, daily candles Similar story here, test of last week's highs. Watching to see if the panic picks up this week, and we can get thru recent "resistance" in the 35-38 zone. Extremely elevated but can obviously go much higher, as we saw during the Covid crash. Massive ranges and movement, both directions, will be the norm until this backs off some.
XLE 1year, daily candles Finding new highs on Friday
TLT 5year, monthly candles Testing levels last seen in November of 2018 as interest rates continue to surge; RSI on all timeframes oversold up to and including this monthly chart
10 yr new highs
10 yr Weekly
30 yr mort rates new highs
% of stocks above 200day new lows
DXY daily new highs
gap at 400.67
rising 346.15 200day
daily SPY has a gap at 398.00 as well https://www.briefing.com/stock-market-update
Frequent updates on broad stock market activity, market data, and market-moving events. | Archive Futures extend losses amid rising rates 09-May-22 07:55 ET Market is Closed [BRIEFING.COM] S&P futures vs fair value: -68.50. Nasdaq futures vs fair value: -317.00. The S&P 500 futures are down another 69 points to trade 1.7% below fair value after the 10-yr yield hit 3.20% earlier this morning. The tech-sensitive Nasdaq 100 futures underperform and trade 2.5% below fair value. The 10-yr yield is currently up five basis points to 3.17%, which after starting the year at 1.51%, has exerted key pressure on the growth stocks in pre-market action. The 2-yr yield is currently up a mere one basis point to 2.68%. Separately, after the April employment report showed a decline in the labor force participation rate last Friday, the market is now hearing of a "complicated and grave" employment situation in China due to the COVID lockdowns, according to Bloomberg, citing Chinese Premier Li Keqiang. With equity futures, Treasuries, oil prices ($107.05, -2.70, -2.5%), and even gold futures (18.59, -23.70, -1.3%) trading lower, investors are de-risking into cash and hedging against further equity losses. The U.S. Dollar Index is up 0.2% to 103.82. The CBOE Volatility Index is up 13.0% to 34.12. Today's economic data, meanwhile, will be limited to Wholesale Inventories for March (Briefing.com consensus 2.3%) at 10:00 a.m. ET. The key report this week will be the Consumer Price Index for April, which will be released on Wednesday. In U.S. Corporate news:
Palantir (PLTR 8.18, -1.30): -13.7% after missing EPS estimates and guiding Q2 revenue below consensus.
Coty (COTY 7.50, +0.22): +3.0% after beating top and bottom-line estimates and raising its FY22 EPS guidance to in-line with expectations.
Duke Energy (DUK 111.00, -0.32): -0.3% after missing EPS estimates on above-consensus revenue. The company reaffirmed its FY22 EPS guidance.
Tyson Foods (TSN 91.00, +0.28): +0.2% after beating top and bottom-line estimates and issuing in-line FY22 revenue guidance.
Japan's Prime Minister Kishida confirmed that Japan plans to phase out the use of Russian oil over time.
South Korea's President Yoon took office today. North Korea reportedly fired a missile from a submarine on Saturday.
China's Premier Li warned that his country's employment situation is "complicated and grave."
Hong Kong's leader Carrie Lam will be replaced by John Lee.
EU officials are struggling to agree on the sixth set of sanctions on Russia due to opposition from Hungary, Greece, Cyprus, and Malta.
EU Foreign Minister Borell argued in favor of seizing Russian assets to rebuild Ukraine.
European Central Bank policymaker Holzmann voiced support for two or three rate hikes before the end of the year.