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Market Rap 05/10/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures seeing a bounce (after a slight break of yesterdays RTH lows yesterday evening, with no follow thru), cooling off the shorter term oversold RSI conditions on the hourly, 4hr timeframe 396.11 the corresponding futures low

402.99 the corresponding futures/pre mkt high

SPY 3 months, daily candles Daily downtrend continuation as the S&P takes the next leg lower. (support)

396.50 the low from yesterday and first support (resistance)

406.41 the high from yesterday and first resistance

414.80 after that Zooming out to the weekly timeframe next to get the next levels of support if yesterdays lows can't hold

SPY 3 year, weekly candles Weekly downtrend continuation; weekly gap from late March/early April of 2021 filled (support)

396.50 the low from yesterday

383.90 next (resistance)

406.41 yesterdays high

QQQ 5 days, hourly candles Nasdaq futures also seeing a similar bounce that's cooling off the shorter term oversold RSI conditions (hourly, 4hr) after a slight break of yesterdays RTH lows in the evening, with no follow thru 295.25 the corresponding futures low

302.65 the corresponding futures/pre mkt high

QQQ 3 months, daily candles Daily downtrend continuation as the Nasdaq takes the next leg lower (support)

295.72 the low from yesterday (resistance)

309.35 the high from yesterday

315.09 after that Zooming out the weekly next to find the next levels of support

QQQ 3 year, weekly candles Weekly downtrend continuation as we test support from March of 2021 (support)

295.72 the low from yesterday

288.07 from Nov '20

280.62 next

266.97 after that (resistance)

309.35 the high from yesterday

May Vix futures 3months, daily candles Pushing some higher here yesterday, as the broad market indices took the next leg lower. Saw some more continuation yesterday evening when the broad market made some new lows, but was reversed when that break saw no follow thru.

Spot Vix 3 months, daily candles Testing recent highs, but still failing to get thru so far - we'd actually need to see wider ranges and movement for this to take the next leg higher. The wild moves we've been seeing is par for the course, with the Vix in the mid 30s

XBI in the final capitulation stage? Volume has been increasing and getting heavy- as the daily, weekly, monthly RSI are now in oversold territory, and we test the Covid lows at 62.94Daily, weekly, monthly charts below, note the volume increase



10 yr backed off


% of stocks above the 200 day at 21.7%


QQQ weekly approaching the covid low 50% fib, bottom of the channel range, between covid low and 2018 low AVWAPS

weekly rsi clicked OS,

SPY weekly approaching the covid low AVWAP, just above a long term TL going back to 2011

https://www.briefing.com/stock-market-update Futures try to bounce from oversold condition 10-May-22 07:59 ET Market is Closed [BRIEFING.COM] S&P futures vs fair value: +34.20. Nasdaq futures vs fair value: +152.80. The S&P 500 futures trade 35 points, or 0.9%, above fair value as the market tries to bounce from an oversold condition. The benchmark index enters the session down 16.3% for the year and below the 4,000 level. A supportive factor has been the price action in the 10-yr yield, which is currently down seven basis points to 3.01% after hitting 3.20% in overnight trade on Monday. The 2-yr yield is down two basis points to 2.58%. The U.S. Dollar Index is flat at 103.65. WTI crude is down 0.6% to $102.46/bbl. The growth-stock space, however, remains an unforgiving area, particularly for Peloton (PTON 10.21, -3.92, -27.7%), Upstart(UPST 35.80, -41.33, -53.6%), and Novavax (NVAX 41.16, -12.10, -22.7%) following their disappointing earnings reports and/or guidance. Separately, there will be a bunch of Fed speakers today, starting with New York Fed President Williams (FOMC voter) at 7:40 a.m. ET, Atlanta Fed President Bostic (non-voter) at 8:30 a.m. ET, and Richmond Fed President Barkin (non-voter) at 9:15 a.m. ET. After the open, Minneapolis Fed President Kashkari (non-voter) will speak at 1:00 p.m. ET, followed by Cleveland Fed President Mester (FOMC voter) at 3:00 p.m. ET. Today's economic data will be limited to the NFIB Small Business Optimism Index for April, which was unchanged at 93.2. Investors will receive no other economic data today. In U.S. Corporate news:

  • Peloton (PTON 10.21, -3.92): -27.7% after missing EPS estimates and guiding fiscal Q4 revenue below consensus.

  • Upstart (UPST 35.80, -41.33): -53.6% after guiding Q2 revenue below consensus and lowering its FY22 revenue outlook. Upstart beat top and bottom-line estimates.

  • Novavax (NVAX 41.16, -12.10): -22.7% after missing revenue estimates.

  • Biohaven Pharma (BHVN 141.95, +58.81): +70.7% after agreeing to be acquired by Pfizer (PFE 48.16, -0.48, -1.0%) for $11.6 billion in cash. BHVN beat top and bottom-line estimates. Yellen speaks before the Senate banking committee at 10am ET. Note lots of Fed chattering today also


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