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Market Rap 05/18/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures have been selling off since they opened, now testing the middle of yesterdays range 404.88 the corresponding futures/pre mkt low so far

409.10 the corresponding futures high

SPY 3 months, daily candles Got over some recent resistance yesterday, pushed over and closed over the 12ema (white line); Bulls hoping we don't get the look from 5/4 though - one day close over that 12ema, straight into a multi-day sell off. We've created some room to try for a daily "higher low" above the recent lows, whenever this daily bounce tops out. (resistance)

408.57 the high from yesterday

414.80 the high from 5/6, and where the volume profile starts to get heavier

420ish after that

425 next

429.66 the last daily "lower high" and anything below there on this current bounce keeps the daily downtrend intact (support)

406.82 the daily 12ema (currently below there in pre mkt)

402.58 the low from yesterday

395.61-397.60 next

385.15 the recent low

QQQ 5 days, hourly candles Nasdaq futures have also been selling off since they opened yesterday, now testing into the bottom third of yesterdays range 302.58 the futures/pre mkt low so far

306.94 the corresponding futures high

QQQ 3months, daily candles Tested the 12ema (white line) here but failed to close over (resistance)

306.33 that 12ema

306.56 the high from yesterday

315.09 the 5/6 high and the spot where the volume profile gets heavier (support)

300.55 the low from yesterday

297.13 next

294.08 after that

284.94 the recent low

TLT 3 months, daily candles Selling off the past week, looking for a daily "higher low" against the 112.62 recent low as the hourly, 4hr RSI push closer to oversold readings

June Vix futures 3 months, daily candles Inside bar so far today and seeing some bounce on the broad market futures weakness, as it looks to hold up against the most recent daily "higher low" of 26.82 from 5/4

Spot Vix 3 months, daily candles" Similar story here, looking to hold up against the 5/4 low of 24.94 26.21 the low from today, 25.51 yesterdays low

26.84 the high so far today, 27.17 the high from yesterday

10 yr back to 3%

DXY

above the 200day

curling up

same with the 50day

put/call ratio on the rise

Gasoline Futs

https://www.briefing.com/stock-market-update Futures head lower as inflation concerns linger 18-May-22 08:00 ET Market is Closed [BRIEFING.COM] S&P futures vs fair value: -31.00. Nasdaq futures vs fair value: -144.50.The S&P 500 futures trade 31 points, or 0.8%, below fair value as inflation concerns pressure risk sentiment following a big rally effort yesterday. Target (TGT 166.80, -48.48, -22.5%) is setting the negative tone with a 22.5% decline in pre-market action after missing EPS estimates on above-consensus revenue, citing "unusually high costs" that impacted profitability. The disappointing news mirrors Walmart (WMT 128.75, -2.60, -2.0%) yesterday and has overshadowed Lowe's (LOW 188.50, -5.53, -2.9%) earnings beat today. Interestingly, TJX Co. (TJX 57.00, +0.81, +1.8%) is trading higher despite missing revenue estimates and issuing downside Q2 EPS guidance. Persistently high oil prices ($114.42/bbl, +2.01, +1.8%) have added to inflation concerns while an uptick in long-term interest rates has dovetailed with the inflation-expectations narrative. The 10-yr yield is up three basis points to 3.00%. The 2-yr yield is up three basis points to 2.70%. The U.S. Dollar Index is up 0.3% to 103.63. On the data front, investors will receive Housing Starts (Briefing.com consensus 1.775 million) and Building Permits (Briefing.com consensus 1.820 million) for April at 8:30 a.m. ET. Earlier, the weekly MBA Mortgage Applications Index dropped 11.0% following a 2.0% increase in the prior week. In U.S. Corporate news:

  • Target (TGT 166.80, -48.48): -22.5% after missing EPS estimates on above-consensus revenue, citing "unusually high costs" that impacted profitability. Target guided FY23 revenue in-line with expectations.

  • Lowe's (LOW 188.50, -5.53): -2.9% despite beating EPS estimates and reaffirming its FY23 EPS and revenue guidance.

  • TJX Cos. (TJX 57.00, +0.81): +1.8% after beating EPS estimates on below-consensus revenue. The company guided Q2 EPS below consensus.

  • Analog Devices (ADI 167.00, +3.16): +1.9% after beating top and bottom-line estimates and guiding Q3 EPS and revenue above consensus.

  • Doximity (DOCS 29.35, -4.42): -13.1% after guiding JunQ revenue below consensus. The company topped earnings expectations, guided FY23 revenue above consensus, and authorized up to $70 million for share buybacks.


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