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
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
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
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%
above the 200day
same with the 50day
put/call ratio on the rise
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.