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Market Rap 05/19/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures testing last Thursdays lows, attempting a bounce off oversold hourly/4hr RSI 385.41 the corresponding futures/pre mkt low

392.71 the corresponding futures high

SPY 3 months, daily candles The next daily "lower high" has been set (after a one day push above the daily 12ema reminiscent of 5/4-5/5 action), as we now head lower to test last Thursdays low, where bulls will attempt to play defense against that level (support)

390.55 the low from yesterday, trading below there currently for the gap down open

385.15 last Thursdays low (385.41 the futures/pre mkt low)

381.42-383.90 some weekly support from late March '21 before

371.88 weekly support from early March '21 (resistance)

403.80 the high from yesterday

404.52 the daily 12ema (white line)

408.57 the next daily "lower high"

QQQ 5 days, hourly candles Nasdaq futures testing last Thursdays lows also 285.45 the corresponding futures/pre mkt low

291.50 the corresponding futures high

QQQ 3 months, daily candles Turned lower at the 12ema (white line) as the next daily "lower high" gets set at 306.56. Bulls now looking to play defense against last Thursdays low. (support)

289.85 the low from yesterday, trading below there currently as the gap down open shapes up (285.45 the futures low from earlier)

284.94 last Thursdays low

280.62 some weekly support from early November '20 (right after the US prez elections) if those recent lows don't hold

266.97 after that (resistance)

302.25 the high from yesterday

303.99 the daily 12ema

306.56 the new daily "lower high"

June Vix futures 3 months, daily candles Testing the recent highs, some upper wick forming currently as the broad market attempts it defense/bounce against last Thursdays lows

Spot Vix 3 months, daily candles Back above 30 and pushing up to test recent highs in the mid 30s. 33.11 the high so far today, before backing off some on the broad mkt bounce attempt. 31.18 the low so far today.

TLT 3 months, daily candles Attempting the "double bottom" look as yesterdays bounce sees some continuation today. 118.89 the recent high from 5/12, and bulls would need to get over that level to see the first daily trend change here since the one in late April that saw no follow thru and quickly reversed back lower.

10 yr backed off to levels not seen since...........last Thursday

DXY coolin down as well.

rising 50day catching up

zoomed out

RBOB off the highs as well

put call ratio on the rise

Futures remain weak, Cisco disappoints 19-May-22 08:00 ET Market is Closed [BRIEFING.COM] S&P futures vs fair value: -30.70. Nasdaq futures vs fair value: -109.30. The S&P 500 futures trade 31 points, or 0.8%, below fair value as the market remains pressured by downside momentum, concerns about inflation, profit margins and growth prospects, and expectations for a more hawkish Fed. After hearing disappointing earnings news from high-profile consumer companies this week, technology giant Cisco (CSCO 42.90, -5.46, -11.3%) has followed a similar path with a miss on revenue estimates and downside guidance for its fiscal Q4. CSCO shares are down 11% in pre-market action. Cisco's fiscal quarter ended in April, and the company said it expects the supply challenges that it experienced in that quarter to continue into its July quarter. Other negative-sounding headlines include news that COVID-19 cases continue to rise in the U.S. with 32% of Americans in areas with medium to high transmission, a report from CNBC indicating that gasoline could reach an average of $5/gallon in the U.S. this summer, and Sri Lanka defaulting on its debt for the first time ever. Demand for Treasuries and gold ($1829.70/ozt, +13.80, +0.8%) has increased amid the disappointing price action in equity futures. The 2-yr yield is down five basis points to 2.63%, and the 10-yr yield is down five basis points to 2.84%. The U.S. Dollar Index is down 0.5% to 103.34. WTI crude is down 1.6% to $107.88/bbl. On the data front, investors will receive weekly Initial Claims ( consensus 200,000) and the Philadelphia Fed Index for May ( consensus 16.5) at 8:30 a.m. ET, followed by Existing Home Sales for April ( consensus 5.65 mln) and the Conference Board's Leading Economic Index for April ( consensus 0.0%) at 10:00 a.m. ET. In U.S. Corporate news:

  • Cisco (CSCO 42.90, -5.46): -11.3% after missing revenue estimates, guiding fiscal Q4 EPS and revenue below consensus, and expecting supply challenges experienced in AprQ to continue into JulQ. CSCO beat EPS estimates.

  • BJ's Wholesale (BJ 56.20, +2.78): +5.2% after beating top and bottom-line estimates and reaffirming its FY23 EPS guidance.

  • Kohl's (KSS 40.91, -2.22): -5.2% after missing EPS estimates and lowering its FY23 guidance.

  • The Children's Place (PLCE 37.51, -5.71): -13.2% after missing top and bottom-line estimates and guiding FY23 revenue below consensus.

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