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Market Rap 05/20/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures testing yesterdays highs 394.66 the corresponding futures/pre mkt high

388.74 the after hours low from yesterday, before futures opened

SPY 3 months, daily candles Bulls trying to play defense against the recent lows (support)

387.11 the low from yesterday

385.15 the low from last Thursday

383.90 some weekly support from late March '21

371.88 weekly support from early March '21 (resistance)

394.14 the high from yesterday looking to get tested first thing

402.20 the daily 12ema (white line)

403.80 next

408.57 the last daily "lower high" - if bulls can hold above and pivot off these recent lows, then get thru there with some follow thru, we'd have the first daily trend change we've seen in awhile

QQQ 5 days, hourly candles Nasdaq futures also testing yesterdays highs 294.89 the corresponding futures/pre mkt high

288.87 the after hours low from yesterday, before futures opened

QQQ 3 months, daily candles Similar look to the S&P here, bulls trying to play defense against the recent lows (support)

287.58 the low from yesterday

284.94 last Thursdays low

280.62 some weekly support from Nov '20

266.97 after that, also from Nov '20 (resistance)

294.39 the high from yesterday looking to get tested first thing

301.78 the daily 12ema (white line)

302.25 the high from Wednesday

306.56 the last daily "lower high" and the spot bulls will need to get over to change the daily trend back in their favor, if they can hold above the recent lows

June Vix futures 3 months, daily candles Yesterdays big surge backed off as the broad indices held above their recent lows on the initial re-test, follow thru today with more vol crush

Vix 3 months, daily candles Backed off yesterday against the recent upper end of it's range and pushed back under the 30 level; Seeing some follow thru so far today

TLT 3 months, daily candles Rejected yesterday at recent resistance/spot it needs to get thru to flip the daily trend back to the bulls. Back testing the daily 12ema (white line) currently

10 yr Futures rise at end of tough week 20-May-22 08:00 ET Market is Closed [BRIEFING.COM] S&P futures vs fair value: +46.60. Nasdaq futures vs fair value: +188.00. The S&P 500 futures are up 47 points and trade 1.2% above fair value at the end of a tough week in which the benchmark index is down 3.1%. Risk sentiment has been aided by a strong showing in foreign markets, including Chinese markets following an unexpected move by China's central bank. Specifically, the People's Bank of China unexpectedly cut its five-year prime rate by 15 basis points to 4.45% while leaving its key one-year lending rate steady at 3.7%. China's Shanghai Composite rose 1.6% on Friday. The Europe Stoxx 600 is currently up 1.6%. The futures market is overlooking disappointing earnings results and guidance from another retailer, Ross Stores (ROST 67.05, -25.65, -27.7%), which is down 28% in pre-market action, as well as disappointing results and guidance from semiconductor company Applied Materials (AMAT 109.50, -1.24, -1.1%). The Treasury market, meanwhile, is a bit more reserved right now. The 2-yr yield is up two basis points to 2.63%, and the 10-yr yield is unchanged at 2.86%. The U.S. Dollar Index is up 0.2% to 102.95. WTI crude is up 0.1% to $110.00/bbl. Separately, Russia is preparing to annex portions of southeast Ukraine, according to The New York Times. In U.S. Corporate news:

  • Ross Stores (ROST 67.05, -25.65): -27.7% after missing top and bottom-line estimates, guiding Q2 EPS below consensus, and guiding FY23 EPS below consensus.

  • Deere (DE 347.00, -17.62): -4.8% after missing revenue estimates. Deere beat EPS estimates and raised its FY22 net income guidance.

  • Palo Alto Networks (PANW 489.90, +53.53): +12.3% after beating top and bottom-line estimates and guiding Q4 EPS and revenue above consensus.

  • Foot Locker (FL 30.90, +0.60): +2.0% after beating EPS estimates and reaffirming its full-year guidance.

  • Applied Materials (AMAT 109.50, -1.24): -1.1% after missing top and bottom-line estimates and guiding JulQ EPS and revenue below consensus.

Equity indices in the Asia-Pacific region ended the week on a higher note. Japan's Nikkei: +1.3% (+1.2% for the week) Hong Kong's Hang Seng: +3.0% (+4.1% for the week) China's Shanghai Composite: +1.6% (+2.0% for the week) India's Sensex: +2.9% (+2.9% for the week) South Korea's Kospi: +1.8% (+1.4% for the week) Australia's ASX All Ordinaries: +1.2% (+1.1% for the week).

  • The People's Bank of China lowered its five-year loan prime rate by 15 bps to 4.45%.

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