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Market Rap 05/24/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures attempting to bounce off yesterdays RTH lows, after selling off yesterday after hours on earnings fears 397.90 the after hours high from yesterday before the sell off

390.81 the corresponding futures/pre mkt low from a few hrs ago

SPY 3 months, daily candles Daily bounce underway, in the context of a daily/weekly/monthly downtrend with resistance overhead (resistance)

397.73 the high from yesterday

399.75 the 12ema (white line)

403.80 after that

408.57 the most recent "lower high" (support)

390.38 the low from yesterday

380.54 the low from Friday

QQQ 5 days, hourly candles Nasdaq futures also attempting to hold up above yesterdays RTH lows, after seeing the after hours earnings flush from yesterday 294.38 the after hours high just before the sell off

287.08 the corresponding futures/pre mkt low

QQQ 3 months, daily candles More or less an inside bar day here yesterday (pushed over Fridays high by .07); Daily, weekly, monthly downtrends remain in place. Bulls looking to hold up above recent lows, will need to get over the high from yesterday with some follow through, to get a daily bounce underway. (resistance)

293.87-294.39 resistance from the past few days

298.80 the 12ema (white line)

302.25 after that

306.56 the most recent "lower high" (support)

287.29 the low from yesterday lookin to get tested first thing

280.21 the Friday low

June Vix futures 3months, daily candles Inside bar day yesterday within the lower half of Fridays large range; A brief attempt to push above yesterdays highs earlier this AM saw no follow thru, so far.

Spot Vix 3 months, daily candles Inside bar day yesterday within Fridays large range; Another inside bar so far today with very little movement so far. 29.71 the high so far, 29.04 the low. 30.39 the high from yesterday for the bull break of the inside bar, 28.29 the low from yesterday for the bear break, with 28.06 the low from Friday right after that.

$DXY 3months, daily candles Note-able weakness recently, and a bear break under the lows we saw on 5/5

10 yr @ 2.8

weekly

DXY daily back testing the channel

rising 50day just below

zoomed out

weekly

% of stocks above the 200day

50 day

Put / Call ratio

https://www.briefing.com/stock-market-update Futures market snaps on a SNAP warning 24-May-22 07:58 ET Market is Closed [BRIEFING.COM] S&P futures vs fair value: -41.80. Nasdaq futures vs fair value: -210.40. The S&P 500 futures are down 44 points and are trading 1.1% below fair value. The Nasdaq 100 futures are down 209 points and are trading 1.7% below fair value. The Dow Jones Industrial Average futures are down 219 points and are trading 0.6% below fair value. The negative disposition has been driven primarily by a warning from Snap (SNAP) that it expects its Q2 revenue and adjusted EBITDA to be below the low end of its prior guidance range as macro conditions have deteriorated faster and further than anticipated. The context behind that warning has weighed on investor sentiment from a broader standpoint and it has undercut a number of other social media stocks more directly that derive a large chunk of revenue from online advertising services. That includes names like Alphabet (GOOG), Meta Platforms (FB), Twitter (TWTR), and Pinterest (PINS). Separately, a batch of mostly weaker than expected preliminary PMI readings for May out of the eurozone have added to concerns about slowing growth along with reports that Beijing is stepping up quarantine efforts to stop the spread of COVID. The 10-yr note yield is down four basis points to 2.82%. The U.S. Dollar Index is down 0.1% to 101.94. WTI crude futures are up 0.3% to $110.58/bbl. In U.S. Corporate news:

  • Snap (SNAP 15.71, -6.76, -30.0%): says it expects Q2 revenues and adjusted EBITDA to be below low end of prior guidance range as macro conditions deteriorated faster and further than anticipated

  • Best Buy (BBY 73.80, +1.21, +1.7%): tops fiscal Q1 estimates, but lowers FY23 EPS guidance range and indicates revenues expected to be below consensus

  • Abercrombie & Fitch (ANF 21.13, -5.60, -21.0%): drops sharply following large fiscal Q1 earnings miss and disappointing revenue guidance

  • Roblox (RBLX 28.49, -1.57, -5.2%): drops after Atlantic Equities cuts rating to Neutral from Overweight

POWELL ALERT!! 12:20 et

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