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Market Rap 05/26/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures starting to break out over the recent range 400.70 the corresponding futures/pre mkt high so far

395.43 the after hours low from yesterday, before futures opened

SPY 3 months, daily candles Tuesdays hammer candle saw some follow thru yesterday, as bulls test that daily 12ema again. Follow thru over that level for a few days would be note-able. Making a higher high over Mondays high, so a little daily trend change in the works if we can avoid quickly reversing it out in the next couple days. (resistance)

398.62 that 12ema (white line)

399.45 the high from yesterday, trading above there now for the small gap up open possibility

403.80 next

408.57 after that (support)

391.89 the low from yesterday

386.96 next

380.54 after that

QQQ 5 days, hourly candles Bit of a different look for the Nasdaq futures, only testing recent highs here instead of pushing over them like the S&P 293.05 the corresponding futures/pre mkt high

288.01 the after hours low from yesterday, post the NVDA report and before futures opened

QQQ 3 months, daily candles Bulls attempting to play defense against the recent lows, 12ema remains overhead along with the highs from the past week. Watching for follow thru on this bounce, or lack thereof (resistance)

293.39 the high from yesterday

293.87-294.39 the recent highs from the past week

296.13 the daily 12ema (white line)

302.25 next

306.56 5/17 high after that (support)

285.50 the low from yesterday

282.25 next

280.21 the recent low

June Vix futures 3months, daily candles Starting to trickle back down to test the recent lows from 5/17

Back under the 30 psychological level, but still pretty elevated in the upper 20s; This will need to see more significant pullback for the broad indices to see a more sustainable bounce. 25.51 the low from 5/17 the next level to watch, if we get some follow thru under the lows from the past week at this 28ish level.

10yr made a new low overnight and bounced


DXY consolidating near recent lows


Nas 52 week lows backing off


% of stocks aboce the 200 day slightly on the rise


put call ratio reversed


SPY put call ratio way down


QQQ put call ratio on the rise


BTC

see if it rides the channel up. If not 2000 area next level of major support

weekly

200day 22064.54

Dec 2017 high AVWAP 22218

https://www.briefing.com/stock-market-update A retail roundup 26-May-22 08:02 ET Market is Closed [BRIEFING.COM] S&P futures vs fair value: +25.00. Nasdaq futures vs fair value: +29.00. The S&P 500 future are up 24 points and are trading 0.6% above fair value; the Nasdaq 100 futures are up 30 points and are trading 0.2% above fair value; and the Dow Jones Industrial Average futures are up 197 points and are trading 0.7% above fair value. The tone had been cautious in the wake of disappointing fiscal Q2 revenue guidance from NVIDIA (NVDA), but a spate of better-than-expected/better-than-feared earnings results and outlooks from the retail space, along with an increased Q2 revenue growth outlook from Southwest Airlines (LUV) and JetBlue (JBLU), have put some spring in the futures market's step. Additionally, guidance from Shanghai that its lockdown should end June 1, and a burgeoning belief that the market is due for a notable rebound, with some help from month-end rebalancing activity, has also contributed to the positive bias. Today's economic releases include the second estimate for Q1 GDP, Weekly Initial Claims, and Pending Home Sales for April. The 10-yr note yield is up one tick to 2.76% after flirting with 2.70% overnight. The U.S. Dollar Index is down 0.1% to 101.94. WTI crude futures are up 0.8% to $111.17/bbl. In U.S. Corporate news:

  • NVIDIA (NVDA 162.98, -6.77, -4.0%): beats by $0.07, beats on revs; guides JulQ revs below consensus due to Russia and COVID lockdowns in China; increased and extended share repurchase program to $15.0 bln

  • VMWare (VMW 121.88, +1.34, +1.1%): Broadcom (AVGO 523.00, -8.63, -1.6%) to acquire VMware for ~$61 billion, or $142.50, in cash and stock

  • Macy's (M 21.90, +2.69, +14.0%): beats by $0.25, reports revs in-line; raises FY23 EPS above consensus, reaffirms FY23 revs guidance; Q1 comps +12.8%

  • Williams-Sonoma (WSM 124.89, +9.91, +8.6%): beats by $0.61, beats on revs, comps of +9.5%; reiterated FY23 revenue growth of mid-to-high single-digit percentage

  • Dollar General (DG 218.00, +22.66, +11.6%): beats by $0.10, reports revs in-line; reaffirms FY23 EPS guidance, guides FY23 revs above consensus; raises comp guidance

  • Southwest Airlines (LUV 43.36, +0.91, +2.1%): sees Q2 (Jun) revs growth of +12-15% yr/yr, up from prior guidance of +8-12% yr/yr

  • Dollar Tree Stores (DLTR 153.36, +19.77, +14.8%): beats by $0.39, beats on revs; guides Q2 revs in-line; guides FY23 EPS in-line, revs in-line

  • Snowflake (SNOW 117.11, -15.66, -11.8%): Reports Q1 (Apr) GAAP loss of $(0.53) per share; revenues rose 84.5% year/year to $422.37 mln; For Q2 (Jul), company expects product revs of $435-440 mln


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