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Market Rap 05/27/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures trading sideways in the upper third of yesterdays range 404 the corresponding futures low

407.37 the corresponding futures/pre mkt high

SPY 3 months, daily candles Daily bounce continuation and a convincing punch thru the 12ema (white line) - new confirmed uptrend on this timeframe as we head to test one of the previous "lower highs" from 5/17. Plenty of room for a weekly "lower high" in the context of a weekly downtrend.(resistance)

407.04 the high from yesterday

408.57 the 5/17 peak

413-415ish area after that where some heavier volume profile starts to come into play (support)

399.65 the daily 12ema

398.45 the low from yesterday

391.89 after that

386.96 most important spot for bulls to defend once consolidation of this move begins, to maintain the daily uptrend

QQQ 5 days, hourly candles Nasdaq futures also trading sideways in the upper third of yesterdays range, after threatening a bull break a few hours ago but seeing no follow thru 298.33 the corresponding futures low

301.65 the corresponding futures/pre mkt high

QQQ 3 months, daily candles Pushed thru the 12ema (white line) here yesterday also, confirming a daily trend change in the process and heading up to test the highs from 5/17. Weekly downtrend still in play with plenty of room to set a weekly "lower high" on this bounce. (resistance)

300.92 the high from yesterday looking to get tested first thing

306.56 the 5/17 high

310ish area some volume profile starts to get heavier

315.09 after that (support)

296.62 the daily 12ema

290.15 yesterdays low

285.50 next

282.25 the most important spot for bulls to defend and stay anywhere above once daily consolidation of this move begins

IWM 3yr, weekly candles

Weekly bounce underway, note-able as its the first major index to get over last weeks highs (SPY and QQQ still haven't yet) Bulls wanting to see follow thru and a strong close to the week.

June Vix futures 3months, daily candles

Heading to test the lows from 5/17 - 27.05

Spot Vix 3months, daily candles

Also seeing a slow vol crush, heading to test the lows from 5/17 - 25.51

Holding resilient line 27-May-22 07:57 ET Market is Closed [BRIEFING.COM] S&P futures vs fair value: +6.30. Nasdaq futures vs fair value: +16.80. The S&P 500 futures are up four points and are trading 0.2% above fair value. The Nasdaq 100 futures are up 19 points and are trading 0.1% above fair value. The Dow Jones Industrial Average futures are down 20 points but are trading 0.1% above fair value. It has been a very good week thus far for the major indices, which have shown a propensity to emphasize positive news over bad news (or to find the good in the bad). The scope of losses coming into this week (S&P 500 and Nasdaq down seven straight weeks and DJIA down eight straight weeks) has created a setup for that mentality and has fostered bargain-hunting interest in many beaten-down stocks. The market's resilient disposition is on display again this morning, as market participants are seemingly looking through disappointing earnings and guidance from Gap (GPS) and American Eagle Outfitters (AEO), and indications of margin pressures at Costco (COST), to upbeat results and guidance from the likes of Dell (DELL) and Ulta Beauty (ULTA) as grounding points. Soon, they will be looking at the April Personal Income and Spending Report. It is out at 8:30 a.m. ET and it will include the Fed's preferred inflation gauge in the form of the core-PCE Price Index. Market participants are hoping to see some welcome moderation in the year-over-year rate of core-PCE to feed the peak inflation narrative. The 10-yr note yield is down three basis points to 2.73% in front of the report. The U.S. Dollar Index is little changed at 101.78. WTI crude futures are down 0.7% to $113.44/bbl. In U.S. corporate news:

  • Dell (DELL 47.89, +3.96, +9.0%): beats by $0.45, beats on revs; guides EPS and revs above consensus for both Q2 and full year

  • Gap, Inc. (GPS 9.06, -2.06, -18.5%): misses by $0.31, reports revs in-line, comps -14%; guides FY23 EPS and revenue below consensus; expects results to improve modestly in the back half of the year

  • Costco (COST 456.86, -8.13, -1.8%): beats by $0.02, beats on revs, adjusted comparable sales of +10.8%; membership renewal rates hit all-time highs in Q3

  • Ulta Beauty (ULTA 406.07, +28.11, +7.4%): beats by $1.81, beats on revs, comps of +18%; guides FY23 EPS above consensus, revs above consensus, raises comp guidance to +6-8% from +3-4%

  • Workday (WDAY 153.00, -15.15, -9.0%): misses by $0.02, reports revs in-line; expects JulQ subscription revenue growth of +22% yr/yr; raises FY23 subscription revenue slightly to $5.537-5.557 bln

  • Big Lots (BIG 25.10, -5.55, -18.1%): misses by $1.33, misses on revs; sees promotional activity driving its second quarter gross margin rate into the low-30's

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