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Market Rap 06/02/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures trading sideways in the middle of yesterdays range 408.35 the corresponding futures low

412.18 the corresponding futures/pre mkt high so far

SPY 3 months, daily candles Daily consolidation started yesterday without much follow thru, after filling the small open gap from 5/26-5/27. Holding above the 12ema so far (white line) in the context of a daily uptrend/weekly downtrend. (support)

406.93 the low from yesterday

404.63 the 12ema

398.45 after that

386.96 the most recent daily "higher low" and spot bulls will need to stay anywhere above to keep the uptrend on this timeframe intact (resistance)

416.24-416.46 the high from the last 2 days

419ish heavier volume profile

425

425.21 the 50 day MA (blue line)

429.66 the 5/4 peak

QQQ 5 days, hourly candles Nasdaq futures similar, sideways in the middle of yesterdays range after a test of the lower end 304.90 the corresponding futures low

308.58 the corresponding futures/pre mkt high

QQQ 3 months, daily candles A higher high and lower low yesterday compared to the previous day, but still mostly resisting any daily consolidation (unlike SPY and IWM). Daily uptrend/weekly downtrend in play. (resistance)

312.65 the high from yesterday

317ish heavier volume profile starts to come into play

325.25 after that

326.77 the 50 day MA

330.29 the 5/4 peak (support)

303.73 the low from yesterday

302.42

300.96 the 12ema

300.92 open gap

290.15 next

282.25 the most recent daily "higher low" with bulls looking to keep anywhere above there once daily consolidation begins

June Vix futures 3 months, daily candles Vol crush continued here yesterday, debating on more today as we're testing the lows from yesterday currently

Spot Vix 3 months, daily candles

Different look here as we still are holding on above May lows - testing that area yet again. If that 24.94-25.38 area starts to break we could see a bigger flush and vol crush under those May lows.


https://www.briefing.com/stock-market-update Oil drops, stocks pop 02-Jun-22 07:57 ET Market is Closed [BRIEFING.COM] S&P futures vs fair value: +20.50. Nasdaq futures vs fair value: +81.70.The S&P 500 futures are up 19 points and are trading 0.5% above fair value. The Nasdaq 100 futures are up 83 points and are trading 0.7% above fair value. The Dow Jones Industrial Average futures are up 139 points and are trading 0.5% above fair value. The positive bias in the futures market has been helped by a pullback in oil prices and some better-than-expected earnings results and reassuring guidance from tech stocks NetApp (NTAP), MongoDB (MDB), and Elastic (ESTC). WTI crude futures are down 2.5% to $112.37/bbl following an FT report that suggests Saudi Arabia is ready to step up production to compensate for any significant drop in output from Russia due to the EU sanctions. Oil futures flirted with $120.00/bbl on Tuesday. Today's session will feature a bevy of economic data, starting with the May ADP Employment Change Report at 8:15 a.m. ET and followed by the weekly initial claims and revised Q1 Productivity reports at 8:30 a.m. ET. The April Factory Orders Report will be released at 10:00 a.m. ET. Natural gas and oil inventory reports from the EIA will hit the wires at 10:30 a.m. ET and 11:00 a.m. ET, respectively. The 10-yr note yield is down two basis points to 2.91% and the 2-yr note yield is unchanged at 2.65%. The U.S. Dollar Index is down 0.3% to 102.15. In corporate news:

  • Meta Platforms (FB 189.94, +1.30, +0.7%): Mark Zuckerberg confirms Sheryl Sandberg will depart FB as COO, Javier Olivan will become new COO

  • NetApp (NTAP 75.00, +2.49, +3.4%): beats by $0.14, reports revs in-line; guides JulQ EPS in-line, revs in-line; guides FY23 EPS in-line, revs in-line

  • MongoDB, Inc. (MDB 263.20, +21.39, +8.9%): beats by $0.30, beats on revs; guides JulQ EPS below consensus, revs above consensus; guides FY23 EPS above consensus, revs in-line

  • Elastic (ESTC 65.98, +4.04, +6.5%): beats by $0.05, beats on revs; guides Q1 EPS in-line, revs above consensus; guides FY23 EPS in-line, revs above consensus

  • Hewlett Packard Enterprise (HPE 15.09, -0.69, -4.4%): misses by $0.01, misses on revs, as-a-service orders increased 107%; guides Q3 EPS in-line; guides FY22 EPS in-line, reiterates revenue growth of 3-4%, adjusted for currency

  • Chewy (CHWY 28.22, +4.73, +20.1%): beats by $0.17, reports revs in-line; guides JulQ revs in-line; reaffirms FY23 revs guidance

  • PVH Corp (PVH 74.00, +2.89, +4.1%): beats by $0.34, beats on revs; guides JulQ EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs below consensus; increases planned 2022 share repurchases to $400 mln


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