Market Rap 06/03/22 by CTG
SPY / QQQ / Vix SPY 5 days, hourly candles S&P futures consolidating yesterdays "straight up move, just short of overbought hourly RSI; Looking for an hourly "higher low" anywhere above the lows from yesterday with the jobs report coming at 8:30 et 418.60 the corresponding futures high
414.22 the corresponding futures/pre mkt low so far
SPY 3 months, daily candles Big move up and strong day for the bulls yesterday, with full control after the opening pullback that tested the 12ema (white line). Daily uptrend/weekly downtrend in play with the May jobs report coming at 8:30et. Starting to get into the chunkier volume profile that's overhead from the late April/early May trading action. (resistance)
417.44 the high from yesterday
424.57 the declining 50 day MA
429.66 the 5/4 high (support)
407.04 the low from yesterday
406.59 the daily 12ema
398.45 next
391.89 after that before
386.96, the most recent daily "higher low"
QQQ 5 days, hourly candles Nasdaq futures cooling off yesterdays move as well, the hourly RSI did get into overbought territory here 315.61 the corresponding futures high
310.43 the corresponding futures/pre mkt low so far
QQQ 3 months, daily candles Bullish engulfing candle here yesterday after a test of the daily 12ema (white line). Chunky volume profile resistance overhead from the late April/early May trading action. Daily uptrend/weekly downtrend currently in play. (resistance)
314.56 the high from yesterday
317ish heavier volume profile begins (all the way up to 330ish)
325.58 the declining 50 day MA
330.29 the 5/4 high (support)
303.40 the low from yesterday
303.02 the daily 12ema
300.92 small gap left open
290.15 after that
282.25 the most recent daily "higher low"
June Vix futures 3 months, daily candles Moar volatility crush yesterday, inside bar so far today as we await the jobs report
Spot Vix 3 months, daily candles Broke under the May lows here, inside bar so far today. Watching for bear follow thru (and broad market bull continuation) under 24.33. Or a break under those May lows leading to no follow thru, if that inside bar breaks bull over 26.50 (accompanied by broad market consolidation of this recent move).
https://www.briefing.com/stock-market-update Musk has a "super bad feeling" about the economy 03-Jun-22 07:57 ET Market is Closed [BRIEFING.COM] S&P futures vs fair value: -29.60. Nasdaq futures vs fair value: -152.90. The S&P 500 futures are down 30 points and are trading 0.7% below fair value. The Nasdaq 100 futures are down 151 points and are trading 1.2% below fair value. The Dow Jones Industrial Average futures are down 180 points and are trading 0.5% below fair value. Concerns about economic conditions are behind the weakness seen this morning in the futures market. A declaration from RH, Inc. (RH) that it has seen a softening in demand, weaker-than-expected retail sales out of Germany, and higher-than-expected inflation out of South Korea are among the focal points, but the main focal point is Elon Musk's remark that he has a "super bad feeling" about the economy. Musk indicated that Tesla (TSLA) needs to cut about 10% of its staff. That remark follows on the heels of JPMorgan Chase CEO Jamie Dimon saying earlier in the week that he thinks an "economic hurricane" is coming and it also comes in front of today's release of the Employment Situation Report for May (8:30 a.m. ET) and ISM Non-Manufacturing Index for May (10:00 a.m. ET). The 10-yr note yield is up one basis point to 2.92%. The 2-yr note yield is up one basis point to 2.64%. The U.S. Dollar Index is little changed at 101.87. WTI crude futures are down 0.3% to $116.48/bbl. In corporate news:
Tesla (TSLA 735.45, -39.55, -5.1%): Elon Musk says he has "super bad feeling" about economy, that Tesla needs to cut about 10% of jobs
Apple (AAPL 148.12, -3.09, -2.0%): European Commission has proposed plan to mandate a universal charging adapter for smartphones using standard USB-C cable
lululemon (LULU 303.33, +0.75, +0.3%): beats by $0.05, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus
Okta (OKTA 108.35, +14.67, +15.7%): beats by $0.07, beats on revs; guides Q2 EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus
RH, Inc. (RH 289.00, -12.94, -4.3%): beats by $2.45, beats on revs; guides Q2 revs below consensus; guides FY23 revs below consensus, has experienced a softening in demand which began at time of Russian invasion Ukraine; also increased share repurchase authorization by $2.0 bln
Travelers (TRV 175.71, -2.35, -1.3%): Goldman Sachs downgrades to Sell from Neutral on margin concerns
