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Market Rap 06/07/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures broke yesterdays lows/Friday's lows overnight - testing last weeks lows currently 407.66 the futures/pre mkt low so far

412.17 the corresponding futures high

SPY 3 months, daily candles Going sideways within last Thursdays candle, as those lows/the daily 12ema (white line) set up for a test today, as a gap down open is currently setting up. Daily uptrend/weekly downtrend in play; staying above that 12ema keeps the consolidation milder, breaking last Thursdays lows sets up for deeper consolidation of this daily uptrend. (support)

409.51-410.55 the lows from the past 2 trading days, under both those currently for the gap down open set up

407.91 the 12ema

407.04 last Thursdays low

398.45 after that

386.96 the last daily "higher low" and any pullback that stays above that level on this sequence keeps the daily uptrend intact (resistance)

416.61 the high from yesterday

417.44 the high from last Thursday

423.13 the declining 50 day MA

QQQ 5 days, hourly candles Nasdaq futures also breaking the lows from Monday/Friday, setting up for the gap down open 303.40 the futures/pre mkt low so far

307.58 the corresponding futures high

QQQ 3 months, daily candles Also trading sideways within last Thursdays candle here, and getting tested now in pre mkt action. Staying above the daily 12ema keeps the consolidation healthier, trading right around there now as the gap down open sets up. Daily uptrend, weekly downtrend in play; Bulls looking for a weekly "higher low" anywhere above recent lows if we break/follow thru under last weeks low of 303.40; with the hopes of an eventual trend change on that timeframe as well. (support)

304.92-305.62 the lows from the past 2 trading days, currently under both those levels for the gap down open set up

304.08 the daily 12ema

303.40 last Thursdays low

300.92 open gap

290.15 next

282.25 the last daily "higher low" and bulls will look to stay anywhere above there to keep the uptrend intact on this timeframe (resistance)

312.35 the high from yesterday

314.56 last Thursdays high

323.96 the 50 day MA

June Vix futures 3 months, daily candles Trying to get follow thru on it's daily bounce as we start to push over yesterdays high; Getting over 26.70-27ish area would negate the current daily bear flag look, and set up the broad market indices for some deeper consolidation of the recent bounce. 25.55 the low from today.

Spot Vix 3 months, daily candles Starting to get it's daily bounce going here as well, watching to see how much follow thru we get. 26.50 was last Thursdays high.

10 yr 1 min


1 yr

2 yr

put / call ratio


DXY weekly Growth concerns undercut futures market 07-Jun-22 07:56 ET Market is Closed [BRIEFING.COM] S&P futures vs fair value: -31.70. Nasdaq futures vs fair value: -142.00. The S&P 500 futures are down 33 points and are trading 0.8% below fair value. The Nasdaq 100 futures are down 141 points and are trading 1.1% below fair value. The Dow Jones Industrial Average futures are down 213 points and are trading 0.6% below fair value. This morning's negative disposition is rooted in concerns about economic and earnings growth potential, which have been stirred by a larger-than-expected rate hike by the Reserve Bank of Australia (50 basis points to 0.85%), weaker-than-expected German factory orders for April, and Target (TGT) cutting its Q2 operating margin rate guidance in conjunction with a plan to reduce excess inventory. The bulk of the weakness in the futures market came ahead of Target's warning, yet that warning has kept the pressure on since it is expected to be a harbinger of profit warnings from other retailers in coming weeks. Today's economic calendar features the release of the April Trade Balance Report (8:30 a.m. ET) and the April Consumer Credit Report (3:00 p.m. ET). The 10-yr note yield is down one basis point to 3.03%. The 2-yr note yield is unchanged at 2.72%. WTI crude futures are down 0.3% to $118.11/bbl and natural gas futures are up 1.8% to $9.49/mmbtu. In corporate news:

  • Target (TGT 144.82, -14.85, -9.3%): lowers Q2 operating margin guidance to ~2% (prior 5.3%) in conjunction with plan to focus on inventory optimization; reaffirms FY23 revenue growth in low-to-mid-single digit range

  • Walmart (WMT 120.46, -4.41, -3.5%): trading lower in response to the warning from Target

  • Kohl's (KSS 46.00, +3.88, +9.2%): enters into three-week exclusive negotiations with Franchise Group for possible acquisition of company for $60.00 per share

  • J.M. Smucker (SJM 122.00, -1.26, -1.0%): beats by $0.34, beats on revs; guides FY23 EPS below consensus, revs above consensus

  • Tractor Supply Co. (TSCO 196.52, -2.57, -1.3%): guides Q2 EPS and revenue slightly above consensus; sees comparable store sales growth of 5%

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