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Market Rap 06/08/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures trading sideways in yesterdays upper end of range 415.77 the after hours high from yesterday, before futures opened

413.56 the corresponding futures/pre mkt low

SPY 3 months, daily candles A breach of the daily 12ema (white line) yesterday was quickly reversed, as we held the lows from last week right after the open. Daily bull flag still a possibility with the defense of those levels, within the context of a daily uptrend/weekly downtrend. (support)

409.11 the 12ema

407.61 the low from yesterday

407.04 last week's low

398.45 after that (resistance)

416.22 the high from yesterday

416.61-417.44 next recent resistance

422.39 the 50 day MA

425 after that

QQQ 3 months, daily candles Nasdaq futures also trading sideways in yesterdays upper end of the range 310.17 the corresponding futures/pre mkt high

308.45 the corresponding futures/pre mkt low

QQQ 3 months, daily candles A breach of the 12ema here yesterday as well, along with a break of last week's low followed by no follow thru and a quick reversal. Daily uptrend, weekly downtrend in play still. (support)

304.97 the 12ema

302.69 the low from yesterday

300.92 gap still open

290.15 after that (resistance)

310.67 the high from yesterday


314.56 the recent high

322.97 the 50 day MA

June Vix futures 3 months, daily candles Yesterdays daily bounce attempt saw no follow thru and a quick reversal, as the broad market found its footing immediately after the open, following a bearish futures/pre mkt session. 24.03 the April low coming into view now.

Spot Vix 3 months, daily candles Daily bounce attempt here was reversed as well, and new recent lower lows were probed.

23.88 the low from yesterday

26.24 the high from yesterday

Those are the shorter term markers to watch to determine who has control, as vol keeps trickling lower.

19.75-19.81 the April lows here.

10 yr spike back above 3% Cautious-minded disposition 08-Jun-22 07:58 ET Market is Closed [BRIEFING.COM] S&P futures vs fair value: -12.90. Nasdaq futures vs fair value: -26.80. The S&P 500 futures are down 14 points and are trading 0.3% below fair value. The Nasdaq 100 futures are down 25 points and are trading 0.2% below fair value. The Dow Jones Industrial Average futures are down 123 points and are trading 0.3% below fair value. The futures for the major indices are off their lows of the morning, but still trading with a cautious-minded disposition for various reasons that include a continued rise in crude oil futures ($120.65, +1.24, +1.0%), a Q2 profit warning from Credit Suisse (CS), a 10-yr note yield back above 3.00% (currently +5 bps to 3.02%), and another dour mortgage applications report, which featured a 7% wk/wk decline in purchase applications. General growth concerns remain a prominent headwind, and they were exacerbated today by reports pointing to the OECD slashing its 2022 global GDP view to 3.0% from 4.5%, the Atlanta Fed's GDPNow model estimate for Q2 being cut to 0.9% from 1.3%, and the Reserve Bank of India raising its key policy rate by a larger-than-expected 50 basis points to 4.90% (a 40 bps increase was expected). In corporate news:

  • Affirm (AFRM 23.30, -1.05, -4.3%): Wedbush initiates with Underperform rating; price target $15

  • Spirit Airlines (SAVE 22.35, -0.32, -1.4%): postpones special meeting of stockholders related to Frontier (ULCC) buyout proposal until June 30 as company wants to continue discussions with stockholders, Frontier, and JetBlue (JBLU)

  • Credit Suisse (CS 6.55, -0.39, -5.6%): warns that it will likely post a loss in the second quarter

  • Novavax (NVAX 52.45, +4.91, +10.3%): receives positive vote from US FDA advisory committee recommending emergency use authorization of its COVID-19 vaccine for people 18 years and older

  • Thor Industries (THO 81.60, +5.37, +7.0%): beats by $1.47, beats on revs

  • DocuSign (DOCU 91.74, +4.00, +4.6%): expands its strategic partnership with Microsoft (MSFT) to accelerate anywhere work

  • Ollie's Bargain Outlet (OLLI 47.21, -3.78, -7.4%): misses by $0.11, misses on revs; guides Q2 EPS in-line, revs above consensus; guides FY23 EPS below consensus, revs below consensus

  • Scotts Miracle-Gro (SMG 88.69, -13.49, -13.2%): Sees FY22 (Sep) EPS of $4.50-5.00, which is well below the current consensus estimate

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