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Market Rap 06/09/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures held yesterdays RTH lows overnight, bounced into the middle of yesterdays range 410.20 the corresponding futures low

414.20 the corresponding futures/pre mkt high

SPY 3months, daily candles Inside bar day yesterday as we continue to tighten up ahead of CPI data tomorrow, and the Fed next Wednesday. Bulls successfully defending the 12ema (white line) so far. (support)

410.38 the low from yesterday

409.44 the 12ema

407.04-407.61 after that


386.96 the last daily "higher low" (resistance)

415.82-417.44 the recent highs

421.50 the 50 day MA

QQQ 5 days, hourly candles Nasdaq futures also held yesterdays lows overnight, then bounced to the middle of yesterdays range 306.97 the corresponding futures low

310.33 the corresponding futures/pre mkt high

QQQ 3months, daily candles Tightening up here with a week and a half of sideways action, bulls defending the 12ema (white line) (support)

306.77 the low from yesterday

305.95 the 12ema

302.69 next

300.92 open gap

290.15 (resistance)

311.72 the high from yesterday

314.56 next

321.82 the 50 day MA

The fade continues back to April lows in volatility, as the ranges on the broad market get smaller and tighten up ahead of the next round of inflation data and Fed action

Spot Vix 3months, daily candles Similar story here with a sloooooowwwww fade Roller-coaster action continues 09-Jun-22 08:01 ET Market is Closed [BRIEFING.COM] S&P futures vs fair value: +11.60. Nasdaq futures vs fair value: +26.50. The S&P 500 futures are up 11 points and are trading 0.3% above fair value. The Nasdaq 100 futures are up 27 points and are trading 0.2% above fair value. The Dow Jones Industrial Average futures are up 64 points and are trading 0.2% above fair value. The positive bias comes on the heels of yesterday's losses, which continued a roller-coaster week of trading action. Accordingly, today is a bit more of that roller-coaster action in a range-bound market ahead of tomorrow's CPI report. A UBS upgrade of Tesla (TSLA) has been an instrumental support factor this morning. Some better-than-expected May trade data out of China has also been comforting; however, reports today that a southwest neighborhood in Shanghai has been locked down for COVID testing, and that entertainment venues in a Beijing district have been closed, have acted as mitigating factors. On a related note, there was a Bloomberg report that said Chinese regulators may be considering allowing the Ant Group IPO to move forward. Chinese regulators, according to CNBC, have denied that report, so a number of Chinese ADRs have seen a reversal into negative territory on the denial. A short time ago, the ECB announced that it decided to leave its key interest rates unchanged at today's meeting, but the accompanying statement said the Governing Council intends to raise the ECB interest rates by 25 basis points at the July meeting and to end the net asset purchase program as of July 1. The 10-yr note yield is up two basis points to 3.05%. The U.S Dollar Index is flat at 102.55. WTI crude futures are down 0.2% to $121.83/bbl. In corporate news:

  • Tesla (TSLA 748.79, +23.29, +3.2%): UBS upgraded to Buy from Neutral; $1100 price target

  • Target (TGT 157.89, +1.19, +0.8%): raised quarterly dividend by 20% to $1.08 per share

  • Five Below (FIVE 124.55, -10.82, -8.0%): beats by $0.01, misses on revs, misses on comps; guides Q2 EPS and revs below consensus; guides FY23 EPS and revs below consensus

  • Signet Jewelers (SIG 67.09, +4.89, +7.9%): beats by $0.48, beats on revs; guides Q2 revs in-line; guides FY23 EPS above consensus, revs in-line

  • Nio (NIO 19.25, -1.13, -5.5%): beats by RMB0.24, reports revs in-line; guides Q2 revs below consensus

  • Novavax (NVAX 47.00, -3.11, -6.2%): FDA approval of COVID-19 vaccine could be delayed amid manufacturing review, according to CNBC

  • Meta Platforms (META 196.65, +0.01, +0.01%): starts trading today with new ticker symbol META

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