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Market Rap 06/10/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures trading sideways at yesterdays lows ahead of the CPI report, after a brief push lower over the last few hours that resulted in some marginal new lows 400.60 the corresponding futures/pre mkt low

402.97 the corresponding futures high

SPY 3 months, daily candles Inside bar from Wednesday broke bearish, broke the 12ema and the lows from last week, on high volume ahead of the CPI report at 8:30et. Daily uptrend/weekly downtrend in play as we head to test the last daily "higher low" area. (support)

401.44 the low from yesterday, trading right around there currently

398.45 next

386.96 the last daily "higher low"

380.54 the recent lows (resistance)

408.21 the 12ema (white line)

411.74 the high from yesterday

415.82-417.44 the recent highs

QQQ 3 months, daily candles Similar look here, but held up above yesterdays lows in futures action, after a small break lower from after hours yesterday 298.93 the after hours low from yesterday, before futures opened

300.68 the corresponding futures/pre mkt high

QQQ 3 months, daily candles Broke the 12ema and last weeks lows on increasing volume; Filled the open gap from 5/26-5/27. Daily uptrend/weekly downtrend still in play as we head to test the last daily "higher low" area. (support)

299.23 the low from yesterday

290.15 next

282.25 the last daily "higher low"

280.21 the recent lows (resistance)

304.46 the 12ema (white line)

309.05 the high from yesterday

311.72-314.56 the recent highs

SPY and QQQ weekly "lower high" set with the break of last weeks low. Now bulls will be hoping to set a "higher low" anywhere above those mid-May lows, to have a chance at eventually changing the weekly trend back in their favor. SPY created a tad more room than QQQ did on this recent bounce, could be debated QQQ is just a weekly bear flag until it isn't. SPY failed at the weekly 12ema (white line), QQQ failed just below it.

June Vix futures 3months, daily candles A more convincing bounce yesterday just ahead of the April lows, with some follow thru today so far

Spot Vix 3 months, daily candles Daily bounce underway, back in the mid 20s as ranges expanded and we know to expect wider moves, both directions, the higher we push

10 yr spike up----->down

2 yr

DXY Waiting on CPI report 10-Jun-22 08:00 ET Market is Closed [BRIEFING.COM] S&P futures vs fair value: -1.40. Nasdaq futures vs fair value: +7.80.The S&P 500 futures are down one point and are trading roughly in-line with fair value. The Nasdaq 100 futures are up 34 points and are trading 0.1% above fair value. The Dow Jones Industrial Average futures are down 52 points and are trading in-line with fair value. Mixed action, and little conviction, in front of this morning's release of the May Consumer Price Index. It is due out at 8:30 a.m. ET and it promises to change the lackluster trading dynamic as it will provide fresh insight on inflation trends and what they could mean for monetary policy. Although the action here is mixed, the action overseas has been predominately negative following yesterday's large losses on Wall Street. China's Shanghai Composite (+1.4%) was a notable exception in the wake of some cooler-than-expected inflation data. Still, reports of more renewed lockdowns in Shanghai have cast a pall on growth sentiment elsewhere. Bank of Japan officials called attention to concerns about the rapid weakening in the yen and pointed to possible intervention in the foreign exchange markets to stem that weakness. USD/JPY is down 0.3% to 133.91 this morning. Separately, Italy's 10-yr government bond yield hit its highest level since 2014, sparking concerns about funding costs and widening credit spreads that have hit the FTSE MIB (-3.7%) hard. Concerns about "fragmentation" in European bond markets are not going away as the EU faces the specter of high inflation, persistently high energy costs, rising interest rates, and a possible recession. The inflation-sensitive 10-yr note yield is unchanged at 3.04% as it, too, is in a wait-and-see mode before the CPI report. The 2-yr note yield, though, is up another five basis points to 2.87%. WTI crude futures are up 0.6% to $122.25 and national average gasoline prices have reportedly hit a record $4.99/gallon. In corporate news:

  • Netflix (NFLX 184.01, -8.76, -4.5%): Goldman Sachs downgrades to Sell from Neutral, citing concerns about recession risk and increased competition

  • DocuSign (DOCU 65.70, -21.66, -24.8%): misses by $0.08, beats on revs; guides Q2 revs in-line; lowers FY23 billings guidance to $2.521-2.541 bln from $2.706-2.726 bln prior guidance

  • Stitch Fix (SFIX 6.65, -1.13, -14.5%): misses by $0.14, reports revs in-line; guides Q4 revs in-line

  • Vail Resorts (MTN 260.32, +14.82, +6.0%): beats by $0.15, beats on revs

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