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Market Rap 06/22/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures sold off overnight under yesterdays lows; pulling all the way back to the area we closed around last Friday, before bouncing some the last few hours 367.65 the corresponding futures/pre mkt low

375.30 the after hours high from yesterday, before futures opened

SPY 3 months, daily candles Daily bounce got underway yesterday with a gap up, that's looking to be filled today as we're currently shaping up to gap down under yesterdays lows. Daily and weekly downtrends in play. (support)

371.81 the low from yesterday - currently trading under that level

369.38 fills the gap left yesterday

362.17 recent low after that

Lose that level, and there's an air pocket in the weekly volume profile that goes down to 340-345 or so (resistance)

376.53 the high from yesterday

383.90 the post-Fed bounce high from last Wednesday

384.35 the daily 12ema

QQQ 5 days, hourly candles Nasdaq futures with a similar look; pulled off all yesterday after the regular session close, until earlier this AM when pre mkt hours opened for trading, and we bounced a bit from levels we closed near last Friday 274.93 the corresponding futures/pre mkt low

281.44 the after hours high from yesterday, before futures opened

QQQ 3 months, daily candles Gap up yesterday as the daily bounce gets underway, looking to get filled today as we gap down under yesterdays RTH lows. Daily and weekly downtrend in play. Bulls looking to defend the lows from last Thursday, or risk testing levels last seen in the fall of 2020. (support)

278.64 yesterdays low - trading under there currently for the gap down open

277.19 open gap created yesterday looking to fill today

269.28-270.51 the recent lows bulls will attempt to defend, before

266.97 from the week of 11/2/20

260.11 from 9/21/20 (resistance)

283.45 the high from yesterday

286.25 the daily 12ema

286.83 the post-Fed bounce high from last Wednesday

Crude oil 3 months, daily candles Finding some new recent lows from the past few weeks, testing levels last seen in the middle of May

July Vix futures 3 months, daily candles Seeing a healthy bounce, as the broad index futures give back most of yesterdays gains

Spot Vix 3 months, daily candles After a brief probe under 30 yesterday we're back above; Wide moves and ranges should be expected both directions

https://www.briefing.com/stock-market-update S&P futures vs fair value: -55.40. Nasdaq futures vs fair value: -213.00.The S&P 500 futures are down 51 points and are trading 1.5% below fair value. The Nasdaq 100 futures are down 178 points and are trading 1.8% below fair value. The Dow Jones Industrial Average futures are down 353 points and are trading 1.1% below fair value. There has been no follow through to yesterday's rebound effort, which is perhaps the biggest reason for the drop in the futures market this morning. The inclination to sell quickly into strength is undercutting investor sentiment once again along with concerns about economic prospects. The latter have shown up this morning in weakening commodity prices -- copper futures are down 3.1% to $3.91/lb and WTI crude futures are down 4.8% to $104.73/bbl -- and strengthening prices in the Treasury market. The 2-yr note yield is down 10 basis points to 3.12% while the 10-yr note yield is down 11 basis points to 3.20%. The weakness in gasoline futures (-2.1% to $3.71/gal) is also telling, as it comes on top of reports that President Biden is calling on Congress to suspend the national gas tax. Doing so could help provide some price relief at the pump, but at the same time, the lower prices would stoke demand. Reports indicate this proposal could hit a wall in Congress. Corporate news is limited today and is not serving as a market driver. A potential driver, though, will be Fed Chair Powell's Semiannual Monetary Policy Report to the Senate Banking Committee at 9:30 a.m. ET. Nervousness ahead of the report, and Q&A session, is likely contributing to this morning's cautious-minded tone. In corporate news:

  • Airbnb (ABNB 99.20, -3.07, -3.0%): JMP Securities downgrades to Market Perform from Market Outperform

  • Winnebago (WGO 47.00, +1.24, +2.7%): beats by $1.17, beats on revs

  • La-Z-Boy (LZB 24.90, +2.17, +9.6%): beats by $0.15, beats on revs; expects delivered sales of +7-10% yr/yr in JulQ

  • Korn/Ferry (KFY 54.25, +0.41, +0.8%): beats by $0.20, beats on revs; guides Q1 EPS above consensus, revs above consensus

Fed chatter up the wazoo today, Powell LIVE at 9:30 et

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