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Market Rap 06/23/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candlesS&P futures tested the middle of the RTH range overnight/early AM; Then saw a bounce to where it's currently testing the top end of yesterdays range 372 the corresponding futures low

377.85 the corresponding futures/pre mkt high so far

SPY 3 months, daily candles Gap up from 6/21 almost filled yesterday. Daily downtrend stays in place unless we can get over that last daily "lower high" from last Wednesday's Fed day. Weekly downtrend in play, and bulls have a lot more work to do there. (support)

370.18 the low from yesterday

369.38 gap still open

362.17 the recent low (resistance)

378.72 the high from yesterday, looking to get tested first thing based on futures/pre mkt action

382.82 the daily 12ema

383.90 that post Fed high

QQQ 5 days, hourly candles Similar look here, currently probing yesterdays upper end of the range 278.34 the corresponding futures low

284.27 the corresponding futures/pre mkt high

QQQ 3 months, daily candles Tested the daily 12ema yesterday and pulled back, almost filled the gap up from 6/21. Daily and weekly downtrend in play. (resistance)

285.18 the high from yesterday

285.40 the daily 12ema

286.83 the post Fed high, daily downtrend stays in place unless we can get some follow thru over that level

288.38 open gap after that (support)

277.91 the low from yesterday

277.19 gap still open

269.28-270.51 recent lows after that

July Vix futures 3 months, daily candles Under yesterdays lows and the Fed day lows. This will need to consistently back down if the daily bounce attempt from the broad indices wants to gain any traction.

Spot Vix 3 months, daily candles Testing yesterdays lows

27.76 last Wednesday Fed lows next major level if the weakness continues

https://www.briefing.com/stock-market-update Positive bias ahead of the open 23-Jun-22 08:01 ET Market is Closed [BRIEFING.COM] S&P futures vs fair value: +24.00. Nasdaq futures vs fair value: +81.20.The S&P 500 futures are up 28 points and are trading 0.6% above fair value. The Nasdaq 100 futures are up 114 points and are trading 0.7% above fair value. The Dow Jones Industrial Average futures are up 163 points and are trading 0.6% above fair value. There isn't any specific news to account for the upward bias in the futures market. To be fair, there has been good news. Darden Restaurants (DRI) and KB Home (KBH) posted better-than-expected earnings results, yet they don't have the market-cap weight to move the market. Accordingly, there is a prevailing sense that the market is still entertaining the prospect of rebounding from deeply oversold conditions as we move closer to quarter end. The drop in long-term rates seems to be helping the effort. The 10-yr note yield, which scraped 3.50% on June 14, moved to 3.09% overnight. It is currently down two basis points at 3.13%. The downshift there has been linked to concerns about growth slowing appreciably due to aggressive rate hikes by central banks. The Norges Bank is part of that contingent, having raised its key lending rate by 50 basis points to 1.25%, versus an expectation for 25 basis points. That move followed Fed Chair Powell's contention yesterday that it will be challenging to achieve a soft landing, and it has been joined by reports this morning highlighting weaker-than-expected flash PMI readings for the eurozone, Germany triggering the alert level of its emergency gas plan, and Russia making inroads in taking over the Luhansk Province. Fed Chair Powell will be back on Capitol Hill, appearing at 10:00 a.m. ET before the House Financial Services Committee for day two of his Semiannual Monetary Policy Report. In corporate news:

  • Accenture (ACN 276.00, -10.40, -3.6%): misses by $0.04, beats on revs; lowers FY22 EPS below consensus Apogee Enterprises (APOG): beats by $0.44, beats on revs; raises FY23 EPS above consensus; increased the existing share repurchase authorization by 1 mln shares

  • Darden Restaurants (DRI 121.35, +6.23, +5.4%): beats by $0.03, beats on revs; guides FY23 EPS below consensus, revs in-line; Q4 comps +11.7%; increases dividend 10%; authorized a new $1 bln share repurchase program

  • KB Home (KBH 27.01, +0.78, +3.0%): beats by $0.29, beats on revs; homes delivered essentially flat; tightens FY22 housing revenue guidance, raises average selling price guidance

  • Occidental Petroleum (OXY 57.44, +1.67, +3.0%): 10% owner Warren Buffett's Berkshire Hathaway (BRK.A) disclosed the purchase of ~9.55 mln shares worth ~$528.8 mln (transaction dates 6/17-6/22)

  • Snowflake (SNOW 134.39, +7.03, +5.5%): JPMorgan upgrades to Overweight from Neutral


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