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Market Rap 06/24/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures broke over yesterday/this weeks previous highs overnight; Starting to push up into the upper end of the post-Fed reaction from last Wednesday381.78 the corresponding futures/pre mkt high

376.17 the after hours high from yesterday, before futures opened

SPY 3 months, daily candles and 3yr weekly candles Gap up open shaping up to test the post Fed highs from last Wednesday; Get over that level with some follow thru and the daily downtrend will be broken, will still need a higher low/then higher high pivot for a confirmed daily uptrend. A little island bottom starting to get left behind from 6/16-6/17. Weekly downtrend will remain in play for awhile, plenty of room for a weekly "lower high" anywhere under 417.44, with the weekly 12ema overhead at 402.92. (resistance)

378.83 the high from yesterday, trading over there currently for the gap up open set up

382.09 the daily 12ema (white line)

383.90 the post Fed high from last Wed. and spot for bulls to get over/follow thru over to break the daily downtrend

389.75 gap overhead after that (support)

372.89 the low from yesterday

370.18 next

369.38 open gap

362.17 the recent low

QQQ 5 days, hourly candles Nasdaq futures over yesterdays/this weeks previous highs, and also pushing over the post Fed bounce highs from last Wednesday 288.15 the corresponding futures high

283.67 the after hours low form yesterday, before futures opened

QQQ 3 months, daily candles and 3yr, weekly candles Tested the daily 12ema (white line) yesterday, set up to get over it today based on the futures action and gap up open that's shaping up.

Also currently over the post-Fed bounce highs from last Wednesday.

Little island bottom also starting to get left behind from 6/16-6/17; positioned to break the daily downtrend if we sustain the push over that 286.83 post-Fed high today/close strong. Weekly "lower high" the most likely scenario after that, in the context of the weekly downtrend, anywhere under 314.56, with the weekly 12ema overhead before that at 305.38.(resistance)

285.72 the high from yesterday - trading above there currently for the gap up open set up; over the post Fed high of 286.83 currently also

288.38 open gap from 6/10-6/13 (futures action pushed up near there)

294.87 after that (support)

285.31 the daily 12ema (white line)

280.31 the low from yesterday

277.91 next

277.19 open gap

269.28 the recent low

July Vix futures 3 months, daily candles Theme of more steady vol crush continues, we've now give back a little over half of the 6/9-6/13 surge

Vix futures curve pretty tight in price, but enough of a variation to look like a Bob Ross happy little seagull

Spot Vix 3 months, daily candles A bit less volatility crush here, but the move under 30 is sustaining so far. 27.76 was the post-Fed low from last Wednesday. Market set to move higher on carryover momentum 24-Jun-22 08:01 ET Market is Closed [BRIEFING.COM] S&P futures vs fair value: +25.20. Nasdaq futures vs fair value: +58.40. The S&P 500 futures are up 28 points and are trading 0.7% above fair value. The Nasdaq 100 futures are up 91 points and are trading 0.5% above fair value. The Dow Jones Industrial Average futures are up 223 points and are trading 0.8% above fair value. The positive bias is a function of carryover momentum in a week that has ben laced with growth concerns but positive price action. The latter has won out as an index driver, with assertions that the trade has been technically rooted. There has been a good show of resilience to selling efforts this week, which has fueled the belief that the market is intent on rebounding from a deeply oversold position into quarter end. Better-than-feared earnings results and positive guidance from FedEx (FDX), the Fed's report that banks would still be in a position to lend under a severe recession scenario, and a continuation of relative strength in the mega-cap stocks have been underpinning factors this morning. The 2-yr note yield is up seven basis points to 3.08% and the 10-yr note yield is up five basis points to 3.12%. WTI crude futures are up 1.7% to $106.00/bbl. As a reminder, the FTSE Russell reconstituted indexes will take effect after the close today. In corporate news:

  • FedEx (FDX 234.54, +6.41, +2.8%): misses by $0.01, reports revs in-line; guides FY23 EPS above consensus; says its FY23 volume forecast has low single digit growth; expects margin expansion at all of its transportation segments on an adjusted basis

  • CarMax (KMX 92.25, +0.49, +0.5%): beats by $0.01, beats on revs

  • LendingTree (TREE 51.58, -3.29, -6.0%): lowers Q2 revenue guidance due to a challenging interest rate environment impacting its Home segment; annual guidance is under review

  • Zendesk (ZEN 91.01, +33.06, +57.1%): getting very close to being acquired by buyout firms, according to The Wall Street Journal

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