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Market Rap 06/29/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures lost yesterdays RTH lows earlier this AM; trading right around there currently 379.45 the corresponding futures/pre mkt low

381.71 the corresponding futures high

SPY 3months, daily candles Reversal yesterday after a brief push higher; Loss of daily 12ema (white line) with daily consolidation underway on increasing volume (support)

380.53 the low from yesterday

378.83 open gap

372.89 next


369.38 open gap

362.17 the recent low (resistance)

383.59 the daily 12ema back overhead

393.16 the high from yesterday

QQQ 5 days, hourly candles Nasdaq futures also lost yesterdays RTH lows a couple hrs ago, currently trading back around there 282.11 the corresponding futures/pre mkt low

284.80 the corresponding futures high

QQQ 3 months, daily candles Daily consolidation underway and loss of the daily 12ema, gap from Friday filled (support)

283.35 the low from yesterday

280.31 next


277.19 open gap

269.28 the recent low (resistance)

286.99 the 12ema

295.65-296.58 the recent bounce high

July Vix futures 3 months, daily candles Some lower lows found early AM yesterday were quickly reversed as the broad market started daily consolidation of the recent bounce.

Tested Monday's highs a few hours ago, but so far failing to see any follow thru.

Spot Vix 3 months, daily candles Reversal yesterday here as it peeked into the mid-20s. Some higher highs earlier this AM over yesterday, but so far no follow thru

*GERMAN INFLATION RATE FALLS TO 8.2%; MEDIAN EST. 8.8% Conviction lacking in early going 29-Jun-22 07:57 ET Market is Closed [BRIEFING.COM] S&P futures vs fair value: -0.40. Nasdaq futures vs fair value: -26.50. The S&P 500 futures are up three points and are trading in-line with fair value. The Nasdaq 100 futures are up five points and are trading 0.2% below fair value. The Dow Jones Industrial Average futures are up 47 points and are trading 0.2% above fair value. There isn't much conviction in the futures trade following yesterday's disappointing selloff, which came in the wake of the disappointing Consumer Confidence Index for June. The general buyers' strike that followed that report has left market participants questioning whether quarter-end rebalancing activity will in fact be an uplifting catalyst for the market. That questioning, along with festering growth concerns, has set the stage for a mixed start. The growth concerns have been given some added kick today with Cleveland Fed President Mester (FOMC voter) saying she supports another 75 basis point rate hike in July if conditions remain the same, and President Xi maintaining that a zero COVID approach is the most effective policy for China. The 2-yr note yield is down five basis points to 3.09% and the 10-yr note yield is down five basis points to 3.16%. Earlier, it was reported that the MBA Mortgage Applications Index was up 0.7% week-over-week, with purchase applications up 0.1% and refinancing applications up 2.0%. In corporate news:

  • Walt Disney (DIS 96.43, +0.51, +0.5%): Board of Directors unanimously votes to extend CEO Bob Chapek's contract for three years

  • Tesla (TSLA 689.97, -8.02, -1.2%): aiming to close San Mateo, CA office and eliminate 200 jobs, according to The Wall Street Journal

  • Walmart (WMT 122.25, -0.12, -0.1%): FTC sues Walmart for "facilitating money transfer fraud"; Texas AG Paxton "launches investigation into Walmart for potentially deceiving Texans about opioids"

  • McDonald's (MCD 244.55, +1.72, +0.7%): Atlantic Equities upgrades to Overweight from Neutral

  • General Mills (GIS 71.96, +1.70, +2.4%): beats by $0.11, beats on revs; raises dividend

  • Pinterest (PINS 20.34, +0.64, +3.3%): CEO Ben Silbermann is stepping down; Google exec Bill Ready named new CEO

  • McCormick (MKC 81.55, -5.29, -6.1%): misses by $0.17, misses on revs; lowers FY22 EPS below consensus, reaffirms FY22 revs guidance

  • Bed Bath & Beyond (BBBY 5.74, -0.79, -12.1%): misses by $3.10, misses on revenues

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