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Market Rap 07/20/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures pushed thru yesterdays highs; Currently cooling off hourly / 4hr overbought RSI conditions 395.27 the corresponding futures high

391 the corresponding futures/pre mkt low

SPY 3 months, daily candles Starting to push over all recent resistance (still has the 393.16 high from 6/28 to get over) and pushed over/closed over the 50 day MA for the first time since April. (resistance)

392.87 the high from yesterday

393.16 the 6/28 high

395.78 next before

an open gap to 401.44 (support)

391.48 the 50 day MA (see how many days we can stay over)

385.39 the low from yesterday

383.99 the 12ema

380.54 next

378.57 open gap

371.04 after that

QQQ 5 days, hourly candles Briefly pushed thru yesterdays highs in futures action, cooling hourly and 4hr overbought conditions currently here as well 300.68 the corresponding futures high

297.50 the corresponding futures/pre mkt low

QQQ 3 months, daily candles and 3 yr weekly candles Daily trend going back to bulls here as we got over recent resistance, and saw a strong push/close over the 50 day MA. Anything under 314.56 keeps the weekly downtrend in play, as we head up to test the weekly 12ema, on that timeframe. (resistance)

298.60 the high from yesterday

300.03 weekly 12ema

299.23 fills the 6/9 gap

304-306ish some volume profile comes in

309.05 after that (support)

292.62 the 50 day MA

291.47 the low from yesterday

289.98 the daily 12ema

288.08 next

287.56 open gap

279.80 the recent daily "higher low"

August Vix futures 3 months, daily candles Inside bar day here yesterday and halted any further slide, with the upside range being pretty violent/volatile in the S&P and Nasdaq Inside bar day here again so far today, watching for which way that breaks.

27.31 to the upside for the bull break

26.45 to the downside for the bear break

Spot Vix 3 months, daily candles Refusing to break under last Fridays low so far, but testing it again today. (24.13 last Fridays low, 24.15 the low so far today) [BRIEFING.COM] S&P futures vs fair value: -12.00. Nasdaq futures vs fair value: -37.00. The S&P 500 futures are down 8 points and are trading 0.3% below fair value. The Nasdaq 100 futures are down 15 points and are trading 0.3% below fair value. The Dow Jones Industrial Average futures are down 66 points and are trading 0.1% below fair value. Yesterday's sentiment-driven gains have been stymied by an early inclination to sell into strength. The European Commission officially asked member states to cut their gas commission by 15% between August 1st and March 31st 2023. The 27 EU governments are asked to update their emergency plans and report to the Commission every two months on how they're progressing to comply. Commission President Ursula von der Leyen said, "whether a partial major cut-off of Russian gas or a total cut-off of Russian gas, Europe needs to be ready." In other European news, bond markets got some relief ahead of a key ECB meeting Thursday when Italy's Prime Minister Draghi said he will stay in power provided parliamentarians back his coalition government. Inflation hit a 40-yr high of 9.4% in the UK, fueling fears that the Bank of England will have to be more aggressive. Bank of England Governor Bailey said policymakers will consider a 50 basis point rate hike at their meeting next month. In other news, the mortgage demand dropped to a 22-yr low with the MBA Mortgage Application Index showing a contraction of more than 6% week-over-week. In corporate news:

  • Netflix (NFLX 214.00, +13.37, +6.1%): beats by $0.25, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; global streaming paid net adds -0.97 mln vs -2.00 mln prior guidance; guides to Q3 at +1.00 mln

  • Nasdaq (NDAQ 161.00, +1.68, +1.1%): beats by $0.15, beats on revs; announces 3-for-1 stock split and quarterly dividend of $0.20/share

  • Baker Hughes (BKR 27.00, -1.22, -4.3%): misses by $0.11, misses on revs

  • ASML (ASML 493.35, -5.01, -1.0%): beats by €0.01, beats on revs; guides Q3 revs below consensus; guides FY22 revs below consensus

  • Biogen (BIIB 219.74, -0.52, -0.2%): beats by $1.16, beats on revs; raises FY22 guidance

  • Merck (MRK 91.53, -0.83, -0.9%): reports Phase 3 KEYNOTE-412 Trial did not meet its primary endpoint

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