SPY / QQQ / Vix
SPY 5 days, hourly candles S&P futures trading sideways in yesterdays range, after a test of yesterdays highs earlier this AM 395.95 the corresponding futures high
393.13 the corresponding futures low
SPY 3months, daily candles More follow thru over/another close over the 50 day MA (blue line). Trying to push into the gap left from 6/9-6/10, and get over this last chunk of volume profile from then. (resistance)
396.26 the high from yesterday
396.71 the weekly 12ema
401.44 fills the 6/9 gap
409 area the next chunk of volume profile comes in
417.44 the last weekly "lower high", anything under there on this bounce keeps the downtrend intact on that timeframe (support)
391.15 the 50 day MA
391.03 the low from yesterday
385.64 the daily 12ema
385.39
380.54 next
378.57 open gap
371.04
QQQ 5 days, hourly candles Nasdaq futures trading sideways in the upper third of yesterdays range 301.50 the corresponding futures low
303.99 the corresponding futures high
QQQ 3 months, daily candles Nice continuation of the new daily uptrend, another close over the 50 day MA, over the weekly 12ema. Anything under 314.56 on this bounce is a weekly lower high, in the context of the weekly downtrend. (resistance)
304.24 the high from yesterday
309.05 next
311.72-312.65
314.56 after that (support)
297.93 the low from yesterday
292.50 the 50 day MA
291.99 the daily 12ema
291.47
288.08
287.56 small open gap
279.80 the last daily "higher low" with plenty of room to set another higher low anywhere above that level, once daily consolidation of this move begins
Inside bars from yesterday broke bearish, testing the lows from this week currently
Spot Vix 3months, daily candles
Broke the lows going back to June without much follow thru yet, as it flirts with testing the lower 20s area, for the first time since April
https://www.briefing.com/stock-market-update
[BRIEFING.COM] S&P futures vs fair value: -11.00. Nasdaq futures vs fair value: -21.20.The S&P 500 futures are down 8 points and are trading 0.3% below fair value. The Nasdaq 100 futures are up 3 points and are trading 0.2% below fair value. The Dow Jones Industrial Average futures are down 109 points and are trading 0.3% below fair value.
Futures for the major indices are mixed with mixed reactions to a lot of earnings reports since yesterday's close. There's some central bank news in play this morning with market participants waiting on the ECB decision at 8:15 a.m. ET. The ECB is expected to raise its key lending rates by 25 basis points, although there has been some chatter that a 50 basis point increase could also be discussed. In either case, this will be the ECB's first rate hike in 11 years.
Central bank outlier, the Bank of Japan, announced no change in its monetary policy. Its key lending rate remains unchanged at -0.1%. Japan's central bank also lowered its GDP forecast to 2.4% from 2.9% while raising its inflation forecast to 1.3% from 0.9%.
Russia resumed gas flows to Europe through the Nord Stream 1 but at reduced volumes seen before the scheduled maintenance.
Italian Prime Minister Draghi resigned after he was unable to resume a coalition government, setting the stage for early elections.
Energy complex futures have made big moves to the downside. WTI crude oil futures are down 4.8% to $95.10/bbl. Unleaded gasoline futures are down 6.2% to $3.07/gal. Natural gas futures are down 3.8% to $7.60/mmbtu. Separately, cryptocurrencies are also under pressure following Tesla's disclosure that it converted 75% of its Bitcoin holdings to fiat currency. The weakness, though, comes after a big move to the upside in recent weeks.
The 2-yr note yield is unchanged at 3.25% while the 10-yr note yield is up one basis point to 3.05%.
In corporate news:
Tesla (TSLA 761.87, +19.37, +2.6%): beats by $0.46, reports revs in-line, reaffirms expectation to achieve 50% average annual growth in vehicle deliveries over multi-year horizon
United Airlines (UAL 38.59, -3.09, -7.4%): misses by $0.45, reports revs in-line; continues to expect to be profitable for FY22; provides quarterly, FY22, and FY23 outlook: expects no more than ~8% capacity in FY23 compared to 2019
Microsoft (MSFT 260.13, -2.14, -0.8%): eliminating several open job listings, according to Bloomberg
Travelers (TRV 157.00, -1.20, -0.8%): beats by $0.60, beats on revs
CSX (CSX 30.96, +1.23, +4.1%): beats by $0.03, beats on revs
SAP SE (SAP 87.90, -4.43, -4.8%): misses by €0.12, beats on revs; updates guidance; announces further share repurchase program
Carnival Corp (CCL 9.80, -1.29, -11.6%): prices offering of 102,139,621 shares of common stock at $9.95 per share
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