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Market Rap 07/27/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures bounced off yesterdays lows and pushed thru yesterdays RTH highs, with a brief push over yesterdays futures highs 395.42 the corresponding futures/pre mkt high

390.14 the after hours low from yesterday, before futures opened

SPY 3 months, daily candles Daily consolidation underway and testing the 50 day MA(blue line)/12ema(white line). Strong futures action already has us thru the high of yesterday, as bulls attempt to set a daily "higher low" off those levels and keep the backfilling of recent gains mild. (support)

391.11 the 50 day MA

390.01 the daily 12ema

389.95 the low from yesterday

385.39 next

380.54-380.66 area next

378.57 open gap (resistance)

394.06 the high from yesterday, trading right around there currently

396.47 next

400.18 after that

401.44 fills the overhead gap

409.50ish the next size-able chunk of volume profile comes in

QQQ 5 days, hourly candles Nasdaq futures also bounced to yesterdays RTH highs, and briefly challenged yesterdays futures highs, post the MSFT earnings report 299.79 the corresponding futures/pre mkt high

293.43 yesterdays after hours low

QQQ 3 months, daily candles Broke the 12ema (white line) yesterday, as daily consolidation continued; testing the 50 day MA (blue line). Bulls looking to set the next daily "higher low" and keep the uptrend on this timeframe intact (weekly downtrend still in play). (support)

295.97 the daily 12ema

293.54 the low from yesterday

292.96 the 50 day MA

288.08-288.20 area next

287.56 small open gap

279.80 the most recent daily "higher low" - bulls looking to stay anywhere above that level on this pullback to set the next "higher low", and keep the daily uptrend intact (resistance)

298.79 the high from yesterday

302.50 next

308.55 after that

Aug Vix futures 3 months, daily candles Yesterdays move has already been retraced, and we saw a brief push under yesterdays low earlier this AM

Spot Vix 3months, daily candles Daily bounce continued yesterday as we push back up to the mid-20s Vix level ahead of the FOMC. Inside bar so far today. [BRIEFING.COM] S&P futures vs fair value: +29.80. Nasdaq futures vs fair value: +143.00.Futures for the major indices are indicating a higher open ahead of the FOMC decision this afternoon. The S&P 500 futures are up 31 points and are trading 0.7% above fair value. The Nasdaq 100 futures are up 164 points and are trading 1.2% above fair value. The Dow Jones Industrial Average futures are up 141 points and are trading 0.5% above fair value. Futures for the major indices indicate a modestly higher open in a positive reaction to better-than-feared results and guidance from Alphabet (GOOG 109.35, +3.91, +3.7%) and Microsoft (MSFT 260.25, +8.35, +3.3%). There's a heavy slate of earnings news for market participants to digest this morning. Also, there's a lot of focus on the FOMC decision at 2:00 p.m. ET and, more importantly, any potential comments from Fed Chair Powell about the expected policy path. His press conference starts at 2:30 p.m. ET. Treasury yields are up this morning. The 2-yr note yield is up one basis point to 3.06% while the 10-yr note yield is up one basis point to 2.80%. Energy futures are also on the rise. WTI crude oil futures are up 1.2% to $96.13/bbl. Natural gas futures are up 0.9% to $8.90/mmbtu. Unleaded gasoline futures are up 1.7% to $3.13/gal. Also, the MBA weekly Mortgage Application Index showed a drop in demand for the fourth straight week with total volume down 1.8%. In corporate news:

  • Alphabet (GOOG 109.35, +3.91, +3.7%): misses by $0.06, reports revs in-line; Google Advertising revenue up 11.6%

  • Microsoft (MSFT 260.25, +8.35, +3.3%): misses by $0.06, reports slight miss on revs; evolving macroeconomic conditions and other unforeseen items had an impact on financial results

  • Visa (V 211.81, -0.68, -0.3%): beats by $0.23, beats on revs

  • Humana (HUM 479.44, -12.84, -2.6%): beats by $0.99, reports revs in-line; guides FY22 EPS above consensus

  • Boeing (BA 160.32, +4.40, +2.8%): misses by $0.27, misses on revs; returns to positive operating cash flow; remains on track to achieve positive free cash flow for 2022

  • Texas Instruments (TXN 164.90, +4.06, +2.5%): beats by $0.33, beats on revs; guides Q3 EPS in-line, revs in-line

  • Sherwin-Williams (SHW 230.00, -24.29, -9.6%): misses by $0.33, misses on revs; guides Q3 revs in-line; guides FY22 EPS below consensus, revs in-line

  • Chipotle Mexican Grill (CMG 1,423.90, +107.47, +8.2%): beats by $0.26, misses on revs; Q2 comps +10.1%; sees Q3 comps mid to high single digits including planned price increases

  • Juniper Networks (JNPR 26.59, -1.48, -5.3%): misses by $0.02, reports revs in-line; guides Q3 EPS in-line, revs above consensus

  • Enphase Energy (ENPH 236.85, +20.75, +9.6%): beats by $0.22, beats on revs; guides Q3 revs above consensus

  • Spotify (SPOT 111.70, +7.73, +7.4%): misses by €0.21, beats on revs; guides Q3 revs above consensus

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