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Market Rap 07/29/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures over the highs from yesterday and setting up for the gap up open - trading sideways in the upper end of yesterdays after hours range (after the AMZN/AAPL reports), cooling off the overheated hourly RSI. 4hr RSI still pretty heated. 407.83 the corresponding futures low

409.50 the corresponding futures high

SPY 3 months, daily candles Daily uptrend continuation yesterday, as we head up to test the last weekly "lower high" of 417.44; the spot needed for bulls to break the downtrend on that longer term timeframe.(resistance)

406.80 the high from yesterday - trading above there now for the gap up open

409.50ish some heavier volume profile in view

411.74 next

415.82-417.44 the last area of resistance before the weekly "lower high" test (support)

398.15 the low from yesterday

393.92 the daily 12ema (white line)

391.22 the 50 day MA

389.95 the last daily "higher low", and spot for bulls to stay above to keep the uptrend intact, once daily consolidation begins

QQQ 5 days, hourly candles Big move after hours yesterday following the AMZN/AAPL earnings reports. Futures spent their time trading sideways in the upper end of that after hours move, cooling off hourly/4hr RSI some in the process. 312.36 the corresponding futures/pre mkt low

314.88 that after hours high, before futures opened

QQQ 3 months, daily candles Daily uptrend continuation here yesterday also, as we head up to challenge the last weekly lower high/weekly downtrend area at 314.56 (briefly broke thru after hours yesterday)(resistance)

310.40 the high from yesterday, trading above there currently for the gap up open

314.56 that last weekly "lower high" area - bulls push thru there with some follow thru and the weekly downtrend gets broken

Volume profile thins out after that (support)

302.75 the low from yesterday

299.51 the daily 12ema

293.54 the last daily "higher low" and the spot for bulls to stay anywhere above once daily consolidation begins

293.29 the 50 day MA

Aug vix futures 3months, daily candles Big flush and crush lower

Spot Vix 6 months, daily candles Further lows as the daily downtrend continues, more follow thru so far today as we head to test the 20 psychological level - last seen in April.

https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: +20.00. Nasdaq futures vs fair value: +94.00.The S&P 500 futures up 23 points and are trading 0.5% above fair value. The Nasdaq 100 futures are up 116 points and are trading 0.7% above fair value. The Dow Jones Industrial Average futures are up 53 points and are trading 0.3% above fair value. The futures for the major indices are indicating a modestly higher open fueled by carryover momentum from yesterday's rally. This is aided by better-than-feared quarterly results from Apple (AAPL) and Amazon.com (AMZN), along with better-than-expected results from Chevron (CVX) and Exxon (XOM). Also, Eurozone GDP was up 0.7% qtr/qtr in Q2, meanwhile the July CPI was at a record high of 8.9% yr/yr. Market participants will receive the June Personal Income and Spending report at 8:30 a.m. ET. The focal point for this report is the PCE Price Index. Also out at 8:30 a.m. ET is the Q2 Employment Cost Index. At 9:45 a.m. ET, the July Chicago PMI will be released while the July University of Michigan Consumer Sentiment Final reading is out at 10:00 a.m. ET. Energy futures are up this morning. WTI crude oil futures are up 2.4% to $98.75/bbl. Natural gas futures are up 1.0% to $8.21/mmbtu. Unleaded gasoline futures are up 1.2% to $3.13/gal. The Treasury market is mixed with the 2-yr note yield down one basis point to 2.87% while the 10-yr note yield is up two basis points to 2.70%. In corporate news:

  • Apple (AAPL 161.05, +3.70, +2.4%): reports top line beat on better than expected iPhone revenue; wearables and Macs miss estimates; CEO Tim Cook says supply constraints came in slightly below the range of $4-8 billion guidance range

  • Amazon.com (AMZN 137.55, +15.27, +12.5%): reports Q2 (Jun) results, beats on revs and operating income; guides Q3 revs in-line

  • Chevron (CVX 155.94, +5.55, +3.6%): beats by $0.79, beats on revs

  • Exxon Mobil (XOM 94.53, +1.89, +2.0%): beats by $0.25, beats on revs

  • Intel (INTC 35.30, -4.41, -11.11%): misses by $0.41, misses on revs; guides Q3 EPS below consensus, revs below consensus; lowers FY22 guidance

  • Roku (ROKU 65.58, -19.59, -23.00%): misses by $0.14, misses on revs; guides Q3 revs below consensus, withdraws its full year revenue growth estimate

  • Procter & Gamble (PG 143.50, -4.56, -3.08%): misses by $0.02, reports revs in-line; guides FY23 midpoint below consensus, revs mostly below consensus

  • DexCom (DXCM 76.84, -10.15, -11.67%): misses by $0.02, misses on revs; guides FY22 revs below consensus

  • Five9 (FIVN 110.00, +11.62, +11.81%): beats by $0.16, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY22 EPS above consensus, revs above consensus

  • Mohawk (MHK 134.80, -1.62, -1.19%): beats by $0.12, reports revs in-line; guides Q3 EPS below consensus

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