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Market Rap 08/01/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures cooling off the hourly overbought condition with sideways trading in the upper end of Fridays range; 4hr RSI still in overbought territory 410.28 the corresponding futures low

412.25 the after hours high from Friday

SPY 3 months, daily candles & 3yr, weekly candles Pushing into the biggest chunk of volume profile area from the past 3months. Big push over weekly EMA 12 last week and heading to test the last weekly "lower high" of 417.44; bulls will look to push thru there and break the weekly downtrend, which has remained in place most of this year. (resistance)

413.03 the high from Friday and first resistance

415.82-417.44 after that (support)

406.77 the low from Friday

398.15 next

396.70 the daily 12ema

391.29 the 50 day MA

389.95 the last daily "higher low", and the spot bulls will need to stay anywhere above once daily consolidation begins, to maintain the uptrend on this timeframe

QQQ 5 days, hourly candles Nasdaq futures similar trading- sideways in the upper end of Fridays range as it cools off hourly/4hr overbought RSI conditions 314 the corresponding futures/pre mkt low

315.88 the corresponding futures/pre mkt high

QQQ 3 months, daily candles & 3yr, weekly candles Daily uptrend continues, and the bulls broke the weekly downtrend last week as well, with the push over the last weekly "lower high" of 314.56. (resistance)

316.39 the high from Friday



330.29 (support)

309.93 the low from Friday


301.96 the daily 12ema


293.54 the last daily "higher low", and spot for bulls to stay anywhere above once daily consolidation begins, in order to maintain the uptrend on this timeframe

293.47 the 50 day MA

Aug Vix futures 3 months, daily candles Relentless vol crush continued last week, hanging out near the lows so far to start this week

Spot Vix 3 months, daily candles The magnet to the 20 psychological level continued last week; Opening a bit higher to start this week, but things were pretty short term oversold to end last week, with RSI beat up on the hourly/4hr timeframes. [BRIEFING.COM] S&P futures vs fair value: -7.40. Nasdaq futures vs fair value: -23.40.The S&P 500 futures down 4 points and are trading 0.2% below fair value. The Nasdaq 100 futures are flat and are trading 0.2% below fair value. The Dow Jones Industrial Average futures are up 5 points and are trading 0.1% above fair value. There's not a lot happening in the futures market this morning. After the big run in July, there is likely an expectation that the market will see some type of consolidation period. Also, Minneapolis Fed President Kashkari (FOMC voter in 2023) said he thinks the market got ahead of itself in anticipating a Fed pivot. In overseas news, Germany had a larger-than-expected decline in June retail sales month/month of 1.6%. In addition, House speaker Pelosi started her Asian tour and is expected to visit Taiwan, according to CNN. China's July Manufacturing PMI was 49.0, which is below 50 and indicative of contraction. Later this morning, market participants will receive the July IHS Markit Manufacturing PMI final reading (prior 52.3%) at 9:45 ET. July ISM Manufacturing Index and June Construction Spending are out at 10:00 ET. Also the Treasury market is mixed with the 2-yr note yield down two basis points to 2.88% while the 10-yr note yield is up one basis point to 2.66%. In corporate news:

  • Boeing (BA 167.20, +7.89, +4.9%): St. Louis workers canceled planned strike; US has approved plan to inspect 787 jets in order to resume deliveries.

  • Target (TGT 166.56, +3.18, +1.9%): upgraded to Overweight from Equal Weight at Wells Fargo

  • The Southern Company (SO 76.81, -0.08, -0.1%): Bloomberg reports that CEO Tom Fanning will soon announce retirement

  • EVO Payments (EVOP 32.75, +5.41, +19.7%): beats by $0.03, reports revs in-line; EVO Payments to be acquired by Global Payments (GPN) for $34.00 per share

  • Jacobs Engineering Group (J 141.00, +3.70, +2.6%): beats by $0.06, reports revs in-line; guides Q4 EPS below consensus

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