SPY / QQQ / Vix
SPY 5 days, hourly candles S&P futures broke yesterdays lows, as daily consolidation of this recent move gets underway 407.17 the corresponding futures/pre mkt low
411.09 the after hours high from yesterday before futures opened
SPY 3 months, daily candles Daily consolidation looking to get underway as we start to push under yesterdays lows (support)
408.40 the low from yesterday, trading under there currently for the gap down open shaping up
406.77 the low from Friday
398.86 the daily 12ema (white line) -
391.67 the 50 day MA
389.95 the last daily "higher low" and spot for bulls to stay anywhere above to keep the uptrend on this timeframe (resistance)
413.41 the high from yesterday
415.82-417.44 area after that
QQQ 5 days, hourly candles Nasdaq futures similar story, broke under yesterdays lows but still above Fridays lows 311.71 the corresponding futures/pre mkt low
315.74 the after hours high from yesterday before futures opened
QQQ 3 months, daily candles Teasing daily consolidation here as well as we'll look to test yesterdays lows first thing (futures broke that level but currently are back above). (support)
312.53 the low from yesterday
309.93 Friday's low
304.01 the daily 12ema (white line)
302.75
298.46
293.96 the 50 day MA
293.54 the last daily "higher low" and spot for bulls to stay anywhere above once daily consolidation does begin, to keep the uptrend intact (resistance)
318.81 the high from yesterday
321.17
325.25
330.29
Aug Vix futures 3 months, daily candles
Daily bounce underway here, as the broad market indices start daily consolidation
Spot Vix 3 months, daily candles
Daily bounce underway, and heading up for the test of the last daily "lower high" from 7/26 at 25.31. Watching to see if mid 20s on Vix becomes the new ceiling, like the 30 level had become as the broad market rallied off the lows in June/July.
$DXY 3 months, daily candles
Daily consolidation continues here as the 50 day MA gets tested
TLT 6 months, daily candles and 3yr weekly candles
Daily uptrend continues here as it starts to break out over more resistance (and interest rates back down further), and now trading at the highest levels we've seen in the past 3 months. Weekly downtrend starting to break as well.
https://www.briefing.com/stock-market-update
[BRIEFING.COM] S&P futures vs fair value: -26.80. Nasdaq futures vs fair value: -122.70.The S&P 500 futures are down 24 points and are trading 0.7% below fair value. The Nasdaq 100 futures are down 103 points and are trading 0.9% below fair value. The Dow Jones Industrial Average futures are down 165 points and are trading 0.4% below fair value.
There's a weaker tone in the futures market that's mostly attributed to US-China tensions over House Speaker Pelosi's anticipated Taiwan visit. Also, there are some reservations that the market rally in July is not sustainable given the deteriorating economic fundamentals.
Separately, the Reserve Bank of Australia raised its cash rate by 50 basis points to 1.85%, as expected.
According to Reuters, Saudi Arabia is expected to support an oil production increase at the OPEC+ meeting Wednesday.
WTI crude oil futures are up 0.8% to $94.63/bbl. Natural gas futures are down 2.7% to $8.08/mmbtu. Unleaded gasoline futures are down 0.5% to $2.98/gal.
Treasury yields are falling this morning with the 2-yr note yield down five basis points to 2.86% while the 10-yr note yield is down five basis points to 2.56%.
In corporate news:
Pinterest (PINS 23.64, +3.65, +18.2%): misses by $0.07, reports revs in-line; provides Q3 and FY22 guidance; upgraded to Positive from Neutral at Susquehanna
Caterpillar (CAT 187.98, -6.88, -3.5%): beats by $0.16, reports revs in-line
Uber (UBER 27.54, +2.94, +11.9%): misses by $1.06, beats on revs; Q2 gross bookings in line with guidance; provides Q3 gross bookings/adjusted EBITDA guidance; co became a free cash flow generator in Q2
BP (BP 29.92, +0.87, +2.9%): reports Q2 (Jun) results, beats on revs
Eaton (ETN 150.34, +2.84, +1.9%): beats by $0.05, reports revs in-line; guides Q3 EPS in-line; guides FY22 EPS in-line
Marriott (MAR 162.27, +2.70, +1.6%): beats by $0.23, beats on revs; guides Q3 EPS above consensus; guides FY22 EPS above consensus
DuPont (DD 59.00, -1.20, -1.9%): beats by $0.13, beats on revs; guides Q3 EPS below consensus, revs below consensus; guides FY22 EPS in-line, revs below consensus
JetBlue (JBLU 8.29, -0.30, -3.4%): misses by $0.36, reports revs in-line
Cowen Group (COWN 38.15, +2.66, +7.5%): Toronto-Dominion Bank (TD) to acquire COWN in all-cash deal valued at $1.3 bln, or $39/share; to be modestly accretive to 2023E EPS
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