Market Rap 08/03/22 by CTG
SPY / QQQ / Vix
SPY 5 days, hourly candles S&P futures seeing some lift off yesterdays lows, bouncing into the middle of yesterdays range 407.68 the after hours from yesterday before futures opened
410.27 the corresponding futures/pre mkt high so far
SPY 3 months, daily candles Seeing some mild daily consolidation and still above Fridays lows, potential daily bull flag if yesterday/Friday lows hold up. Watching the 12ema (white line) after that if they break. Daily uptrend/Weekly downtrend in play here. (support)
406.77-406.82 the lows from the past few days
400.28 that daily 12ema
392.04 the 50 day MA
389.95 - anything above there on this consolidation keeps the daily uptrend intact (resistance)
413-413.41 the highs from the past few days
415.82-417.44 after that
QQQ 5 days, hourly candles Nasdaq futures also bouncing back into the middle of yesterdays range 313.46 the after hours high from yesterday, before futures opened
316.12 the corresponding futures/pre mkt high so far
QQQ 3 months, daily candles Still mostly resisting daily consolidation after a slight break of the previous days low yesterday saw no follow thru. A clear break of those levels and the daily 12ema (white line) is the support I'd look to next. Daily uptrend/weekly downtrend broken. (support)
311.84 the low from yesterday
305.60 the daily 12ema
294.45 the 50 day MA
293.54 the last daily "higher low" and the spot for bulls to stay anywhere above if we see deeper daily consolidation (resistance)
318.55-318.81 the recent highs
August Vix futures 3 months, daily candles Daily bounce underway here, inside bar so far today. If it breaks bull above 25.25, this daily bear flag look would get negated.
23.65 the area needed for the bear break lower.
Spot Vix 3 months, daily candles Debating on setting the next daily "lower high" in this downtrend it's been in the past month and a half.
Inside bar day here also -
24.68 needed for the bull break
22.67 needed for the bear break and confirmation the next daily "lower high" has been set.
TLT 3months, daily candles and 3yr weekly candles Daily bearish engulfing candle yesterday after refusing follow thru on the break of the weekly downtrend. Testing the 12ema (white line) currently.
116.47-116.71 the last daily "higher low" area, and spot the bears would need to break for the bulls to lose this daily uptrend.
115.17 the 50 day MA as next major support after that if they were to do so.
https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: +19.00. Nasdaq futures vs fair value: +47.40.The S&P 500 futures are up 21 points and are trading 0.5% above fair value. The Nasdaq 100 futures are up 64 points and are trading 0.4% above fair value. The Dow Jones Industrial Average futures are up 144 points and are trading 0.6% above fair value. Futures for the major indices are trading higher with a measure of relief that China's response to Speaker Pelosi's Taiwan visit was not more consequential. Attention has also shifted to earnings news which is generally better-than-feared. In other news, St. Louis Fed President Bullard (FOMC voter) said after yesterday's close that he thinks a soft landing is possible but the Fed will need to keep raising interest rates. He thinks the target range should be 3.75%-4.00% by the end of the year. Also, OPEC+ is meeting today and there has been speculation that it will increase its production quota. Oil prices are moving higher this morning. WTI crude oil futures are up 0.6% to $95.00/bbl. Unleaded gasoline futures are up 1.6% to $3.11/gal. Natural gas futures are up 1.0% to $7.78. Treasury yields are rising. The 2-yr note yield is up two basis points to 3.09% while the 10-yr note yield is up three basis points to 2.78%. There's several economic data releases this morning with the focal point being the July ISM Non-Manufacturing Index (Briefing.com consensus 53.8%; prior 55.3%) at 10:00 a.m. ET. In corporate news:
Advanced Micro Devices (AMD 93.40, -5.89, -5.9%): beats by $0.01, reports revs in-line; guides Q3 revs in-line; reaffirms FY22 revs guidance
CVS Health (CVS 98.84, +3.47, +3.6%): beats by $0.22, beats on revs; raises FY22 EPS guidance above consensus
PayPal (PYPL 101.29, +11.66, +13.0%): beats by $0.06, reports revs in-line; guides Q3 EPS in-line, revs below consensus; raises FY22 EPS guidance; lowers FY22 revenue guidance; confirms $2 bln stake from Elliott, enters Information Sharing Agreement
Starbucks (SBUX 85.20, +1.49, +1.7%): beats by $0.08, reports revs in-line, US comps of +9%; Q4 (Sep) guidance remains suspended
Airbnb (ABNB 108.51, -7.83, -6.7%): beats by $0.13, reports revs in-line; guides Q3 revs above consensus; provides other metrics for Q3 guidance
Match Group (MTCH 60.97, -15.74, -20.5%): reports Q2 (Jun) results, misses on revs; guides Q3 revs below consensus
RingCentral (RNG 54.00, +4.30, +8.6%): beats by $0.05, beats on revs; guides Q3 EPS above consensus, revs below consensus; guides FY22 EPS above consensus, reaffirms FY22 revs guidance
Regeneron Pharma (REGN 586.28, +11.32, +1.9%): beats by $1.02, beats on revs
AmerisourceBergen (ABC 150.00, +7.19, +5.0%): beats by $0.06, beats on revs; raises FY22 EPS in-line
Ping Identity (PING 27.95, +10.48, +60.0%): to be acquired by Thoma Bravo for $2.8 bln, or $28.50/share in all-cash deal; misses by $0.22, misses on revs; also announced that company entered into definitive agreement to be acquired by Thomas Bravo for $28.50/share
Moderna (MRNA 168.97, +8.16, +5.0%): beats by $0.75, beats on revs