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Market Rap 08/05/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures trading sideways in yesterdays small range 415.28 the corresponding futures high

413.51 the corresponding futures/pre mkt low

SPY 3 months, daily candles Tight range yesterday up near the highs from Wednesday. Still under the weekly "lower high" area for now. (Daily uptrend/weekly downtrend in play) (resistance)

415.09 the high from yesterday

415.68 Wednesdays high

417.44 that weekly "lower high" - get over there and bulls break the weekly downtrend

425 after that (support)

412.44 the low from yesterday

410 Wednesdays low

406.82 the last daily "higher low"

404.26 the daily 12ema (white line)

QQQ 5 days, hourly candles Nasdaq futures saw a break thru yesterdays highs yesterday evening, currently trading right at the highs of yesterdays regular hours session 325.50 the corresponding futures high

323.40 the corresponding futures/pre mkt low

QQQ 6months, daily candles Continuing to push new highs in a daily uptrend, with the weekly downtrend broken (resistance)

324.72 the high from yesterday

325.25 the high from early May

328.33 the 150 day MA

330.29 next (support)

320.77 the low from yesterday

315.99 next


310.74 the daily 12ema (white line)

August Vix futures 3months, daily candles Hanging out near the lows ahead of the July jobs numbers

Spot Vix 6 months, daily candles Testing recent lows. With this hanging out in the low 20s we should expect daily ranges to be smaller/tighter, as we've been seeing.

20 psychological next area to watch if this 21.21 low from last Friday breaks. [BRIEFING.COM] S&P futures vs fair value: +2.60. Nasdaq futures vs fair value: -16.00.The S&P 500 futures are up 3 points and are trading slightly above fair value. The Nasdaq 100 futures are up 5 point and are 0.1% below fair value. The Dow Jones Industrial Average futures are up 62 points and are trading 0.3% above fair value. Futures for the major indices are mixed this morning as participants sort through another large batch of earnings results. There is also a lack of conviction ahead of the employment report at 8:30 a.m. ET, which will have an outsized impact on how the market is thinking about future Fed policy moves. In related central bank news, the Reserve Bank of India raised its repurchase rate by 50 basis points to 4.5% against expectations for a 35-bps increase. Also, the Reserve Bank of Australia expects above-target inflation to continue through 2023. Turning to political news, press reports indicate Arizona Senator Sinema is going to support the Inflation Reduction Act after the provision to close the carried interest tax loophole was removed. Also, China has sanctioned House Speaker Pelosi over her Taiwan visit. Energy complex futures are somewhat lower this morning. WTI crude oil futures are down 0.6% to $88.01/bbl. Natural gas futures are down 1.8% to $7.97/mmbtu. Unleaded gasoline futures are down 0.1% to $2.79/gal. Treasury yields are trending higher. The 2-yr note yield is up two basis points to 3.06% while the 10-yr note yield is up three basis points to 2.70%. In corporate news:

  • Warner Bros. Discovery (WBD 15.43, -2.05, -11.73%): issued guidance during earnings conference call; sees FY22 adjusted EBITDA of $9.0-$9.5 bln vs. prior guidance of $10 bln

  • Carvana (CVNA 36.36, +2.82, +8.41%): misses by $0.37, misses on revs; continues to expect a return to >$4,000 total GPU and significant positive EBITDA in FY 2023

  • Yelp (YELP 36.90, +4.58, +14.17%): beats by $0.12, beats on revs; guides FY22 revs above consensus

  • DoorDash (DASH 89.80, +8.44, +10.37%): misses by $0.32, beats on revs

  • Lyft (LYFT 18.84, +1.45, +8.34%): beats by $0.17, reports revs in-line, adjusted EBITDA of $79.1 mln, easily exceeding its guidance of $10-$20 mln; guides for Q3 revenue of $1.040-$1.060 bln vs. $1.12 bln consensus estimate, guides for Q3 adjusted EBITDA of $55-$65 mln

  • Zillow (ZG 34.79, -3.34, -8.76%): beats by $0.13, beats on revs; guides Q3 revs and EBITDA below consensus

  • Expedia Group (EXPE 107.07, +4.87, +4.77%): beats by $0.40, beats on revs

  • Doximity (DOCS 33.53, -6.78, -16.82%): beats by $0.03, beats on revs; guides Q2 revs below consensus; guides FY23 revs below consensus

  • AMC Entertainment (AMC 17.00, -1.66, -8.90%): beats by $0.03, misses on revs

  • Rocket Companies (RKT 9.50, -0.79, -7.68%): misses by $0.05, misses on revs

  • Twilio (TWLO 89.45, -8.74, -8.90%): beats by $0.09, beats on revs; guides Q3 EPS below consensus, revs below consensus

  • Block (SQ 83.79, -5.91, -6.59%): beats by $0.02, beats on revs

  • DraftKings (DKNG 17.72, +1.36, +8.31%): beats by $0.56, beats on revs; raises FY22 revs in-line

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