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Market Rap 08/08/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures recovered all of the post Jobs report sell off; right back to testing the recent highs 415.79 the corresponding futures/pre mkt high

412.50ish the corresponding futures low

SPY 3 months, daily candles SPY daily consolidation got underway following the strong July jobs report, but held up around Wednesdays lows and closed strong. Futures action has us over Fridays highs/on track for a gap up open, and right back to testing last Wednesdays peak (resistance)

414.15 the high from Friday, currently well over that level in pre mkt

415.09 was Thursdays high, also currently trading over that level

415.68 was last Wednesdays high, which is looking to get challenged first thing

417.44 is the last weekly "lower high" and spot for bulls to get over to break the weekly downtrend (QQQ and IWM have already done so) (support)

409.60 the low from Friday

406.82 the last daily "higher low"

405.68 the daily 12ema

QQQ 5 days, hourly candles Nasdaq futures also testing/starting to push thru Fridays regular session highs 320ish the corresponding futures low

324.31 the corresponding futures/pre mkt high so far (trading right there now)

QQQ 6 months, daily candles Zooming out to the 6 month chart to scout next areas of resistance, as Fridays post Jobs report pullback is looking to be short-lived (resistance)

323.83 the high from Friday, trading a bit over that level currently for the gap up open set up

324.72 was last Thursdays high

327.80 the 150 day MA

330.29 after that (support)

318.39 the low from Friday

312.44 the daily 12ema (white line)

Aug Vix futures 3 months, daily candles A pop Friday morning following the jobs report was quickly followed by lower lows the same day; Peeking further under Fridays lows currently

Spot Vix 3 months, daily candles Similar look here - a pop Friday was followed quickly by lower lows, as we look to test the 20 psychological area. A bit of a higher open this morning to start the week compared to Fridays close; currently trading right in the middle of Fridays range. [BRIEFING.COM] S&P futures vs fair value: +21.20. Nasdaq futures vs fair value: +72.90.The S&P 500 futures are up 23 points and are trading 0.5% above fair value. The Nasdaq 100 futures are up 94 point and are 0.5% above fair value. The Dow Jones Industrial Average futures are up 149 points and are trading 0.6% above fair value. The Senate passed the Inflation Reduction Act overnight. It's headed to the House now which is expected to vote in favor on Friday. In overseas news, China has announced additional military drills around Taiwan. Also, Chinese imports came in weaker than expected in July while exports were stronger than expected. Separately, Fed Governor Bowman said that a 75 basis point rate hike in September is still on the table until inflation declines in a meaningful way. Additionally, San Francisco Fed President Daly (not an FOMC voter) reiterated that the number one priority is to bring down inflation. Energy complex futures are mostly lower. WTI crude oil futures are down 1.0% to $88.10/bbl. Natural gas futures are down 3.6% to $7.77/mmbtu. Unleaded gasoline futures are up 0.2% to $2.86/gal. Treasury yields are also falling. The 2-yr note yield is down two basis points to 3.21% while the 10-yr note yield is down four basis points to 2.80%. In corporate news:

  • Roku (ROKU 80.14, -2.12, -2.58%): downgraded to Sell from Hold at Pivotal

  • Carvana (CVNA 45.76, -1.22, -2.60%): downgraded to Underweight from Neutral at JP Morgan

  • Palantir Technologies (PLTR 9.75, -1.70, -14.85%): misses by $0.04, reports revs in-line; guides Q3 revs below consensus; guides FY22 revs below consensus

  • (MNDY 147.99, +20.16, +15.77%): beats by $0.42, beats on revs; guides Q3 revs above consensus; raises FY22 revs above consensus

  • Barrick (GOLD 16.07, +0.47, +3.01%): beats by $0.02, reports revs in-line

  • Global Blood Therapeutics (GBT 66.49, +2.65, +4.15%): Pfizer (PFE) confirms plans to acquire Global Blood Therapeutics in Transaction valued at $68.50 per share in cash, for a total enterprise value of ~ $5.4 billion; upgraded to Buy from Hold at Canaccord Genuity

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