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Market Rap 08/09/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures breaking yesterdays lows 411.41 the pre mtk low so far

414.32 the corresponding futures high

SPY 3 months, daily candles Saw a brief push thru weekly "lower high" resistance yesterday, but saw no follow thru and quickly reversed; Currently trading under yesterdays lows in futures action. Daily uptrend/weekly downtrend still in play.

(resistance)

417.62 the high from yesterday

(support)

411.83 the low from yesterday, trading a tad under there currently for the gap down open shaping up

409.60 next

406.82

406.80 the daily 12ema (white line)

398.15 after that

QQQ 5 days, hourly candles Nasdaq futures broke yesterdays lows, currently testing Fridays lows 318.34 the pre mkt low so far

322.01 the corresponding futures high

QQQ 3months, daily candles Daily consolidation has mostly been resisted the past couple weeks, we'll see if that changes today as we test Fridays lows first thing.

Daily uptrend/weekly downtrend broken - bulls will be looking for a weekly "higher low" once weekly consolidation of this move, that started in June, begins. (support)

319.21 the low from yesterday, currently trading under there in futures action for the gap down open

318.39 the low from Friday

315.99 next

313.71 the daily 12ema (white line)

311.84 next

309.93

302.75 (resistance)

326.47

Aug Vix futures 3 months, daily candles Testing yesterdays highs currently, as broad market futures test their lows from the past couple days

Spot Vix 3 months, daily candles Starting to peek over yesterdays highs on broad market futures weakness. Watching the 22.58-22.66 area as next "resistance" - then the daily "lower high" of 24.68, if we see follow thru over those previous levels.

https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: -15.10. Nasdaq futures vs fair value: -103.40.The S&P 500 futures are down 14 points and are trading 0.4% below fair value. The Nasdaq 100 futures are down 85 point and are 0.8% below fair value. The Dow Jones Industrial Average futures are down 45 points and are trading slightly above fair value. There's some hesitation in the market ahead of Wednesday's CPI report. Also, there is a feeling that the market is still due for a pullback after the recent gains. President Biden is expected to sign the CHIPS Act today at 10:00 a.m. ET while the Inflation Reduction Act is headed to the House where a vote is expected on Friday. Energy futures are climbing this morning. WTI crude oil futures are up 1.3% to $91.94/bbl. Natural gas futures are up 1.5% to $7.71/mmbtu. Unleaded gasoline futures are up 1.7% to $2.93/gal. Treasury yields are also on the rise ahead of the open. The 2-yr note yield is up four basis points to 3.24% while the 10-yr note yield is up four basis points to 2.80%. In corporate news:

  • Micron (MU 59.05, -2.40, -3.91%): ahead of conference says Q4 revenue may come in at or below the low end of the revenue guidance range; announces $40 billion investment in leading-edge memory manufacturing in the US

  • Novavax (NVAX 38.80, -18.45, -32.23%) : reports Q2 (Jun) results, lowers FY22 revenue guidance

  • Boeing (BA 166.58, +0.69, +0.42%): FAA approved first Boeing 787 delivery.

  • GoodRx (GDRX 10.91, +3.15, +40.59%): beats by $0.02, beats on revs; guides Q3 revs below consensus

  • 3D Systems (DDD 11.41, -1.83, -13.82%): misses by $0.07, misses on revs; guides FY22 revs below consensus

  • Upstart (UPST 28.12, -4.15, -12.86%): misses by $0.07, misses on revs; guides Q3 EPS below consensus, revs below consensus

  • Trex (TREX 57.20, -6.63, -10.39%): beats by $0.12, beats on revs; expects a significant reduction in revs in 2H22

  • Olaplex (OLPX 17.45, +1.14, +6.99%): beats by $0.01, beats on revs; reaffirms FY22 revs guidance

  • GlobalFoundries (GFS 61.00, +1.81, +3.06%): beats by $0.13, beats on revs; guides Q3 EPS above consensus, revs above consensus

  • Qualys (QLYS 133.39, +5.96, +4.68%): beats by $0.10, beats on revs; guides Q3 EPS above consensus, revs above consensus; guides FY22 EPS above consensus, revs above consensus

  • Take-Two (TTWO 121.19, -4.32, -3.44%): misses by $1.61, misses on revs; guides Q2 EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs below consensus

  • Norwegian Cruise Line (NCLH 12.71, -0.82, -6.06%): misses by $0.31, misses on revs; doesn't provide specific guidance, but says it will report a loss in Q3

  • Signet Jewelers (SIG 65.02, -2.65, -3.92%): signed an agreement to acquire Blue Nile for $360 million in an all cash transaction; sees Q2 revs below consensus, lowers FY23 revenue guidance due to heightened pressure on consumers' discretionary spending and increased macroeconomic headwinds

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