Search

Market Rap 08/11/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures pushed over yesterdays highs, shaping up for the gap up open 421.85 the pre mkt high so far

419.27 the corresponding futures low

SPY 6 months, daily candles and 3yr weekly candles Big gap up open yesterday following the cooler than expected CPI report, that pushed us thru important weekly resistance and broke the weekly downtrend. 150 day MA being tested (pushing thru in futures/pre mkt action), trading at the highest levels we've seen since early May. (resistance)

421.01 the 150 day MA

425 next

429.66 after that

432.16 the 200 day MA (support)

416.72 the low from yesterday

412.75 lower gap created

409.60-410.22 the new daily "higher low" area formed

409.42 the daily 12ema

If bulls can stay above these levels once daily consolidation begins, they maintain the uptrend and full control of this timeframe


QQQ 5 days, hourly candles Nasdaq futures action pushed thru yesterdays highs, setting up for a gap up open here as well 327.85 the corresponding futures high

325.35 the corresponding futures low

QQQ 6 months, daily candles Testing/starting to push thru recent highs and the 150 day MA, also trading up at levels last seen in early May. New daily "higher low" pivot found right off the daily 12ema (white line). Getting into the volume profile gap that has a pocket all the way up to the 336-338 area or so. (resistance)

326.23 the high from yesterday, trading above there now for the gap up open set up

326.25 the 150 day MA

326.47 the recent high from Monday

(above all those levels currently)

330.29 up after that (5/4 high)

335.56 (support)

322.06 the low from yesterday

319.03 open gap

316.03 the daily 12ema (white line)

315.42 the new daily "higher low"

If bulls stay above all these levels once daily consolidation begins, they keep full control of the daily uptrend

Aug Vix futures 3 months, daily candles Another big vol crush day and more lows

Spot Vix 6 months, daily candles Trading at the lowest levels since April and testing/breaking under the 20 psychological level.

19.75 the low from late April, which we also started to peek under yesterday/hanging out at today

18.45 after that, the low from early April

$DXY 6 months, daily candles The dollar also found more recent lows yesterday, following the CPI report

https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: +15.20. Nasdaq futures vs fair value: +31.10.The S&P 500 futures are up 16 points and are trading 0.4% above fair value. The Nasdaq 100 futures are up 47 points and are 0.2% above fair value. The Dow Jones Industrial Average futures are up 142 points and are trading 0.6% above fair value. Futures for the major indices are indicating a higher open driven by carryover momentum from yesterday's CPI-fueled rally. The S&P 500 closing above the 4,200 level is also helping sentiment this morning in addition to Disney's (DIS) favorable quarterly results. San Francisco Fed President Daly (not an FOMC voter) said she's in favor of slower rate hikes (i.e. 50 basis points) but believes it's too early to declare victory on inflation, according to FT. Also, the Biden administration is thinking about postponing plans to remove tariffs on some Chinese imports following the recent events involving Taiwan, according to Reuters. National average gasoline prices fell below $4.00/gal, according to Reuters. On a related note, the IEA raised its oil demand forecast for 2022, which is helping to contribute to higher oil prices this morning. WTI crude oil futures are up 1.1% to $92.93/bbl. The 2-yr note yield is down four basis points to 3.14% while the 10-yr note yield is down four basis points to 2.75%. In corporate news:

  • Walt Disney (DIS 122.19, +9.76, +8.68%): beats by $0.10, beats on revs; Disney+ subscriptions increased 31% to 152.1 mln, operating loss in DTC segment increased by $800 mln; will launch ad-supported Disney+ subscription in U.S. on Dec. 8; company also ups prices for no-ads options

  • Cardinal Health (CAH 60.28, -2.47, -3.94%): misses by $0.13, beats on revs; narrows FY22 guidance

  • Six Flags (SIX 22.52, -3.29, -12.75%): misses by $0.50, misses on revs

  • Dillard's (DDS 294.99, +46.43 ,+18.68%): beats by $6.42, beats on revs; comparable store sales flat

  • Lowe's (LOW 198.51, -2.92, -1.45%): downgraded to Neutral from Buy at Citigroup

  • Sonos (SONO 18.81, -3.96, -17.39%): misses by $0.02, misses on revs; lowers FY22 revs below consensus; CFO stepping down for another opportunity

  • Bumble Inc. (BMBL 31.41, -3.08, -8.93%): misses by $0.13, reports revs in-line; guides Q3 revs below consensus; guides FY22 revs below consensus

  • AppLovin (APP 37.43, -3.03, -7.49%): misses by $0.20, misses on revs; lowers FY22 revs guidance below consensus

  • Dutch Bros (BROS 45.75, +1.74, +3.95%): misses by $0.02, beats on revs, comps -3.3%; reaffirms FY22 revs and comps guidance


3 views0 comments

Recent Posts

See All