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Market Rap 08/12/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures bounced off yesterdays lows, back into the middle of the range 419.60 the corresponding futures low

422.64 the pre mkt high

SPY 6 months, daily candles Big gap up open yesterday was reversed a couple hours into the day, as we trade around the 150 day MA. Break the low from yesterday today, and daily consolidation gets underway. Daily uptrend in play / weekly downtrend broken. (resistance)

424.95 the high from yesterday


431.98 the 200 day MA (purple line) (support)

420.69 the 150 day MA (orange line)

419.21 the low from yesterday


412.75 open gap

411.05 the daily 12ema (white line)

QQQ 5 days, hourly candles Nasdaq futures also bounced off the lows from yesterday, and has back some after it found the middle of yesterdays range 324.06 the after hours low from yesterday, before futures opened

326.28 the pre mkt high

QQQ 6 months, daily candles Reversal of the gap up/gains here yesterday as well, break the low from yesterday and daily consolidation gets underway. Daily uptrend/weekly downtrend broken. (resistance)

325.85 the 150 day MA (orange line)

330.36 the high from yesterday (support)

323.36 the low from yesterday


319.03 open gap

317.27 the daily 12ema (white line)

315.42 the most recent daily "higher low" and spot bulls need to stay anywhere above to keep the daily uptrend intact

Aug Vix futures 6 months, daily candles Trading right back near the lows and in line with Spot Vix as this contract expires on Tuesday. Next week we'll move onto the Sept contract.

Vix 6 months, daily candles Not showing much concern here either as we're right back to the 20 psychological area [BRIEFING.COM] S&P futures vs fair value: +14.60. Nasdaq futures vs fair value: +39.10.The S&P 500 futures are up 16 points and are trading 0.4% above fair value. The Nasdaq 100 futures are up 57 points and are 0.3% above fair value. The Dow Jones Industrial Average futures are up 112 points and are trading 0.5% above fair value. Futures for the major indices have a positive bias this morning with the S&P 500 on track for a fourth consecutive winning week. The House will vote on the Inflation Reduction Act today where it's expected to pass. Also, the CDC issued new guidelines that remove the quarantine recommendation for people exposed to Covid-19. There is weakness in a number of Chinese ADRs following the news that several companies, China Life Insurance (LFC), PetroChina (PTR), China Petroleum (Sinopec) (SNP), Alum. Corp China (ACH), and Shanghai Petrochemical (SHI), plan to delist at the NYSE. Energy complex futures are moving lower this morning. WTI crude oil futures are down 1.5% to $92.93/bbl. Natural gas futures are down 3.2% to $8.59/mmbtu. The 2-yr note yield is unchanged at 3.19% while the 10-yr note yield is down two basis points to 2.87%. In corporate news:

  • Toast (TOST 20.51, +2.36, +13.00%): beats by $0.01, beats on revs; guides Q3 revs above consensus; raises FY22 revs guidance above consensus

  • Illumina (ILMN 193.55, -33.89, -14.90%): misses by $0.07, misses on revs; cuts FY22 EPS, revs expectations

  • Rivian Automotive (RIVN 38.64, -0.31, -0.80%): beats by $0.01, beats on revs, reports R1 preorder backlog of 98,000 vehicles; Reaffirms 2022 production target of 25K vehicles, lowers capital expenditure guidance

  • Olo Inc. (OLO 8.77, -4.22, -32.49%): beats by $0.01, reports revs in-line; guides Q3 revs below consensus; lowers FY22 revs below consensus

  • Payoneer (PAYO 6.79, +1.11, +19.54%): beats by $0.07, beats on revs; guides FY22 revs above consensus

  • Alibaba (BABA 92.07, -2.80, -2.95%): Lower in response to news that several Chinese companies announced plans to delist at the NYSE.

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