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Market Rap 08/15/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures cooling off hourly/4hr overbought conditions 427.19 the after hours high from Friday

424.58 the pre mkt low so far

SPY 6 months, daily candles Daily RSI pushing into overbought territory for the first time since Nov. of '21. Highest levels we've seen since late April/early May of this year as the 200 day MA comes into view. Daily uptrend/weekly downtrend broken. (resistance)

427.21 the high from Friday

429.66 the high from early May next

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

421.03 the low from Friday

420.41 the 150 day MA (orange line)

416.72 next

412.75 open gap

412.68 the daily 12ema (white line)

409.60 the last daily "higher low" area, so bulls would defend the daily uptrend anywhere above there once daily consolidation starts

QQQ 5 days, hourly candles

330.78 the after hours high from Friday

328.55 the pre mkt low

QQQ 6 months, daily candles Highest levels we've seen since late April/early May here as well, as bulls push above the 150 day MA (orange line). Daily RSI not quite overbought here, but getting close, as we're starting to push into this lower volume profile area. Daily uptrend in play/weekly downtrend broken. (resistance)

330.59 the high from Friday

335.56 next

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

325.49 the 150 day MA (orange line)

325.10 the low from Friday


319.29 the daily 12ema (white line)

319.03 open gap

315.42 the previous daily "higher low" - bulls keep the uptrend if they stay anywhere above there once daily consolidation begins

Crude oil testing the recent lows from 8/5

September Vix futures 3months, daily candles

(Aug expires tomorrow so moving onto this contract)Looking for some type of "oversold" bounce off depressed levels, after seeing relentless vol crush over the past couple months

Spot Vix 6months, daily candles Friday saw some of the lowest levels we've seen here since April (19.12 the low from Friday, 18.45 was the low from 4/4), as the relentless downtrend continued. Seeing a lift back over that 20 psychological level so far today.

[BRIEFING.COM] S&P futures vs fair value: -27.00. Nasdaq futures vs fair value: -80.00.The S&P 500 futures are down 25 points and are trading 0.6% below fair value. The Nasdaq 100 futures are down 60 points and are 0.6% below fair value. The Dow Jones Industrial Average futures are down 194 points and are trading 0.5% below fair value. Futures for the major indices are on the weaker side in response to some weaker-than-expected data out of China that has stirred global growth concerns. Also, market participants are not convinced the rally off the June lows is going to last. The House passed the Inflation Reduction Act with President Biden expected to sign it later this week. China's weaker-than-expected economic data included July retail sales, industrial production, and fixed asset investment. These reports presumably prompted the People's Bank of China to cut its one-year medium-term lending facility loan rate and seven-day repurchase rate by ten basis points apiece to a respective 2.75% and 2.0%. Meanwhile, Japan's Q2 flash GDP showed an increase of 0.5% quarter-over-quarter. WTI crude oil futures are making big downside moves this morning on the growth concerns, down 5.1% to $87.37/bbl. Natural gas futures are down 1.6% to $8.64/mmbtu. Unleaded gasoline future are down 3.9% to $2.92/gal. The 2-yr note yield is down two basis points to 3.22% while the 10-yr note yield is down three basis points to 2.82%. In corporate news:

  • Dollar General (DG 250.74, -2.56, -1.01%): downgraded to Market Perform from Outperform at BMO Capital Markets

  • Wells Fagro (WFC 45.60, -0.34, -0.74%): aiming to shrink mortgage business, according to Bloomberg.

  • Tesla (TSLA 903.30, +3.21, +0.36%): CEO Elon Musk tweets "Congrats Giga Shanghai on making millionth car! Total Teslas made now over 3 mln"

  • Westlake Corporation (WLK): announces $500 million expansion of existing share repurchase program and 20% increase in quarterly dividend

  • Li Auto (LI 30.48, -2.01, -6.19%): misses by $0.13, misses on revs

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