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Market Rap 08/16/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures trading sideways in the upper end of yesterdays range 429 the corresponding futures high

427.72 the pre mkt low

SPY 6 months, daily candles The march towards the 200 day MA test continues as the daily RSI pushes further into overbought territory. (resistance)

429.41 the high from yesterday

429.66 the 5/4 high

431.71 the 200 day MA

438.08 after that (support)

424.71 the low from yesterday

420.17 the 150 day MA


415.88 the daily 12ema

412.75 open gap

409.60 the daily "higher low" - bulls need to stay anywhere above there once daily consolidation of this move begins

QQQ 5 days, hourly candles Nasdaq futures also trading sideways, in the upper end of yesterdays range 333.30 the corresponding futures high

332 the corresponding futures low

QQQ 6 months, daily candles Daily RSI getting closer to overbought here as well as it pushes over the May highs into the volume profile gap (resistance)

333.57 the high from yesterday


339ish the volume profile gets heavier again (support)

329.40 the low from yesterday

325.18 the 150 day MA


321.40 the daily 12ema

319.03 open gap

315.42 the last daily "higher low" - bulls stay anywhere above there once daily consolidation begins and they keep control of the daily uptrend

Sept. Vix futures 6months, daily candles Hanging out near recent lows and pretty "oversold" in the near term but so far that hasn't mattered

Spot Vix 6 months, daily candles Probing under the 20 psych level, but mostly magneting around there [BRIEFING.COM] S&P futures vs fair value: -6.00. Nasdaq futures vs fair value: -39.00.The S&P 500 futures are down 4 points and are trading 0.1% below fair value. The Nasdaq 100 futures are down 21 points and are 0.3% below fair value. The Dow Jones Industrial Average futures are down 9 points and are trading slightly above fair value. Futures for the major indices are softer this morning after yesterday's rally. The Dow Jones Industrial Average futures recouped some losses after Walmart's (WMT) favorable earnings report. In overseas news, China's government announced that new onshore bond issues from select developers will be guaranteed and there was speculation that the government will provide additional stimulus to boost growth. Also, there are growing expectations that a nuclear deal with Iran will be reached. Iran said Monday there are several issues with the nuclear deal that the U.S. needs to address before Iran will agree to it. Market participants will receive the July Housing Starts ( consensus 1.543 million; prior 1.559 million) and Building Permits ( consensus 1.647 million; prior 1.685 million) at 8:30 a.m. ET. July Industrial Production ( consensus +0.3%; prior -0.2%) and Capacity Utilization ( consensus 80.2%; prior 80.0%) at 9:15 a.m. ET. Energy complex futures are on the rise. WTI crude oil futures are up 1.0% to $90.26/bbl. Natural gas futures are up 3.1% to $9.00/mmbtu. Unleaded gasoline futures are up 0.1% to $2.95/gal. Treasury yields are also on the rise with the 2-yr note yield up two basis points to 3.20% while the 10-yr note yield is up two basis points to 2.81%. In corporate news:

  • Walmart (WMT 137.59, +4.99, +3.76%): beats by $0.17, beats on revs; Q2 US comps +6.5%; guides Q3 EPS in-line; raises FY23 EPS above consensus

  • Home Depot (HD 313.23, -1.38, -0.44%): beats by $0.12, beats on revs; Q2 comps +5.8%; reaffirms EPS, revs, and comp guidance

  • American Airlines (AAL 15.34, +0.01, +0.07%): American Airlines removes 31000 flights from November schedule.

  • Tencent Music (TME 4.8500, +0.18, +3.85%): beats by $0.08, beats on revs

  • Sea Limited (SE 86.19, -3.78, -4.20%): beats by $0.03, misses on revs; will be suspending e-commerce GAAP revenue guidance for the full year 2022

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