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Market Rap 08/17/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures have been falling since early this AM, breaking low of yesterday 426.03 the pre mkt low so far

430.56 was the corresponding futures high before the selling began

SPY 6 months, daily candles A tap of the 200 day MA yesterday (purple line) before pulling back; Currently trading under yesterdays lows as the gap down open/daily consolidation starts to shape up. Daily RSI due for a cool off. (support)

426.88 the low from yesterday, currently under that level for the gap down open set up

424.71 next

421.03

419.93 the 150 day MA (orange line)

418 the daily 12ema (white line) - any pullback that holds above that level keeps the pullback healthy for bulls

416.72 next

412.75 open gap

409.60 the last daily "higher low" support - if bulls stay anywhere above this level after daily consolidation begins it keeps the uptrend on this timeframe intact (resistance)

431.57 the 200 day MA

431.73 the high from yesterday

438.08 after that

QQQ 5 days, hourly candles Nasdaq futures testing the low from yesterday/Monday currently 329 the pre mkt low so far

333 the corresponding futures high

QQQ 6 months, daily candles Potential reversal doji candle from yesterday - would need an open, and more importantly a close, under 332.06. Lows of yesterday look to get tested first thing with futures weakness. Daily consolidation gets underway if bears can break thru those lows. (resistance)

334.42 the high from yesterday

335.56 the 4/22 high

342.01 the 200 day MA (support)

329.16 the low from yesterday

324.86 the 150 day MA (orange line)

323.08 the daily 12ema (white line)

322.06

319.03 open gap

315.42 the last daily "higher low", bulls keep full control of the daily timeframe if they can pivot anywhere above there

Sept Vix futures 3 months, daily candles Trying to curl off the bottom and peeking over yesterdays highs, as the daily "oversold" bounce looks to get underway

Spot Vix 6months, daily candles Trying to pivot off the 20 psychological level and over yesterdays highs, looking to get it's daily bounce going as well.

21.16 the next area to watch.

https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: -37.40. Nasdaq futures vs fair value: -148.10.The S&P 500 futures are down 35 points and are trading 0.9% below fair value. The Nasdaq 100 futures are down 132 points and are 1.1% below fair value. The Dow Jones Industrial Average futures are down 220 points and are trading 0.5% below fair value. Futures for the major indices are down this morning ahead of the July 26-27 FOMC Minutes release at 2:00 p.m. ET today. Target's (TGT) weaker-than-expected quarterly results are adding to the hesitation in premarket action. Overseas, the UK's CPI report was the highest reading in 40 years, up 10.1%year-over-year. The Reserve Bank of New Zealand raised its official cash rate by 50 bps to 3.00%, as expected, continuing a slate of aggressive rate hikes. The weekly MBA Mortgage Applications Index was down 2.3% with weakness in both purchase and refinancing applications. Other economic releases today include July retail sales (Briefing.com consensus 0.2%; prior 1.0%) and retail sales excluding auto's (Briefing.com consensus 0.1%; prior 1.0%) at 8:30 a.m. ET, June Business Inventories (Briefing.com consensus 1.5%; prior 1.4%) at 10:00 a.m. ET, weekly EIA Crude Oil Inventories (prior +5.45 million), and July 26-27 FOMC Minutes release at 2:00 p.m. ET. WTI crude oil futures are down 0.2% to $86.42/bbl. Natural gas futures are up 2.3% to $9.54/mmbtu. The 2-yr note yield is up eight basis points to 3.32% while the 10-yr note yield is up seven basis points to 2.89%. In corporate news:

  • Lowe's (LOW 216.99, +2.87, +1.34%): beats by $0.08, misses on revs; Q2 US comps +0.2%; sees FY23 total sales and comp sales toward low end of prior guidance; sees FY23 EPS toward top end of its prior range

  • Target (TGT 173.60, -6.59, -3.66%): misses by $0.33, misses on revs; Q2 comps +2.6%; Q2 operating margins below guidance; reaffirms revenue and operating margin guidance

  • Stanley Black & Decker (SWK 102.13, -1.45, -1.40%): Deutsche Bank downgraded to Hold from Buy

  • Krispy Kreme, Inc. (DNUT 12.65, -1.87, -12.88%): misses by $0.02, misses on revs; lowers FY22 EPS, revs guidance

  • Analog Devices (ADI 174.00, -5.04, -2.82%): beats by $0.09, beats on revs; guides Q4 EPS in-line, revs in-line

  • Agilent (A 140.19, +7.42, +5.59%): beats by $0.13, beats on revs; guides OctQ EPS above consensus, revs in-line

  • Bed Bath & Beyond (BBBY 25.27, +4.62, +22.37%): continues to surge following yesterday's nearly 30% gain

  • The Children's Place (PLCE 53.03, -1.92, -3.49%): misses by $1.52, misses on revs; guides Q3 EPS above consensus, revs below consensus; guides FY23 EPS below consensus, revs below consensus

  • TJX (TJX 65.74, -0.91, -1.37%): beats by $0.02, misses on revs; guides Q3 EPS below consensus; guides Q4 (Jan) EPS in-line; Q2 comps -5%; lowers FY23 comp guidance Fed chatter/Fed minutes today


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