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Market Rap 08/18/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures held yesterdays lows overnight, currently trading around where the regular session closed yesterday 425.41 the pre mkt low

427.78 the pre mkt high

SPY 6 months, daily candles Daily consolidation underway as the RSI cools down. Watching to see how shallow/deep that consolidation is. Staying above the daily 12ema (white line) keeps it the healthiest. (support)

424.54 the low from yesterday

421.03

419.64 the 150 day MA

419.33 the daily 12ema

416.72

412.75 open gap

409.60 the last daily "higher low", anything above there keeps the daily uptrend intact (resistance)

429.50 the high from yesterday

431.40 the 200 day MA

431.73 the high of this recent bounce

438.08 after that

QQQ 5 days, hourly candles Nasdaq futures also bounced off the lower range from yesterday, currently trading around the close from yesterday also 326.90 the corresponding futures low

329.37 the pre mkt high so far

QQQ 6 months, daily candles Daily consolidation underway here as well, with yesterdays reversal doji confirmed. Staying above the daily 12ema keeps it the healthiest, with plenty of room for the next daily "higher low" still, if that were to break. (support)

326.36 the low from yesterday

324.48 the 150 day MA

323.91 the daily 12ema

322.06

319.03 open gap

315.42 that previous daily higher low (resistance)

331.43 the high from yesterday

334.42 the high of this recent bounce

339ish the area where the volume profile gets heavier again

341.73 the 200 day MA

$DXY 3 months, daily candles Watching the dollar to see if it fails at the last daily "higher low" area of 106.93. It hit 106.95 earlier this morning straight into a reversal.

Sept. Vix futures 3 months, daily candles Yesterdays daily bounce got underway but gave back a lot by the close. Daily inside bar today so far, watching for which direction that breaks.

23.95 needed for the bull break.

23.05 needed for the bear break/bear flag confirmation.

Spot Vix 3months, daily candles Still magneting around that 20 area. Inside bar today with 20.63 high of yesterday needed for the bull break, and 19.41 low of yesterday needed for the bear break.

https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: +6.10. Nasdaq futures vs fair value: +16.80.The S&P 500 futures are up 8 points and are trading 0.1% above fair value. The Nasdaq 100 futures are up 34 points and are 0.1% above fair value. The Dow Jones Industrial Average futures are up 39 points and are trading 0.2% above fair value. Futures for the major indices are modestly higher with market participants waiting to see if yesterday's rally will fuel a buy-the-dip trade or a longer phase of consolidation. More central bank news is in play today. Norges Bank raised its key rate by 50 basis points to 1.75% and said it expects to raise the rate further in September. Also, European Central Bank policymaker Schnabel said that she expects another big interest rate hike in September despite the growing risk of recession. On a related note, Eurozone CPI was up 8.9% year-over-year versus 8.6% in June. The U.S. and Taiwan will hold trade and investment talks this fall, according to the Wall Street Journal. Energy complex futures are higher this morning. WTI crude oil futures are up 1.2% to $89.16/bbl. Natural gas futures are up 0.8% to $9.32/mmbtu. Unleaded gasoline futures are up 1.1% to $2.96.gal. Treasury yields are lower with the 2-yr note yield down five basis points to 3.23% while the 10-yr note yield is down two basis points to 2.87%. In corporate news:

  • Tapestry (TPR 36.70, -0.41, -1.10%): beats by $0.01, reports revs in-line; guides FY23 EPS below consensus, revs above consensus

  • Estee Lauder (EL 271.55, -4.97, -1.80%): beats by $0.06, beats on revs; guides FY23 revs below consensus

  • BJ's Wholesale (BJ 73.15, +4.02, +5.82%): beats by $0.25, beats on revs; Q2 total comps +19.8% or +7.6% ex-gas; raises FY23 EPS and comp guidance

  • Kohl's (KSS 31.00, -2.95, -8.69%): misses by $0.01, beats on revs; guides FY23 EPS below consensus, revs below consensus

  • Bath & Body Works (BBWI 40.52, +0.33, +0.82%): beats by $0.11, reports revs in-line; guides Q3 EPS below consensus, sales down mid-to-high-single digits; guides FY23 EPS in-line, sales down mid-to-high-single digits

  • Cisco (CSCO 49.20, +2.54, +5.44%): beats by $0.01, beats on revs; guides OctQ EPS in-line, revs above consensus; guides FY23 EPS in-line, revs above consensus

  • Wolfspeed (WOLF 104.60, +18.95, +22.12%): beats by $0.08, beats on revs; guides Q1 (Sep) EPS in-line, revs above consensus; expects FY26 revs +30-40% higher than previous forecast

  • Synopsys (SNPS 387.78, +6.78, +1.78%): beats by $0.11, beats on revs; guides Q4 (Oct) EPS above consensus, revs above consensus; guides FY22 EPS above consensus, revs above consensus

  • Keysight (KEYS 176.72, +7.43, +4.39%): beats by $0.22, beats on revs; guides Q4 EPS above consensus, revs in-line


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