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Market Rap 08/19/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures convincingly broke the last few days of lows. Hourly RSI oversold, 4hr has room for more selling if the bears keep control. 423.22 the pre mtk low

428 the after hours high from yesterday, before futures opened

SPY 6 months, daily candles Inside bar day yesterday with a convincing bear break in futures/pre mkt action. Daily 12ema(white line) still a bit lower, along with the 150 day MA (orange line). (support)

424.54-425.50 the lows from the past couple days, under both those levels currently for the gap down open ahead

421.03 next

420.65 that daily 12ema

419.35 the 150 day MA

416.72 top of the open gap

412.75 open gap

409.60 the previous daily "higher low", bulls need to pivot anywhere above there to keep control of the daily uptrend (resistance)

428.61 the high from yesterday


431.24 the 200 day MA

431.73 the recent peak

QQQ 5 days, hourly candles Nasdaq futures also broke the lows from the past few days. Deciding on an hourly oversold bounce now. 4hr has room for more selling if this bounce attempt fails and it's just an hourly bear flag. 325.22 the pre mkt low

329.64 the after hours high from yesterday, before futures opened

QQQ 6months, daily candles Inside bar from yesterday broke bearish in futures action here as well. Heading for a test of the daily 12ema (white line). (support)

326.36-326.79 the lows from the past 2 days, under both those levels currently for the gap down open set up

324.74 that daily 12ema

324.09 the 150 day MA

322.06 the top of the gap

319.03 open gap

315.42 the most recent daily "higher low" - bulls need to find a higher level anywhere above there to keep the daily uptrend intact (resistance)

330.49 the high from yesterday

331.43 next

334.42 the recent peak

Sept Vix futures 3months, daily candles Found some lower lows yesterday, another attempt at a bounce today off depressed levels

Spot Vix 3 months, daily candles Back above 20 by a tad, and heading to test the last peak from Monday at 21.16. 20.93 the high so far today.

22.34 the next level to watch if the broad market selling gets heavier.

$DXY 3 months, daily candles Dollar strength continues, with the daily downtrend broken yesterday/continuation today. Weekly bounce underway, heading up to test the multi-decade highs hit a month ago on 7/14.

TLT 3yr, weekly candles Weakness here continues, as longer term rates head back up - watching for a weekly inverse head and shoulders look if the 112.62 area from early May can hold up on this pullback. [BRIEFING.COM] S&P futures vs fair value: -39.70. Nasdaq futures vs fair value: -154.70.The S&P 500 futures are down 37 points and are trading 0.9% below fair value. The Nasdaq 100 futures are down 136 points and are 1.1% below fair value. The Dow Jones Industrial Average futures are down 252 points and are trading 0.7% below fair value. The market is poised for a lower open on this options expiration day. Cryptocurrencies are down big with no news catalyst. Meme stocks are on the defensive as some speculative froth is being taken out of the market following the news that Ryan Cohen completed the sale of his BBBY stake and reports the company has hired a law firm to help address its debt load. Separately, there is lingering anxiety is in the mix related to the Fed continuing to be aggressive with rate hikes. There's also weak economic data from Europe in play this morning. Germany's PPI was up 37.2% year-over-year in July while the UK's GfK Consumer Confidence Index for August fell to a fresh record low. WTI crude oil futures are down 2.2% to $88.54/bbl. Natural gas futures are down 2.2% to $8.98/mmbtu. Unleaded gasoline futures are down 1.6% to $2.97/gal. Treasury yields are on the rise with the 2-yr note yield up six basis points to 3.27% while the 10-yr note yield is up seven basis points to 2.94%. There is no U.S. economic data of note today. In corporate news:

  • Foot Locker (FL 38.40, +6.42, +20.08%): beats by $0.29, reports revs in-line; guides FY23 EPS in-line, revs below consensus; announces CEO transistion

  • Deere (DE 348.00, -19.99, -5.43%): misses by $0.52, beats on revs; lowers top end of FY22 net income guidance

  • Applied Materials (AMAT 108.42, +0.15, +0.14%): beats by $0.15, beats on revs; guides Q4 (Oct) EPS in-line, revs in-line

  • (BILL 173.30, +23.90, +16.00%): beats by $0.11, beats on revs; guides Q1 (Sep) EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus; appoints Sofya Pogreb as COO

  • Bed Bath & Beyond (BBBY 10.64, -7.91, -42.64%): heads lower on SEC filing that Ryan Cohen completed sale of BBBY stake; hired law firm to help it address a debt load that has become unmanageable, according to Bloomberg Law

  • MSG Entertainment (MSGE 64.00, +1.30, +2.07%): reports Q4 (Jun) results, beats on revs

  • Meta Platforms (META 171.07, -3.59, 2.06%): Morgan Stanley cuts price target to $225 from $280 but kept its overweight rating

  • HP Inc. (HPQ 33.81, -1.42, -4.03%): downgraded to Underweight from Equal Weight at Wells Fargo

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