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Market Rap 08/23/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles (and SPY 15 days, 4hr candles) S&P futures saw lower lows earlier this AM, followed by it's current attempt to get the hourly oversold bounce going. 4hr RSI is still really beaten up. 411.36 the corresponding futures low

414.88 the pre mkt high


SPY 3 months, daily candles Yesterdays gap down open under the 12ema (white line) proved the bears are serious, as the previous daily "higher low" test comes into view. Bulls need to play some defense and pivot above that level, to keep the daily uptrend in their favor. 8/9-8/10 gap now filled. (support)

412.40 the low from yesterday

409.60 that daily "higher low" bulls want to defend

406.82 (resistance)

417.23 the high from yesterday

418.73 the 150 day MA

419.72 daily 12ema back overhead

421.22 overhead gap created

QQQ 5 days, hourly candles Nasdaq futures similar story - broke yesterdays lows, followed by an oversold hourly RSI bounce. 4hr RSI still very beat up here as well. 312.56 the corresponding futures low

315.74 the corresponding futures high

QQQ 3 months, daily candles Lost the daily uptrend with the break of the low from 8/9. Coming back into the top of the breakout zone that it took off from in August. (support)

313.53 the low from yesterday

311.84 next

309.93 (resistance)

318.74 the high from yesterday

322.08 open gap

322.90 the daily 12ema overhead

323.29 the 150 day MA

Sept Vix futures 3 months, daily candles Saw some further follow thru overnight when the broad market took the next leg lower; Taking a pause currently up in the top end of yesterdays range.

Spot Vix 3 months, daily candles Taking a pause in the mid 20s area that we last saw in early August. (24.68 high from 8/2, 24.62 high hit yesterday)

Bigger daily ranges, both directions, should be expected with the jump up here.

$DXY 3 months, daily candles Testing the multi years we hit on 7/14

https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: +6.60. Nasdaq futures vs fair value: +16.70.The S&P 500 futures are up 8 points and are trading 0.1% above fair value. The Nasdaq 100 futures are up 31 points and are 0.1% above fair value. The Dow Jones Industrial Average futures are up 42 points and are trading 0.1% above fair value. Futures for the major indices are modestly higher as market participants play a waiting game ahead of Fed Chair Powell's speech at the Jackson Hole Economic Policy Symposium on Friday. There's also hesitation to see if there's an inclination to buy the recent dip. After speaking with Saudi Energy Minister Abdulaziz bin Salman Al Saud, CNBC's Brian Sullivan said he believes that it is "very likely" OPEC+ will either cut production or reduce the rate of production increase at the September 5th OPEC+ meeting or sometime before that. On a related note, WTI crude oil futures are up 1.7% to $91.88/bbl. Natural gas futures are up 1.5% to $9.84/mmbtu. There was some economic data out of the eurozone suggestive of slowing activity. Germany, France, the UK, and the Eurozone all had a flash August Manufacturing PMI reading below 50, which indicates contraction. Also, the euro is below parity with the dollar, down 0.2% to 0.9926. Treasury yields are falling but the 10-yr note yield remains above 3.00%, down two basis points to 3.01%. The 2-yr note yield is down two basis points to 3.31%. In corporate news:

  • Medtronic (MDT 94.06 +0.97 +1.04%): beats by $0.01, beats on revs; reaffirms FY23 EPS guidance

  • JD.com (JD 57.80 +2.48 +4.48%): beats by CNY1.30, beats on revs

  • Palo Alto Networks (PANW 556.50 +48.45 +9.54%): beats by $0.11, reports revs in-line; guides OctQ EPS and revs in-line; guides FY23 EPS and revs above consensus; declares 3-for-1 stock split, increases share repurchase auth to $1 bln

  • Zoom Video (ZM 86.38 -11.06 -11.35%): beats by $0.12, misses on revs; guides Q3 EPS below consensus, revs below consensus; lowers FY23 EPS and revenue guidance below consensus

  • Macy's (M 19.00 +0.39 +2.10%): beats by $0.12, beats on revs; Q2 comps -1.5% on an owned basis; lowers FY23 EPS and revenue guidance

  • J.M. Smucker (SJM 140.25 +2.50 +1.81%): beats by $0.40, reports revs in-line; raises FY23 EPS above consensus, revs above consensus

  • Aerie Pharma (AERI 15.11 +3.96 +35.52%): to be acquired by Alcon (ALC) for $15.25 per share; downgraded to Neutral from Overweight at Cantor Fitzgerald

  • Dick's Sporting Goods (DKS 111.29, +0.92, +0.83%): beats by $0.12, beats on revs; Q2 comps -5.1%; raises FY23 EPS and comp guidance


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