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Market Rap 08/24/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures broke the lows from yesterday; Bouncing back above currently 410.56 the corresponding futures low

412.81 the pre mkt high so far

SPY 3 months, daily candles Daily consolidation continued yesterday but didn't see much follow thru down, as we reach the top of the previous break out zone/a chunk of volume profile support, just ahead of the last daily "higher low" area. 4hr RSI currently trying to curl out of oversold territory, after hanging out there the past couple days. (support)

411.77 the low from yesterday

409.60 that previous daily "higher low" area - bulls need to play some defense above there in order to maintain the daily uptrend


398.15 (resistance)

415.42 the high from yesterday

417.23 after that

418.43 the 150 day MA

418.59 the daily 12ema

421.22 fills the overhead gap

QQQ 5 days, hourly candles Nasdaq futures tested and held the previous futures low from yesterday, and currently is bouncing, as the 4hr RSI finally peeks out of oversold territory 312.50 the corresponding futures low

314.88 the pre mkt high so far

QQQ 3 months, daily candles Testing the top of the break out zone from August, with some heavier volume profile support just below. Yesterdays break of Monday's low saw little follow thru, with the shorter term RSI's pretty oversold already. (support)

313.33 the low from yesterday

309.93 the 7/29 low, and the top of where that heavier volume profile sits

302.75 next if that breaks

301.34 the 50 day MA (resistance)

317 the high from yesterday

318.74 Mondays high

321.54 the daily 12ema

322.08 fills the overhead gap

322.91 the 150 day MA

Sept Vix futures 3 months daily candles Cooling off in the upper third of this recent bounce; Inside bar day so far today, with a test of Tuesdays low close 24.88 needed for the bear break

26.10 needed for the bull break

Spot Vix 3 months, daily candles A slight break of yesterdays highs earlier this AM with little follow thru, straight into a pullback. 23.07 was yesterdays low, the broad market would like to see a break of that low to help get a bigger bounce going.

$DXY 3 months, daily candles The dollar trying to decide if it wants to back off multi-decade highs or break out thru them [BRIEFING.COM] S&P futures vs fair value: +4.80. Nasdaq futures vs fair value: +11.90.The S&P 500 futures are up 7 points and are trading slightly above fair value. The Nasdaq 100 futures are up 26 points and are slightly above fair value. The Dow Jones Industrial Average futures are up 25 points and are trading 0.1% above fair value. The market is still in wait-and-see mode ahead of Fed Chair Powell's speech on Friday at the Jackson Hole symposium. Notably, the PCE Price Index for July will be released shortly before that speech. Minneapolis Fed President Neel Kashkari (2023 FOMC voter) said it's not the time to back off the inflation fight, according to The Wall Street Journal. There are reports suggesting President Biden will announce today a move to forgive up to $10,000 in federal student loan debt for barrowers earning less than $125,000 a year. Earlier, the weekly MBA Mortgage Applications Index was down 1.2% with purchases down 1.0% while refinancing application were down 3.0%. Oil prices are rising this morning with WTI crude oil futures up 1.1% to $94.71/bbl. Natural gas futures are up 0.2% to $9.37/mmbtu. Treasury yields are inching higher, too. The 10-yr note yield is up one basis point to 3.05% while the 2-yr note yield is up four basis points to 3.32%. In corporate news:

  • Nordstrom (JWN 20.23, -2.97, -12.80%): beats by $0.01, beats on revs; lowers FY23 EPS below consensus, revs mostly below consensus; Plans to take aggressive action to clear through inventory in 2H22

  • Advance Auto (AAP 187.00, -12.05, -6.05%): misses by $0.01, misses on revs, comparable store sales down 0.6%; lowers FY22 EPS and revenue guidance below consensus

  • Toll Brothers (TOL 44.20, -1.43, -3.13%): beats by $0.06, reports revs in-line, Q3 deliveries were below guidance, lowers FY22 deliveries guidance; saw significant decline in demand as Q3 progressed

  • Brinker (EAT 27.70, -2.64, -8.70%): misses by $0.02, reports revs in-line; guides FY23 EPS below consensus, revs in-line

  • Bed Bath & Beyond (BBBY 11.06, +2.28, +25.97%): secured financing source, according to WSJ

  • La-Z-Boy (LZB 30.24, +1.91, +6.74%): beats by $0.24, beats on rev; expects 2Q23 delivered sales to increase by 2-5% yr/yr

  • Urban Outfitters (URBN 21.35, -0.49, -2.24%): misses by $0.06, reports revs in-line; comparable retail segment net sales up 1%, gross margin down 595 bps yr/yr

  • Intuit (INTU 474.12, +24.56, +5.46%): beats by $0.12, beats on revs; guides OctQ EPS below consensus, revs below consensus; guides FY23 EPS in-line, revs in-line

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