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Market Rap 08/25/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures finally seeing a note-able oversold bounce, as they broke over the highs from the past couple days earlier this AM; Hourly overbought RSI was reached before cooling down 417.91 the pre mkt high

413.46 the after hours low from yesterday, before futures opened

SPY 3 months, daily candles Daily bounce looking to get underway/the new daily "higher low" looking to be set here, as S&P futures break over the highs from yesterday/the day before. Daily uptrend still intact here if we see that bounce hold up thru the day. (resistance)

415.11, 415.42 the highs from the past couple days - over both those levels currently as we shape up for the gap up open

417.23 start of the gap next

417.83 the daily 12ema (white line)

418.18 the 150 day MA (orange line)

421.22 fills that open gap

425.26 after that (support)

411.39 the low from yesterday, looking to be the new daily "higher low" if we continue with this futures/pre mkt strength thru the day

409.60 the current daily "higher low" support

406.82 the last bit of volume profile support before a vacuum below there

QQQ 5 days, hourly candles Nasdaq futures similar look - broke over the highs from the previous 2 days earlier this AM, tapped hourly overbought RSI, now cooling off 318.67 the pre mkt high

314.80 the after hours high from yesterday, before futures opened

QQQ 3 months, daily candles Attempting to pivot at the top of the breakout area we saw in August, with a small gap up open shaping up today. Daily uptrend was lost here on Monday with the violation of the 8/9 lows so bulls have some work again to get it back. Bears hoping this bounce results in a lower high/then lower low under yesterdays levels, to confirm a new daily downtrend.(resistance)

316.87, 317 the highs from the past 2 days - over both those levels currently as the gap up open takes shape

318.74 the start of the overhead gap

320.54 the daily 12ema (white line) overhead

322.08 fills the open gap

322.57 the 150 day MA

326.84 after that (support)

312.99 the low from yesterday

311.84

309.93

Sept Vix futures 3 months, daily candles Backing down further today, as this gives back about half of this recent bounce

Spot Vix 3months, daily candles Testing the lows from Monday here

$DXY 3 months, daily candles Still trying to decide on further back down against recent multi- decade highs, or a cool off and pivot to higher highs/fresh breakout

https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: +23.40. Nasdaq futures vs fair value: +82.00.The S&P 500 futures are up 24 points and are trading 0.6% above fair value. The Nasdaq 100 futures are up 94 points and are trading 0.6% above fair value. The Dow Jones Industrial Average futures are up 123 points and are trading 0.4% above fair value.

Futures are indicating a higher open after some better-than-expected earnings reports from technology companies. Salesforce Inc (CRM) and NVIDIA (NVDA), though, disappointed with guidance.

Tesla (TSLA) is providing some underlying support, as its shares move up with a 3-for-1 stock split that takes effect today. Other mega cap stocks are sporting gains in premarket action that have also helped the standing of the futures market.

In overseas news, Germany's Q2 GDP was revised higher by ten basis points after the flash reading showed no growth. The Bank of Korea raised its base rate by 25 bps to 2.50%, as expected.

Treasury yields are little changed this morning. The 10-yr note yield is down two basis points to 3.09% while the 2-yr note yield is unchanged at 3.37%. Atlanta Fed President Bostic (not an FOMC voter) said he's not sure the U.S. has reached peak inflation and Kansas City Fed President George (FOMC voter) said more work needs to be done on inflation.

WTI crude oil futures are up 0.2% to $95.13/bbl. Natural gas futures are up 0.2% to $9.35/mmbtu.

Market participants will receive the Q2 GDP second estimate (Briefing.com consensus -0.9%; prior -0.9%), Q2 GDP Deflator second estimate (Briefing.com consensus 8.7%; prior 8.7%), weekly initial jobless claims (Briefing.com consensus 253,000; prior 250,000) and conti8nuing claims (prior 1.437 million) at 8:30 a.m. ET. Weekly natural gas inventories (prior +18 bcf) are out at 10:30 a.m. ET. In corporate news:

  • Snowflake (SNOW 189.39, +29.90, +18.75%): reports Q2 results, beats on revs; raises FY23 product revenue guidance, raises non-GAAP gross margin guidance

  • Salesforce (CRM 167.43, -12.58, -6.99%): beats by $0.16, reports revs in-line; guides OctQ EPS and revs below consensus; guides FY23 EPS and revs below consensus; announces $10 bln share repurchase authorization

  • Splunk (SPLK 99.41, -10.95, -9.92%): beats by $0.44, beats on revs; guides Q3 revs above consensus; guides FY23 revs above consensus

  • Autodesk (ADSK 234.02, +19.59, +9.14%): beats by $0.08, reports revs in-line; guides Q3 (Oct) EPS mostly above consensus, revs above consensus; guides FY23 EPS mostly above consensus, revs in-line

  • NVIDIA (NVDA 166.15, -6.07, -3.52%): misses by $0.01, reports revs in-line; guides Q3 revs below consensus due to a sequential decline in Gaming and Professional Visualization revs as OEMs reduce inventory levels to align with demand

  • Peloton (PTON 11.33, -2.15, -15.95%): misses by $2.91, reports revs in-line; guides Q1 revs below consensus

  • Amazon (AMZN 135.24, +1.44, +1.08%): ticks higher on report it plans to shut down its telehealth offering, according to Washington Post

  • Dollar General (DG 241.90, -5.55, -2.24%): beats by $0.04, reports revs in-line; guides FY23 EPS in-line, revs above consensus

  • NetApp (NTAP 77.77, +4.95, +6.80%): beats by $0.10, beats on revs; guides Q2 EPS in-line, revs in-line; reaffirms FY23 EPS guidance, revs guidance

  • Williams-Sonoma (WSM 165.11, +2.67, +1.64%): beats by $0.37, beats on revs, comps +11.3%; reaffirms its FY22 and long-term financial outlook

  • Dollar Tree (DLTR 153.12, -12.86, -7.75%): misses by $0.02, reports revs in-line; guides Q3 EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs below consensus

  • Tesla (TSLA 303.51, +6.41, +2.16%): 3-for-1 stock split goes into effect today


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