Market Rap 08/26/22 by CTG
SPY / QQQ / Vix
SPY 5 days, hourly candles S&P futures cooling off ahead of Powell speech at 10et 417.39 the pre mkt low so far
419.60 the corresponding futures high
SPY 3 months, daily candles Daily bounce underway, pushed back over the daily 12ema, into the overhead gap. Daily uptrend still intact, with a new daily "higher low" set at Wednesdays 411.39 low. (resistance)
419.56 the high from yesterday
421.22 fills the overhead gap
425.26 after that
425.50 small open gap
429.99 the 200 day overhead (support)
418.09 the daily 12ema
414.09 the low from yesterday
411.39 new daily "higher low" set
QQQ 5 days, hourly candles Nasdaq futures also consolidating yesterdays late day move 318.40 the pre mkt low
320.66 the corresponding futures high
QQQ 3 months, daily candles Daily bounce underway here as well, tested the daily 12ema yesterday, into the overhead gap, Daily uptrend was lost here, so once this move tops out, bears could confirm a downtrend on this timeframe by breaking the low from Wednesday of 312.99. Bulls want to see this bounce create more room to find a daily "higher low" above that level. (resistance)
320.54 the daily 12ema (white line)
320.60 the high from yesterday
322.08 fills the overhead gap
322.30 the 150 day MA
326.84 after that
331.43 next (support)
315.76 the low from yesterday
Sept Vix futures 3 months, daily candles About 3/4 of this recent spike was retraced as of yesterday. Trading in the bottom third of yesterdays lows currently.
23.45 the low from yesterday, 23.55 the low from today which we're seeing a bounce from, as the broad market consolidates some of the late day move from yesterday.
Spot Vix 3 months, daily candles Only about half of the recent spike has been retraced here.
Trying to hold up above that daily 12ema that was tested yesterday.
21.77 yesterdays low, inside bar day so far, currently trading in the middle of that range.
https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: -12.20. Nasdaq futures vs fair value: -63.10.The S&P 500 futures are down 11 points and are trading 0.3% below fair value. The Nasdaq 100 futures are down 50 points and are trading 0.5% below fair value. The Dow Jones Industrial Average futures are down 55 points and are trading 0.1% below fair value. Futures are weaker amid nervousness that the moment participants have been waiting for all week is at hand. The July PCE Price Index is out at 8:30 a.m. ET followed by Fed Chair Powell's Jackson Hole symposium speech at 10:00 a.m. ET. Commodity prices are on the rise. WTI crude oil futures are up 1.2% to $93.66/bbl. Natural gas futures are up 1.7% to $9.51/mmbtu. Copper futures are up 1.8% to $3.76/lb. The Treasury market is mixed this morning. The 2-yr note yield is down one basis point to 3.38% while the 10-yr note yield is up four basis points to 3.07%. At 8:30 a.m. ET market participants will receive the July PCE Price Index (Briefing.com consensus 0.1%; prior 1.0%) and core PCE Price Index (Briefing.com consensus 0.3%; prior 0.6%) included in the Personal Income (Briefing.com consensus 0.6%; prior 0.6%) and Spending Report (Briefing.com consensus 0.4%; prior 1.1%). July Advanced Intl. Trade in Goods (prior -$98.2B), Advanced Retail Inventories (prior 2.0%), and Advanced Wholesale Inventories (prior 1.9%) are out at the same time. The August University of Michigan Consumer Sentiment final reading (Briefing.com consensus 55.1; prior 55.1) is out at 10:00 a.m. ET. In news:
Affirm (AFRM 27.07, -4.16, -13.32%): reports Q4 (Jun) results, beats on revs, GMV increased 77% yr/yr; guides Q1 revs below consensus; guides FY23 revs below consensus
Gap (GPS 10.66, +0.65, +6.49%): beats by $0.10, reports revs in-line, comps of -10%; withdraws prior FY23 guidance
Dell (DELL 45.26, -2.64, -5.51%): beats by $0.04, reports revs in-line; notes demand environment has slowed as macro dynamics have become more challenging
Ulta Beauty (ULTA 434.35, +15.10, +3.60%): beats by $0.71, beats on revs, comps of +14.4%; guides FY23 EPS above consensus, revs above consensus, raises FY23 comp guidance
Workday (WDAY 181.00, +18.64, +11.48%): beats by $0.03, beats on revs; reaffirms FY23 subscription revs; reaffirms FY23 revenue guidance
Domo (DOMO 24.06, -4.61, -16.08%): beats by $0.07, misses on revs; guides Q3 EPS above consensus, revs below consensus; guides FY23 EPS above consensus, revs below consensus
Seagen (SGEN 147.53, -16.84, -10.25%): Merck (MRK) discussions to acquire Seagen (SGEN) hit a roadblock over price, according to Bloomberg.
Elastic (ESTC 81.00, -3.98, -4.68%): beats by $0.02, beats on revs; guides OctQ EPS in-line, revs in-line; guides FY23 EPS in-line, reaffirms FY23 revs guidance; also names AWS exec as chief product officer
Marvell (MRVL 53.35, -1.74, -3.16%): beats by $0.01, reports revs in-line; guides OctQ EPS in-line, revs in-line
Electronic Arts (EA 145.50, +17.89, +14.02%): moving on For The Win USA Today report that Amazon (AMZN) is interested in acquiring the company