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Market Rap 08/29/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures continuing the sell off from Friday, gap down open ahead. Hourly RSI has bounced out of deeply oversold territory from yesterday evening (pushed into the 12s), but still oversold, and the 4hr RSI is still oversold also. 400.51 the corresponding futures low

403.46 the corresponding futures high

SPY 3 months, daily candles and 3yr, weekly candles Massive red marubozu candle from Friday, on high volume, which confirmed a new daily downtrend. Weekly consolidation of the big move from mid-June to mid-August in full swing. Weekly 12ema was also breached on Friday. (support)

405.25 the low from Friday - trading well under there currently for the gap down open ahead

398.56 the 50 day MA

398.15

394.05 (resistance)

408-411 starts some heavy volume profile resistance

416.12 the declining daily 12ema

419.96 the high from Friday


QQQ 5 days, hourly candles Nasdaq futures similar look, gap down open ahead; hourly and 4hr RSI bouncing a tad out of deeply oversold territory, but still oversold 302.79 the corresponding futures low

305.48 the corresponding futures high

QQQ 3 months, daily candles and 3yr weekly candles Massive red candle here as well on Friday, confirming a new daily downtrend. Weekly consolidation in full swing with a break of the weekly 12ema, as we explore how much of the mid-June thru mid-August bounce we'll give back. (support)

307.35 the low from Friday, trading well under there currently for the gap down open ahead

303.52 the 50 day MA

302.75

298.46

293.54 (resistance)

305-307 some heavier volume profile resistance

318.53 the declining daily 12ema

321.51 the high from Friday

322 the 150 day MA


September Vix futures 3months, daily candles Big move up here on Friday, thru recent resistance. Seeing follow thru this morning into levels of volatility we last saw in July.

Spot Vix 3 months, daily candles Big move here on Friday, with follow thru today. Back to levels of volatility last seen in late June, early July. With this in the upper 20s, big moves and daily ranges should be expected, both directions.

$DXY 3 months, daily candles Pushed thru to new multi decade highs earlier this AM, but backed off pretty quick. Watching for follow thru, or lack thereof, today.

[BRIEFING.COM] S&P futures vs fair value: -36.20. Nasdaq futures vs fair value: -158.20.The S&P 500 futures are down 35 points and are trading 0.9% below fair value. The Nasdaq 100 futures are down 146 points and are trading 1.2% below fair value. The Dow Jones Industrial Average futures are down 254 points and are trading 0.7% below fair value. A lower open is indicated with carryover momentum from Friday's retreat. Market participants will be eyeing the S&P 500 50-day moving average (4,004) as the selling effort brings the market close to testing that level. Weakness also showed up in overseas markets with major Asian and European indices tracking lower in sympathy with Wall Street. The sentiment shift is rooted in an awareness that Fed Chair Powell tried to drive home the point that the Fed may have to be restrictive for longer to bring down inflation. Also, Bitcoin is back under $20,000, down 0.9% to $19,815. Ethereum is down 2.4% to $1,448. Separately, Iran nuclear deal talks are being extended a few more weeks amid disagreements, according to Bloomberg. WTI crude oil futures are up 0.5% to $93.55/bbl. Treasury yields continue to rise. The 2-yr note yield is up five basis points to 3.45% while the 10-yr note yield is up seven basis points to 3.11%. In corporate news:

  • Netflix (NFLX 220.53, -2.75, -1.23%): mulling $7-9 price tag for ad supported service, according to Bloomberg

  • Catalent (CTLT 90.10, -9.60, -9.63%): beats by $0.04, reports revs in-line; guides FY23 revs below consensus

  • Pinduoduo (PDD 66.44, +8.87, +15.41%): reports Q2 results; beats on EPS and revs


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