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Market Rap 08/30/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures briefly pushed thru yesterdays highs; Currently trading right around there, which is near the same area we closed at on Friday 406.73 the corresponding pre mkt high

402.42 the after hours low, before futures opened

SPY 3months, daily candles Yesterdays gap down open sell off stopped short of touching the 50 day MA, and bounced and filled the gap. Daily downtrend in play/weekly consolidation underway. (support)

401.20 the low from yesterday

399.28 the 50 day MA


389.95 (resistance)

405.84 the high from yesterday

411.98 the daily 12ema back overhead

417.53 the 150 day MA

419.96 after that

QQQ 5 days, hourly candles Nasdaq futures pushing thru yesterdays bounce highs; trading a tad above there currently 308.39 the pre mkt high

304.08 the after hours low from yesterday, before futures opened

QQQ 3 months, daily candles Yesterdays gap down open to start the week pierced thru the 50 day MA by a tad, before bouncing and coming just short of filling the gap. Daily downtrend in play/weekly consolidation underway. (support)

304.18 the 50 day MA (blue line)

303.28 the low from yesterday

298.46 next

293.54 after that (resistance)

307.22 the high from yesterday

307.35 officially fills the gap

316.36 the daily 12ema back overhead

321.51 after that

321.68 the 150 day MA

Sept Vix futures 3 months, daily candles The big spike from Friday/Monday cooling off some. Watching for how much of this spike gets retraced/and how quickly.

Spot Vix 3 months, daily candles The spike here into the upper 20s is easing back some also, as the broad market gets it's short term oversold bounce going. Mid 20s Vix should still have us expecting wider daily ranges, both directions, compared to what we got used to the past month.

$DXY 3 months, daily candles Starting to break under yesterdays lows now; the spike yesterday to new multi-decade highs so far is seeing no follow thru. [BRIEFING.COM] S&P futures vs fair value: +26.20. Nasdaq futures vs fair value: +99.80.The S&P 500 futures are up 26 points and are trading 0.6% above fair value. The Nasdaq 100 futures are up 108 points and are trading 0.8% above fair value. The Dow Jones Industrial Average futures are up 176 points and are trading 0.6% above fair value. Equity futures indicate a higher open in a reflective rebound following losses in the last two sessions. Bloomberg is reporting that the EU is set to meet its gas storage filling goal two months ahead of target. European Commission President von der Leyen said that an emergency intervention is being planned to rein in energy prices. Energy complex futures are trending lower amid the aforementioned macro headlines as well as an understanding that Shenzhen is imposing COVID restrictions. WTI crude oil futures are down 3.0% to $94.03/bbl. Natural gas futures are down 1.1% to $9.23/mmbtu. Unleaded gasoline futures are down 3.6% to $2.61/gal. Treasury yields are drifting lower. The 2-yr note yield is down one basis point to 3.42% while the 10-yr note yield is down four basis points to 3.06%. Market participants will receive the June FHFA Housing Price Index (prior 1.4%) and June S&P Case-Shiller Home Price Index ( consensus 19.0%; prior 20.5%) at 9:00 a.m. ET. The August Consumer Confidence reading ( consensus 97.4; prior 95.7) and July JOLTS Job Openings (prior 10.698 million) at 10:00 a.m. ET. In corporate news:

  • Twitter (TWTR 39.67, -0.37, -0.92%): Elon Musk files amended 13D disclosing letter sent Aug 29 to provide an additional notice of termination of the Agreement and Plan of Merger by and among the Musk Parties and Twitter

  • Big Lots (BIG 22.04, +0.49, +2.27%): beats by $0.19, reports revs in-line

  • First Solar (FSLR 124.10, +2.41, +1.98%): to invest up to $1.2 bln scaling production of American-made responsible solar by 4.4 GW

  • Best Buy (BBY 75.74, +2.04, +2.77%): beats by $0.25, reports revs in-line; Q2 comps -12.1%; provides Q3 and FY23 guidance for comps

  • Baidu (BIDU 152.88, +5.56, +3.77%): beats by CNY4.96, beats on revs

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