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Market Rap 08/31/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures seeing some bounce attempt off yesterdays lows 401.27 the corresponding futures high

397.58 the pre mkt low

SPY 3 months, daily candles Daily downtrend continues with a break of the 50 day MA. We've now retraced about 50% of the bounce from the 6/17 lows to the 8/16 peak. (support)

396 the low from yesterday and first support

389.95 next



378.57 open gap (resistance)

399.93 the 50 day MA back overhead

404.10 the high from yesterday


411.98 the daily 12ema (white line)

QQQ 5 days, hourly candles Nasdaq futures bouncing off yesterdays lows as well 303.75 the corresponding futures high

300.90 the corresponding futures low

QQQ 3 months, daily candles Daily downtrend continues here as well, with a bigger break/close under the 50 day MA.(support) 298.44 the low from yesterday 293.54 288.08 287.56 small gap (resistance) 304.71 the 50 day MA 306.73 the high from yesterday 307.22 314 the daily 12ema

Sept Vix futures 3 months, daily candles Hanging out in the upper end of the recent spike area, daily bull flag look so far

Spot Vix 3 months, daily candles Daily uptrend in play, daily bull flag look so far, as long as 25.13ish holds up. 27.69 the recent high, a push thru there with some follow thru would confirm the bull flag.

$DXY 3 months, daily candles Hanging out near the recent highs still, threatening another breakout to add onto the multi-decade highs we've been seeing [BRIEFING.COM] S&P futures vs fair value: +7.40. Nasdaq futures vs fair value: +65.20.The S&P 500 futures are up 8 points and are trading 0.2% above fair value. The Nasdaq 100 futures are up 73 points and are trading 0.5% above fair value. The Dow Jones Industrial Average futures are down 8 points and are trading slightly above fair value. Equity futures are mixed this morning. Strength in the mega caps is helping performance along with some hope that the market can forge a rebound effort today. In a Wall Street Journal interview, New York Fed President Williams (FOMC voter) said that combating inflation is likely to require lifting the benchmark rate above 3.5% and holding it there for a while. There's also some economic data from overseas in play, including China's Manufacturing PMI coming in stronger than expected but remaining in contraction for the second consecutive month in the August reading. Eurozone's CPI increased 9.1% yr/yr in the flash reading for August, accelerating past its peak from July. Also, Russia halted gas supplies from Europe's key supply route today, as previously indicated, according to Reuters. Amid the aforementioned headlines, energy complex futures trade mixed this morning. WTI crude oil futures are down 2.9% to $88.94/bbl while natural gas futures are up 0.9% to $9.12/mmbtu. The weekly MBA Mortgage Applications Index showed a 3.7% decline following the prior week's 1.2% decrease. Later this morning, market participants will receive the August ADP Employment Change ( consensus 315,000) at 8:15 a.m. ET, August Chicago PMI ( consensus 53.1; prior 52.1) at 9:45 a.m. ET, and weekly EIA Crude Oil Inventories (prior -3.28 million) at 10:30 a.m. ET. In corporate news:

  • Bed Bath & Beyond (BBBY 9.19 -2.92 -24.11%): files common stock offering for an undisclosed amount; sees Q2 revs below consensus; provides outlook and update on strategic changes to strengthen its financial positioning and drive growth

  • HP Inc. (HPQ 28.98, -2.12, -6.82%): beats by $0.01, misses on revs; guides OctQ EPS below consensus

  • Chewy (CHWY 33.14, -4.25, -11.37%): beats by $0.16, reports revs in-line, guides Q3 and FY22 revenue below consensus

  • Ambarella (AMBA 77.60, -6.90, -8.17%): beats by $0.01, reports revs in-line; guides Q3 revs in-line

  • PVH Inc. (PVH 58.69, -4.15, -6.60%): beats by $0.06, misses on revs; guides Q3 EPS below consensus, revs below consensus; guides FY23 EPS below consensus, revs below consensus; announces that Trish Donnelly, head of PVH Americas & Calvin Klein Global, will be leaving; plans to reduce people costs in its global offices by approximately 10%

  • CrowdStrike (CRWD 193.72, +0.43, +0.22%): beats by $0.09, beats on revs; guides OctQ EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus

  • Snap (SNAP 9.27, -0.74, -7.39%): top ad executive Jeremi Gorman vice president of sales for the Americas, Peter Naylor, are leaving to join Netflix; to layoff ~20% of employees, according to The Verge

  • PayPal (PYPL 94.10, +2.30, +2.51%): upgraded to Buy from Neutral at BofA Securities

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