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Market Rap 09/01/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures broke yesterdays lows and took the next leg lower overnight; Seeing it's hourly/4hr oversold bounce now, and closing some of the gap down open that's shaping up 391.82 the pre mkt low

395.73 the after hours high from yesterday, before futures opened

SPY 3 months, daily candles (with fibonacci retracement levels from the June lows thru the Aug peak) Another close under the 50 day MA as the daily downtrend continues. We've now retraced over 50% of the recent bounce. (support)

395.04 the low from yesterday, trading under there currently for the gap down open shaping up

389.95

388.74 the 61.8% retrace level of the recent bounce (resistance)

400.33 the 50 day MA

401.24 the high from yesterday

404.10

405.84

QQQ 5 days, hourly candles Nasdaq futures also took the next leg lower overnight 295.39 the pre mkt low

299.95 the after hours low from yesterday, before futures opened

QQQ 3 months, daily candles (with fibonacci retracement levels from the June lows thru the Aug peak) More than 50% of the recent bounce has been retraced here as well, as the daily downtrend continues. (support)

298.44-299.16 the lows from the past 2 days - under those levels currently as we shape up for another gap down open

294.16 is the 61.8% retrace of the recent bounce

293.54

291.47 (resistance)

304.91 the high from yesterday

305.07 the 50 day MA

306.73-307.22

307.35 open gap

Sept Vix 3 months, daily candles Still hanging out near the recent highs, and threatening a bull flag look;

27.15 break to the upside needed for confirmation

25.35 break to the downside needed to negate

Spot Vix 3 months, daily candles Similar story here, potential daily bull flag;

27.69 with some follow thru to the upside confirms

25.13 with some follow thru to the downside negates

$DXY 3 months, daily candles The dollar's testing recent highs/and threatening a breakout thru recent multi-decade highs

https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: -14.40. Nasdaq futures vs fair value: -71.70.The S&P 500 futures are down 13 points and are trading 0.4% below fair value. The Nasdaq 100 futures are down 63 points and are trading 0.6% below fair value. The Dow Jones Industrial Average futures are down 61 points and are trading 0.2% below fair value. General concerns about slowing growth, rate hikes, and inflation are fueling carryover negativity from recent sessions. Weakness this morning comes after several days of trying to stage a rebound that then gets sold into. Some macro headlines this morning add fuel to the existing concerns, including news that China locked down Chengdu (21.2 million population) for COVID testing. China also had a weak August Caixin Manufacturing PMI, which came in below 50.0 indicating contraction. In Europe, August Manufacturing PMI from Germany, the UK, France, Spain, and the Eurozone all showed contraction with below-50.0 readings. Sentiment is also pressured by news that the US government will restrict sales of semiconductors to Russia and China, bringing down some semiconductor names in premarket action. Energy complex futures are trending lower. WTI crude oil futures are down 1.4% to $88.26/bbl. Natural gas futures are down 0.4% to $9.09/mmbtu. In corporate news:

  • NVIDIA (NVDA 144.42, -6.52, -4.32%): US govt informs NVIDIA that it has imposed a new license requirement for sales of A100 and H100 chips to China and Russia

  • Advanced Micro (AMD 82.60, -2.27, -2.67%) : spokesperson says US told the company to stop selling artificial intelligence chip in China.

  • Signet Jewelers (SIG 68.00, +2.63, +4.02%): beats by $0.09, reports revs in-line; guides Q3 revs in-line; guides FY23 EPS above consensus, revs below consensus

  • Five Below (FIVE 132.20, +4.32, +3.38%): misses by $0.04, misses on revs; comps -5.8%; guides Q3 EPS and revs below consensus; guides FY23 EPS and revs below consensus

  • C3.ai (AI 15.35, -2.65, -14.72%): beats by $0.12, misses on revs; guides OctQ and FY23 revs below consensus, says its customers are scrutinizing big deals as never before

  • Okta (OKTA 76.69, -14.71, -16.09%): beats by $0.20, beats on revs; guides Q3 (Oct) EPS above consensus, revs in-line; guides FY23 EPS above consensus, revs in-line

  • MicroStrategy (MSTR 226.00, -5.56, -2.40%): Washington DC AG Karl Racine tweets "NEW: Today, we’re suing Michael Saylor (MSTR Executive Chairman) - a billionaire tech executive who has lived in the District for more than a decade but has never paid any DC income taxes - for tax fraud"

  • Veeva Systems (VEEV 173.26, -26.06, -13.07%): beats by $0.02, reports revs in-line; guides Q3 EPS in-line, revs below consensus; guides FY23 EPS above consensus, revs below consensus

  • MongoDB (MDB 267.10, -55.76, -17.27%): beats by $0.05, beats on revs; guides Q3 EPS below consensus, revs above consensus; guides FY23 EPS below consensus, revs above consensus

  • Ciena (CIEN 45.09, -5.65, -11.14%): misses by $0.01, misses on revs


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