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Market Rap 09/02/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures trades sideways near the top of yesterdays bounce highs, ahead of the August jobs report 395.38 the corresponding futures low

397.67 the corresponding futures high

SPY 3 months, daily candles Gap down open from yesterday was filled following the afternoon bounce/reversal; that came just ahead of the 61.8% fib retrace of the June thru August bounce. Daily downtrend in play, 50 day MA overhead. (support)

390.04 the low from yesterday



378.57 open gap (resistance)

396.78 the high from yesterday

400.77 the 50 day MA

401.24 Wednesdays high



407.13 the daily 12ema

QQQ 5 days, hourly candles Nasdaq futures also trading sideways near the highs from yesterday 298.38 the pre mkt low

300.20 the futures high

QQQ 3 months, daily candles Pulled back a bit further thru the 61.8% retrace of the June-Aug bounce intraday, before seeing a late day bounce to fill the daily gap. Daily downtrend in play, as the weekly timeframe chart continues consolidation. (support)

292.95 the low from yesterday


287.56 open gap (resistance)

299.78 the high from yesterday


305.45 the 50 day MA


307.35 open gap

Sept Vix futures 3 months, daily candles Attempted to confirm the bull flag yesterday, but reversed as it attempted to follow thru Mondays highs. Testing the 25.35 area again currently.

Spot Vix 3 months, daily candles Similar story here - failed to get thru the highs from earlier in the week, now testing the lows from this week. [BRIEFING.COM] S&P futures vs fair value: +1.10. Nasdaq futures vs fair value: -12.40. The S&P 500 futures are up 1 point and are trading slightly above fair value. The Nasdaq 100 futures are down 3 points and are trading slightly below fair value. The Dow Jones Industrial Average futures are up 4 points and are trading slightly above fair value. Market participants lack conviction in the premarket trade with equity futures mixed ahead of the August Jobs Report at 8:30 a.m. ET. Overseas, Chinese tech hub Shenzhen is extending Covid curbs on public activities, but stopped short of a full lockdown, according to Reuters. Energy complex futures are mixed with WTI crude oil futures up 1.7% to $88.09/bbl while natural gas futures are down 3.1% to $8.98/mmbtu. Treasury yields are modestly lower with the 2-yr note yield down six basis points to 3.47%. The 10-yr note yield is down one basis point to 3.25%. The closely watched August Jobs Report includes: Nonfarm Payrolls ( consensus 300,000; prior 528,000), Nonfarm Private Payrolls ( consensus 280,000; prior 471,000), Average Hourly Earnings ( consensus 0.4%; prior 0.5%), Unemployment Rate ( consensus 3.5%; prior 3.5%), and Average Workweek ( consensus 34.6; prior 34.6). At 10:00 a.m. ET, July Factory Orders ( consensus 0.2%; prior 2.0%) will be released. In corporate news:

  • Starbucks (SBUX 85.48, +0.08, +0.09%): confirms Laxman Narasimhan as next CEO, effective April 2023; will be incoming CEO on October 1, 2022

  • lululemon athletica (LULU 322.64, +28.19, +9.57%): beats by $0.34, beats on revs; guides OctQ EPS above consensus, revs above consensus; guides FY23 EPS above consensus, revs above consensus

  • PagerDuty (PD 25.51, +1.41, +5.85%): beats by $0.04, beats on revs; guides Q3 EPS above consensus, revs in-line; guides FY23 EPS above consensus, revs in-line

  • Broadcom (AVGO 502.35, +10.34, +2.10%): beats by $0.18, reports revs in-line; guides OctQ revs above consensus

  • Amazon (AMZN 127.44, -0.38, -0.30%): A labor official believes Amazon (AMZN) union victory at New York location should be upheld, according to The Wall Street Journal

  • Dow (DOW 49.33, -0.63, -1.26%): downgraded to Neutral from Overweight at JP Morgan

  • Smartsheet (SMAR 30.90, +0.08, +0.26%): beats by $0.10, beats on revs; guides Q3 EPS in-line, revs below consensus; guides FY23 EPS above consensus, revs below consensus

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