Market Rap 09/06/22 by CTG
SPY / QQQ / Vix
SPY 5 days, hourly candles S&P futures bounced off the lows from Thurs/Fri 395.98 the pre mtk high
391.93 the after hours low from Friday
SPY 3 months, daily candles The daily bounce got underway Friday, but rejected at the 50 day MA (blue line) and then reversed out all the gains from Thursday also, as it closed near recent lows. If we cant hold above this 61.8% retrace of the recent bounce, the odds of going back to test the June 17th lows becomes much more likely. Daily downtrend in play on this timeframe, as the weekly continues consolidation. (resistance)
401.06 the 50 day MA
401.56 the high from Friday (support)
390.04-390.33 the lows from Thurs/Fri
378.57 open gap
QQQ 5 days, hourly candles Nasdaq futures also bounced off Friday lows 298.20 the pre mkt high
295.06 the after hours low from Friday
QQQ 3 months, daily candles Bouncing around in the 50% to 61.8% retrace area of the recent June to August bounce also. The daily bounce attempt from Thurs/Fri was mostly reversed here as well by the close of the week. Break the lows from Thurs/Fri this week and we'll look for the next leg down. Break the highs from Friday and we'll look for any bounce momentum if we can get back thru the 50 day MA. (resistance)
303.75 the high from Friday
305.65 the 50 day MA (support)
292.95-293.52 the lows from Thurs/Fri
287.56 small open gap
283.22 the 78.6% retrace of the recent bounce
Sept Vix futures 3 months, daily candles Big range on Friday that ultimately closed with an indecision doji candle. Trickling lower to start the week as the broad market bulls attempt their bounce. 26.45 the high from Friday to the upside
24.25 the low from Friday to the downside
Spot Vix 3 months, daily candles Big range and ultimate indecision doji day here Friday as well.
26.28 the high from Friday to the upside, 23.19 the low from Friday to the downside. Trading currently right around where we closed Friday in the mid 20s. Big ranges and movement both directions should be expected.
$DXY 3 months, daily candles King dollar breakout to multi-decade highs continues
https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: +24.00. Nasdaq futures vs fair value: +76.00.The S&P 500 futures are up 24 points and are trading 0.6% above fair value. The Nasdaq 100 futures are up 76 points and are trading 0.6% above fair value. The Dow Jones Industrial Average futures are up 186 points and are trading 0.6% above fair value. Equity futures are positive after last week's selling. There's a lingering feeling the market may be due for a bounce from a short-term oversold condition. There's some central bank news in the mix. The Reserve Bank of Australia raised its cash target rate by 50 basis points to 2.35%, as expected, and said more rate hikes are likely but won't be on a pre-set path. A focal point this week will be the ECB meeting on Thursday and whether the central bank raises its key policy rate by 50 basis points or 75 basis points. According to The Wall Street Journal, Russia has indicated that the shutdown of the Nord Stream 1 pipeline will be long lasting. On a related note, OPEC+ is implementing a small production cut of 100,000 barrels per day. Energy complex futures are trending lower with WTI crude oil futures down 0.2% to $86.68/bbl. Natural gas futures are down 1.4% to $8.66/mmbtu. In corporate news:
Tesla (TSLA 271.28, +1.07, +0.40%): upgraded to outperform from peer perform at Wolfe Research
CVS Health (CVS 99.78, +0.34, +0.34%): Signify Health to be acquired by CVS Health (CVS) for $30.50 per share
Bed Bath & Beyond (BBBY 7.31, -1.32, -15.30%): mourns the loss of CFO; Medical examiner rules death of Bed Bath & Beyond (BBBY) CFO Gustavo Arnal a suicide, according to Reuters.
Digital World Acquisition Corp (DWAC 19.35, -5.64, -22.57%): Truth Social did not get shareholder support from Digital World (DWAC) to extend SPAC deal (SPACS), according to Reuters.