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Market Rap 09/07/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures tested yesterdays lows, saw a slight break with no follow thru, followed by a bounce 388.31 the corresponding futures low

391.96 the pre mkt high

SPY 3 months, daily candles Daily downtrend continues as we flirt with that 61.8% retrace area again (support)

388.42 the low from yesterday



378.57 open gap (resistance)

394.12 the high from yesterday

401.07 the 50 day MA


QQQ 5 days, hourly candles Nasdaq futures also tested yesterdays lows overnight 291.02 the corresponding futures low

294.40 the pre mkt high

QQQ 3 months, daily candles Daily downtrend continues here also, as we fall below that 61.8% retrace area of the June thru Aug bounce (support)

290.87 the low from yesterday


287.56 small open gap

279.80 (resistance)

296.60 the high from yesterday


305.34 the daily 12ema

305.62 the 50 day MA

Sept Vix futures 3 months, daily candles Testing recent highs here but so far unable to get over; If we see a significant push over that recent 27.20 high, it would be accompanied by the next whoosh lower in the broad market

Spot Vix 3 months, daily candles Similar look here, testing recent highs in that 27-28 zone

TLT 1 year, daily candles New lows here yesterday as longer term rates surge back thru multi-year highs. Daily RSI approaching oversold territory soon if the selling keeps up.

$DXY 15years, monthly candles Multi decade breakout on king dollar [BRIEFING.COM] S&P futures vs fair value: +1.60. Nasdaq futures vs fair value: -12.00.The S&P 500 futures are up 1 point and are trading in-line with fair value. The Nasdaq 100 futures are down 7 points and are trading slightly below fair value. The Dow Jones Industrial Average futures are up 6 points and are trading slightly above fair value. Equity futures are mixed and little changed. There's a lingering feeling the market is oversold on a short-term basis after the Nasdaq closed down for the seventh consecutive session. The US dollar continues to run with the US Dollar Index up 0.4% to 110.70 while the yen keeps weakening (USD/JPY +1.5% to 144.87). Meanwhile, China Securities Times pushed back against concerns regarding the yuan's fall to 7.0000 per dollar. On a related note, China's trade surplus missed August expectations due to below-consensus growth in imports and exports. In other overseas news, Russia's President Putin warned that oil and gas contracts will not be respected if prices are capped. Richmond Fed President Barkin (not an FOMC voter) said in an interview that rates must remain high until easing of inflation. The Wall Street Journal reported that the Fed is on track to raise interest rates by 75 basis points at the September meeting. This come ahead of the ECB meeting on tomorrow, which participants are closely watching to see if the central bank raises its key policy rate by 50 basis points or 75 basis points. Treasury yields are modestly lower with the 2-yr note yield down two basis points to 3.49% while the 10-yr note yield is down one basis point to 3.33%. Also, the weekly MBA Mortgage Applications Index showed a 0.8% decline compared to last week's 3.7% decline. In corporate news:

  • Apple (AAPL 155.05, +0.52, +0.34%) will unveil new iPhones, Apple Watches, and other products at event today at 13:00 ET

  • Target (TGT 163.00, -0.58, -0.35%) announces Brian Cornell plans to remain on as CEO for approx. three more years; chief supply chain and logistics officer to retire

  • Newell Brands (NWL 16.30, -0.78, -4.57%): lowers Q3 and FY22 EPS and revenue guidance below consensus due to greater than expected pullback in retailer orders

  • Coupa Software (COUP 62.54, +6.72, +12.04%): beats by $0.11, beats on revs; guides OctQ EPS above consensus, revs below consensus; guides FY23 EPS above consensus, revs in-line; also announces a $100 mln share repurchase program

  • NIO (NIO 16.12, -0.99, -5.79%): beats by CNY0.03, beats on revs; guides Q3 revs below consensus

  • Guidewire Software (GWRE 66.50, -0.69, -1.03%): beats by $0.04, beats on revs; guides OctQ revs above consensus; guides FY23 mid-point of revs above consensus

  • UiPath (PATH 12.14, -3.45, -22.13%): beats by $0.09, beats on revs; guides OctQ revs below consensus; guides FY23 revs below consensus

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