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Market Rap 09/08/22 by CTG

SPY / QQQ / VIX SPY 5 days, hourly candles S&P futures trading sideways near the highs from yesterday 399.50 the corresponding futures high

396.81 the pre mkt low

SPY 3 months, daily candles Bulls playing defense above the 61.8% retrace of the recent bounce. Daily bounce underway with the 50 day MA and daily 12ema overhead. Need to get over the highs from last Friday to break the daily downtrend. (resistance)

398.59 the high from yesterday

401.25 the 50 day MA (blue line)

401.56 last Fridays high

401.92 the daily 12ema (white line)

405.84 after that (support)

390.20 the low from yesterday


QQQ 5 days, hourly candles Nasdaq futures trading sideways in yesterdays upper range 300.33 the corresponding futures high

298.09 the pre mkt low

QQQ 3 months, daily candles Bulls got back above the 61.8% retrace of the recent bounce here yesterday, after breaking it to the downside on Tuesday. Resistances overhead with the daily downtrend in play.(resistance)

299.99 the high from yesterday

303.75 last Fridays high

304.36 the daily 12ema

305.75 the 50 day MA

307.22 after that (support)

293.27 the low from yesterday


Sept Vix futures 3 months, daily candles A big move lower yesterday, after another rejection right at the 27.20 recent high. Trading sideways in the bottom range of yesterdays price action since yesterdays close.

Spot Vix 3 months, daily candles Rejected in the upper end of the range from the past couple weeks here also

$DXY 3 months, daily candles The dollar finally cooling off some yesterday/today [BRIEFING.COM] S&P futures vs fair value: -2.00. Nasdaq futures vs fair value: -23.00. The S&P 500 futures are down 2 point and are trading in-line with fair value. The Nasdaq 100 futures are down 18 points and are trading 0.2% below fair value. The Dow Jones Industrial Average futures are up 4 points and are trading slightly above fair value. Equity futures are not doing much this morning. It's a bit of a wait-and-see trade with market participants looking to see if the market can build on yesterday's gain. Participants also await the ECB decision and Fed Chair Powell's discussion at the Cato Institute’s 40th Annual Monetary Conference later this morning. In overseas news, British Prime Minister Truss announced that a fracking ban will be lifted and that household energy bills will be limited to GBP2,500 per annum for the next two years. Japan's Q2 GDP was better-than-expected at 3.5% year-over-year from the last reading of 2.2% year-over-year. Japan's deputy chief cabinet secretary said that the yen's movement is being watched with a strong sense of urgency. USD/JPY -0.2% to 143.46. Energy complex futures are mixed after yesterday's sell-off. WTI crude oil futures are up 0.2% to $82.06/bbl. Natural gas futures are down 0.2% to $7.82/mmbtu. Treasury yields are lower this morning. The 2-yr note yield is down four basis points to 3.41% while the 10-yr note yield is down five basis points to 3.22%. In corporate news:

  • McCormick (MKC 79.46, -5.54, -6.52%): guides Q3 (Aug) EPS and revs below consensus and trims its FY22 outlook due to inflationary pressures resulting in higher price elasticity than expected as well as ongoing supply chain disruptions

  • American Eagle (AEO 10.06, -1.53, -13.20%): misses by $0.10, reports revs in-line; will pause dividend; plans to cut expenses and cap-ex

  • GameStop (GME 25.60, +1.56, +6.49%): beats by $0.07, misses on revs; enters into partnership with FTX, making company FTX's preferred retail partner in the U.S.

  • Casey's General (CASY 217.90, -3.50, -1.58%): beats by $0.41, reports revs in-line, inside comps +6.3%, fuel gallons comps -2.3%; reaffirms FY23 outlook of +4-6% inside comps and fuel gallons comps of flat to +2%

  • Asana (ASAN 23.54, +4.50, +23.63%): beats by $0.05, beats on revs; guides Q3 EPS in-line, revs above consensus; guides FY23 revs above consensus; expects to reach free cash flow positive before the end of CY24

  • Advanced Micro (AMD 80.44, +0.83, +1.04%): initiated with a Buy at Stifel

  • First Solar (FSLR 139.24, +4.44, +3.29%): upgraded to Buy from Sell at Goldman Sachs

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