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Market Rap 09/12/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles" S&P futures over Fridays highs, shaping up for a gap up open 409.53 the pre mkt high

405.79 the after hours low from Friday

SPY 3 months, daily candles and 3yr weekly candles A gap up over the daily 12ema (white line) and 50 day MA (blue line) Friday saw strong follow thru, as the daily downtrend gets broken. Once this bounce tops out the bulls will be looking for a "higher low" anywhere above recent lows, then a pivot to higher highs to confirm a new daily uptrend. The weekly timeframe saw a bullish engulfing candle last week, and push above/close above the weekly 12ema (white line) as the weekly higher low gets set at 388.42. The weekly timeframe would confirm a new weekly uptrend if it could push above the 8/15 high of 431.73. (resistance)

407.51 the high from Friday, trading above that level now for the gap up open set up

410-411ish some heavier volume profile resistance comes into play

415.06 the 150 day MA

419.96 after that (support)

402.46 the low from Friday

402.44 the daily 12ema

402.17 the 50 day MA

400.86 open gap

394.12 after that


QQQ 5 days, hourly candles Nasdaq futures have also pushed over Fridays highs 309.64 the pre mtk high

306.60 the after hours low from Friday

QQQ 3 months, daily candles and 3yr , weekly candles The daily bounce here continues and Friday saw a push and close over the daily 12ema (white line) and 50 day MA (blue line), as the daily downtrend gets broken. Bulls will be looking for a "higher low" and pivot to a "higher high" once this bounce tops out, to get the daily trend back in their favor. Weekly timeframe here also saw a bullish engulfing candle, as it pushes the weekly 12ema (white line) and currently is getting over that level with the gap up open shaping up. (resistance)

307.60 the high from Friday, trading above there currently for the gap up open shaping up

309ish the area where the volume profile starts to thin out, if bulls are able to follow thru here might see a vacuum move higher to next resistance

318.75 the 150 day MA

321.51 (support)

306.56 the 50 day MA

304.28 the daily 12ema

300.52 the low from Friday

295.45 after that


$DXY 3 months, daily candles The dollar back down continues to start the week

TLT 3 months, daily candles Longer term rates starting to back off a tad as well. Potential reversal doji on TLT on Friday - an open, and more importantly a close above 108.33 would confirm.109.52 and then the daily 12ema of 110.37, 110.56 next resistances

with an open "gap" to 111.58 if it could get thru all those levels.

https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: +24.30. Nasdaq futures vs fair value: +82.00.The S&P 500 futures are up 23 points and are trading 0.6% above fair value. The Nasdaq 100 futures are up 84 points and are trading 0.7% above fair value. The Dow Jones Industrial Average futures are up 113 points and are trading 0.3% above fair value. Equity futures indicate a higher open driven by carryover momentum following last week's rebound effort. There's also some hesitation ahead of tomorrow's August CPI report at 8:30 a.m. ET. The White House is expected to tighten restrictions on semiconductor chip exports to China, according to the Reuters. In central bank news, there's some speculation that China will lower its medium-term lending facility rate. European Central Bank policymakers are reportedly preparing to raise the key rate to 2.00% with some lobbying for restrictive policy. ECB policymaker Nagel said that clearer steps will need to be taken if inflation doesn't ease, adding that it could exceed 10.0% at its peak, which is expected in December. Energy complex futures are making upside moves this morning. WTI crude oil futures are up 0.8% to $87.52/bbl. Natural gas futures are up 1.2% to $8.09/mmbtu. The US Dollar Index is down 0.8% to 108.13. The 2-yr Treasury note yield, which reached 3.58% overnight, is down four basis points to 3.53% while the 10-yr note yield is down four basis points to 3.28%. In corporate news:

  • Bristol-Myers (BMY 75.75, +5.59, +7.97%): receives FDA approval for Sotyktu

  • Walt Disney (DIS 115.88, +0.70, +0.61%): activist Dan Loeb reportedly calling off his push to spin off ESPN, according to CNBC

  • Newmont Goldcorp (NEM 44.16, +0.99, +2.29%): initiated with a Buy at Goldman

  • Carvana (CVNA 39.03, +2.41, +6.58%): upgraded to Overweight from Neutral at Piper Sandler

  • iShares Nasdaq Biotech ETF (IBB 128.63, +0.23, +0.18%): President Biden signed executive order to launch a national biotechnology and biomanufacturing initiative


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