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Market Rap 09/13/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures thru yesterdays highs and still going, ahead of the next CPI report at 8:30 et 413.97 the pre mkt high so far

410.25 the after hours low from yesterday before futures opened

SPY 3months, daily candles Another gap up open shaping up here in pre mkt (unless CPI changes things ahead of the open). 3 gap ups in a row can often be a reversal indicator as things get overheated in the short term. (resistance)

411.73 the high from yesterday, trading above there currently

414.81 the 150 day MA

419.96 (support)

408.46 the low from yesterday

407.51 open gap

403.75 the daily 12ema

402.85 the 50 day MA


400.86 open gap

QQQ 5 days, hourly candles Similar story on Nasdaq futures - thru yesterdays highs 313.13 the pre mkt high

310.66 the after hours low from yesterday before futures opened

QQQ 3 months, daily candles Daily bounce continued yesterday, another gap up open setting up for today, as price gets sucked up thru a light volume profile area. (resistance)

311.08 the high from yesterday, trading above there currently for the gap up open possibility

313ish where the volume profile starts to get heavier

318.44 the 150 day MA

321.51 (support)

308.18 the low from yesterday

307.60 open gap

307.17 the 50 day MA

305.28 the daily 12ema


Sept Vix futures 3 months, daily candles The recent lower end of the range being tested here

Spot Vix 3 months, daily candles Bit of a different look here, a small daily bounce started yesterday - inside bar so far today, likely to pick a direction following the CPI report

$DXY 3 months, daily candles Continues to consolidate, testing some weekly support here at the 107.58 level [BRIEFING.COM] S&P futures vs fair value: +13.00. Nasdaq futures vs fair value: +20.50.The S&P 500 futures are up 29 points and are trading 0.3% above fair value. The Nasdaq 100 futures are up 89 points and are trading 0.2% above fair value. The Dow Jones Industrial Average futures are up 211 points and are trading 0.4% above fair value. Equity futures have a positive disposition thanks to carryover upside momentum and optimism that the August CPI release will support the peak inflation narrative, feeding a view the Fed might cut rates next year. The BofA Global Fund Manager Survey, according to Reuters, showed the highest cash levels since 2001 and record low exposure to global equities, which is acting as a contrarian support factor. A railroad worker strike could begin Friday as two of the largest railroad unions have yet to reach an agreement to avoid a strike; however, it is thought the government will intervene to prevent any outsized economic impact from a possible strike. Treasury yields are pulling back this morning with the 2-yr note yield down four basis points to 3.52% and the 10-yr note yield down four basis points to 3.31%. Energy complex futures are moving higher. WTI crude oil futures are up 1.4% to $88.98/bbl. Natural gas futures are up 1.2% to $8.35/mmbtu. The closely-watched August CPI ( consensus -0.1%; prior 0.0%) and core CPI ( consensus +0.3%; prior +0.3%) are out at 8:30 a.m. ET. In corporate news:

  • Akero Therapeutics (AKRO 23.47, +11.20, +91.28%): In Akero Therapeutics’ Phase 2b HARMONY Study, Both the 50mg and 28mg EFX Doses Achieved Statistical Significance on Primary and Secondary Histology Endpoints after 24 Weeks

  • Peloton (PTON 11.18, +0.13, +1.18%): announces leadership changes, including resignation of Executive Chair John Foley, who co-founded the company; appoints Karen Boone as Chairperson of the Board, who previously served as President and CFO of Restoration Hardware

  • Planet Labs (PL 6.07, +0.65, +11.99%): misses by $0.04, beats on revs; guides Q3 revs in-line; guides FY23 revs above consensus

  • Rent the Runway (RENT 3.7300, -1.20, -24.34%): beats by $0.07, beats on revs; guides Q3 revs below consensus; guides FY23 revs below consensus; announces restructuring plan to reduce costs, including a 24% workforce reduction

  • Oracle (ORCL 78.42, +1.34, +1.74%): misses by $0.04, reports revs in-line; guides Q2 (Nov) adjusted EPS below consensus, revs below consensus largely due to FX headwinds; announces that MySQL HeatWave is now available on AWS

  • Catalyst Pharma (CPRX 16.30, +1.15, +7.59%): will replace Mantech International Corp. (MANT) in the S&P SmallCap 600 effective prior to the opening of trading on September 15

  • Braze (BRZE 41.49, -2.09, -4.80%): beats by $0.04, beats on revs; guides Q3 EPS below consensus, revs in-line; guides FY23 EPS above consensus, revs in-line

  • Twitter (TWTR 41.71, +0.30, +0.72%): Twitter shareholders approve sale to Elon Musk

  • AppLovin (APP 29.27, +0.76, +2.67%): confirms that it does not intend to submit another proposal to combine with Unity Software and has withdrawn its initial proposal

  • Eastman Chemical (EMN 93.94, -0.93, -0.98%): sees Q3 EPS well below consensus

Here's what's expected:

CPI YoY: +8.1%

CPI MoM: -0.1%

Core CPI YoY: +6.1%

Core CPI MoM: +0.3%

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