SPY / QQQ / Vix
SPY 5 days, hourly candles and 15 days, 4hr candles S&P futures saw some bounce early this AM that cooled off the deep oversold conditions on that timeframe. The 4hr timeframe never quite got oversold, and could be a 4hr bear flag if bulls cant push above the futures/pre mkt high of 395.99 to negate.
395.99 the futures/pre mkt high
392.84 the corresponding futures low
SPY 3 months, daily candles Massive gap down open yesterday following the hotter than expected CPI report, back under the daily 12ema (white line) and the 50 day MA; as bears push things quickly to a test of the early Sept lows. Tremendous bull defense needed around those levels, or it becomes much more likely we'll eventually re-test the June lows. (support)
391.92 the low from yesterday
390.20
388.42 the 9/6 low
385.39
380.54-380.66
378.57 open gap
370.18-371.04
362.17 the June lows (resistance)
402.11 the daily 12ema back overhead
403.09 50 day MA ditto
403.10 the high from yesterday
QQQ 5 days, hourly candles and 15 days, 4hr candles Similar look here to the S&P but a bit more beaten up - the Nasdaq futures bounce cooled off the extreme hourly oversold RSI from the close yesterday; the 4hr timeframe got close to oversold but never quite got there. Heading back down currently to re-test yesterdays lows, as the hourly RSI clicks back oversold, and the 4hr gets closer. 296 the corresponding futures/pre mkt high
292.96 the pre mkt low so far (and falling)
QQQ 3 months, daily candles Only took a day to get back a week of bounce following the CPI report and big gap down (which was a gap up pre-CPI), 9/6 lows test coming quickly. (support)
292.79 the low from yesterday looking to get tested first thing
290.87 the 9/6 low
288.08-288.20
287.56 open gap
279.80
275.78
269.28 the June lows (resistance)
303.02 the high from yesterday
303.49 the daily 12ema quickly back overhead
307.40 the 50 day MA now much further above
Sept Vix futures awakened and regained a week of pullback in a day, testing recent highs
Spot Vix 3 months, daily candles Bounced and pushed thru the recent 27.45-27.80 tops (28.15 the high from yesterday) but closed below, so some small hope for bulls if it were to fail around there again.
Right back testing the upper end again this morning, as the broad market threatens more downside follow thru.
$DXY 5 days, hourly candles
Massive bounce following the CPI report, regaining about 3 days of pullback in 1 day
https://www.briefing.com/stock-market-update
[BRIEFING.COM] S&P futures vs fair value: -25.20. Nasdaq futures vs fair value: -100.70.The S&P 500 futures are down 6 points and are trading 0.7% below fair value. The Nasdaq 100 futures are down 23 points and are trading 0.8% below fair value. The Dow Jones Industrial Average futures are down 55 points and are trading 0.5% below fair value.
Equity futures are modestly weaker as participants weigh concerns over the Fed raising rates higher than expected for longer than expected and the potential for a hard landing. This comes ahead of another inflation reading out later this morning, the August PPI release.
Overseas, there was some speculation that the Bank of Japan is preparing to intervene in the currency market to slow the yen's depreciation against the dollar.
The MBA Mortgage Application Index fell 1.2% compared to last week. Purchase applications rose 0.2% while refinancing applications fell 4.0%.
Other economic data released today includes August PPI (Briefing.com consensus -0.1%; prior -0.5%) and core PPI (Briefing.com consensus +0.3%; prior +0.2%) at 8:30 a.m. ET and EIA Crude Oil Inventories (prior +8.84 million) at 10:30 a.m. ET.
Treasury yields are on the rise this morning with the 2-yr note yield up seven basis points to 3.83% and the 10-yr note yield up four basis points to 3.46%. The US Dollar Index is down 0.2% to 109.61.
In corporate news:
Warner Bros. Discovery (WBD 12.90, -0.05, -0.39%): lower on report it plans to layoff about 30% of its ad sales employees, according to Deadline
Johnson & Johnson (JNJ 161.83, +0.50, +0.31%): authorized the repurchase of up to $5 billion of the company's common stock; reaffirms its full-year 2022 guidance
Stellantis (STLA 13.61, +0.20, +1.49%): Company and General Motors (GM) to execute a share repurchase transaction
Starbucks (SBUX 89.25, +1.41, +1.61%): provides new growth targets in Reinvention Plan
Raytheon Technologies (RTX 84.30, +0.58, +0.69%): lowers its FY22 free cash flow outlook to account for the impact of certain legislation; reaffirms FY22 sales and EPS guidance
Flowserve (FLS 30.02, -0.77, -2.50%): provides an update on expected Q3 results, disclosing that two events are expected to negatively impact EPS by $0.18-$0.22
Alphabet (GOOG 105.53, +0.22, +0.21%): EU General Court largely confirms the Commission’s decision that Google imposed unlawful restrictions on manufacturers of Android mobile devices and mobile network operators in order to consolidate the dominant position of its search engine
Akero Therapeutics (AKRO 28.70, -0.35, -1.20%): commences $175 mln common stock offering; upgraded to Outperform from In-line at Evercore ISI
Nucor (NUE 129.25, -6.85, -5.03%): sees Q3 earnings below consensus
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