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Market Rap 09/15/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures traded within yesterdays range 395.89 the corresponding futures/pre mkt high

393.41 the pre mkt low

SPY 3 months, daily candles Indecision doji candle yesterday, some hope for the bulls if they can open/close over 394.60; even better if they can get over yesterdays high of 396.20 in order to set the new daily "higher low" at yesterdays low of 391.12 (support)

391.12 the low from yesterday




378.57 open gap (resistance)

396.20 the high from yesterday

400.96 the daily 12ema (white line)


403.34 the 50 day MA

QQQ 5 days, hourly candles| Nasdaq futures tightening up within yesterdays range 297.27 the corresponding futures high

294.63 the pre mkt low

QQQ 3 months, daily candles Held up at Tuesdays low, inside bar day yesterday - as bulls try to play defense against the recent 9/6 low. (support)

293.06 yesterdays low

292.79 Tuesdays low

290.87 the 9/6 low


287.56 small open gap

279.80 (resistance)

296.93 the high from yesterday

302.35 the daily 12ema overhead (white line)


Sept Vix futures 3 months, daily candles Another back off yesterday at the recent highs from Sept around that 27.20 level. A break lower today saw no follow thru and a move back the other way; potential bull flag look if that 25.85 low from earlier this AM holds up after the open.

Spot Vix 3 months, daily candles Slow drain the past couple days (after the big spike thru recent resistance saw no follow thru) as the market traded sideways in a pretty tight range - too tight for a Vix above 25. Market is Closed [BRIEFING.COM] S&P futures vs fair value: -25.50. Nasdaq futures vs fair value: -116.60. The S&P 500 futures are down 7 points and are trading 0.7% below fair value. The Nasdaq 100 futures are down 43 points and are trading 0.9% below fair value. The Dow Jones Industrial Average futures are down 4 points and are trading 0.3% below fair value. Equity futures are mixed and little changed this morning. Market participants are in wait-and-see mode in front of a heavy slate of economic data this morning that includes August Retail Sales and weekly initial jobless claims. Reports indicate that rail companies and unions came to a tentative agreement to avoid a strike that would have begun at midnight tonight. In central bank news, the PBOC left its key interest rates unchanged. European Central Bank policymaker De Guindos acknowledged that price pressures in the eurozone have continued strengthening and broadening while policymaker Kazaks said that rates may have to continue rising after February to get inflation back to the 2.0% target. Treasury yields are on the rise with the 2-yr note yield up six basis points to 3.83% and the 10-yr note yield up three basis points to 3.45%. Energy complex futures are making downside moves. WTI crude oil futures are down 1.1% to $87.49/bbl. Natural gas futures are down 6.1% to $8.56/mmbtu. In corporate news:

  • CSX (CSX 32.30, +1.07, +3.43%); Union Pacific (UNP 226.99, +9.04, +4.15%); Norfolk Southern (NSC 245.50, +7.46, +3.13%): US Department of Labor says rail companies, unions came to tentative pact, according to Bloomberg TV; separately, CSX announced a new CEO

  • Okta (OKTA 61.37, +0.57, +0.94%): initiated with a Buy at Jefferies

  • Netflix (NFLX 229.24, +5.12, +2.28%): upgraded to Outperform from In Line at Evercore ISI

  • Humana (HUM 476.85, +18.00, +3.92%): raises FY22 EPS guidance, introduces mid-term adjusted EPS target of $37.00 for FY25

  • Southwest Air (LUV 38.00, -0.03, -0.08%): provides Q3 guidance update; narrows operating revs; Operating revenue compared with 2019: Up 9% to 11% vs Up 8% to 12% prior

  • Danaher (DHR 291.88, +10.15, +3.60%): to separate its Environmental & Applied Solutions segment to create an independent, publicly traded company

  • Arconic (ARNC 23.50, -1.98, -7.77%): lowers FY22 revenue and adjusted EBITDA guidance to reflect the impact of operational issues and the combination of demand declines and higher unhedged energy costs in Europe

  • APA Corp. (APA 42.50, +0.76, +1.82%): doubles quarterly dividend to $0.25/sh and increases share buyback authorization by 40 mln shares

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