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Market Rap 09/16/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles and 15 days, 4 hr candles S&P futures flushed yesterdays lows overnight, with the 4hr RSI now in oversold territory. The sideways action and small bounce the last few hours has the hourly timeframe RSI coming off the deep oversold condition from earlier.


SPY 3 months, daily candles Held the recent 9/6 lows yesterday, setting up for a gap down open under that level this morning. Follow thru under there greatly increases the odds we ultimately go and re-test the June lows. (support)

388.78 the low from yesterday, 388.42 the 9/6 low - trading well under there currently for the gap down open set up

385.39

380.54-380.66

378.57 open gap (resistance)

395.96 the high from yesterday

396.20

QQQ 5 days, hourly candles and 15 days, 4 hr candles Nasdaq futures also flushed under yesterdays lows, 4hr RSI now in oversold territory. Oversold hourly RSI is cooling off pre mkt with this small bounce. 287.41 the futures/pre mkt low

291.82 the after hours high from yesterday before futures opened


QQQ 3 months, daily candles Broke the 9/6 lows here yesterday, following thru today with a gap down open ahead

(support)

289.46 the low from yesterday- trading under there currently for the gap down set up

288.08-288.20 (trading right around there currently)

287.56 small open gap

279.80-280.02

(resistance)

296.53 the high from yesterday

296.93

QQQ 3 months, daily candles Broke the 9/6 lows here yesterday, following thru today with a gap down open ahead (support)

289.46 the low from yesterday- trading under there currently for the gap down set up

288.08-288.20 (trading right around there currently)

287.56 small open gap

279.80-280.02 (resistance)

296.53 the high from yesterday

296.93


Sept Vix futures 3months, daily candles Attempting to push thru recent highs here

Spot Vix 3months, daily candles Testing recent highs here

$DXY 3months, daily candles The dollar's testing recent highs as well

[BRIEFING.COM] S&P futures vs fair value: -47.60. Nasdaq futures vs fair value: -178.80.The S&P 500 futures are down 30 points and are trading 1.2% below fair value. The Nasdaq 100 futures are down 105 points and are trading 1.5% below fair value. The Dow Jones Industrial Average futures are down 209 points and are trading 1.0% below fair value. Equity futures are decidedly weak on this options expiration day following the warning from FedEx (FDX), which piled onto existing concerns about inflation and rate hikes with a backdrop of slowing global growth. Overseas, the UK had weaker-than-expected retail sales in August. Reserve Bank of Australia Governor Lowe said that rates are still too low at this time, adding that he sees "a few" rate hikes in the coming months. South Korea's unemployment rate reached its lowest level in the 23-year history of the series. Separately, the 2-yr note yield is up two basis points to 3.88% and the 10-yr note yield is unchanged at 3.46%. Energy complex futures are mixed ahead of the open. WTI crude oil futures are up 1.1% to $85.98/bbl while natural gas futures are down 1.2% to $8.22/mmbtu. Market participants will receive the preliminary University of Michigan Consumer Sentiment reading (Briefing.com consensus 60.0; prior 58.2) for September at 10:00 a.m. ET and Net Long-Term TIC Flows for July at 4:00 p.m. ET. In corporate news:

  • FedEx (FDX 162.61, -42.26, -20.63%): guides 1Q23 EPS well below consensus and guides Q2 EPS and revenue below consensus, citing global volume softness, particularly due to macroeconomic weakness in Asia and service challenges in Europe; also withdraws FY23 earnings guidance

  • Uber (UBER 31.84, -1.29, -3.89%): lower on security breach news

  • NCR Corp (NCR 24.20, -4.91, -16.87%): to separate into two independent companies

  • Roblox (RBLX 42.78, -0.72, -1.66%): reports August metrics - Daily active users were 59.9 million, up 24% yr/yr

  • Texas Instruments (TXN 163.03, +0.36, +0.22%): raises its quarterly dividend 8% to $1.24/share, payable November 15; authorizes an additional $15 bln for share repurchases

  • Adobe (ADBE 300.55, -8.58, -2.78%):BofA Securities downgrades to Neutral from Buy

  • General Electric (GE 66.00, -2.91, -4.22%): CFO acknowledges that supply chain issues will reduce profit, according to Bloomberg


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