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Market Rap 09/19/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures broke the lows from Friday, with no follow thru so far 381.50 the pre mkt lows

388 the after hours peak from Friday

SPY 3 months, daily candles and 3yr, weekly candles Big gap down under recent support/failure by bulls to set a "higher low" above the 9/6 low. Pushing lower to re-test levels last seen in June/July. Bearish engulfing candle on the weekly timeframe, completely "engulfing" the bullish engulfing candle from the week before.(support)

382.11 the low from Friday looks to get tested first thing


378.57 open gap

371.04 after that (resistance)

386.25 the high from Friday

388.78 fills the open gap


QQQ 5 days, hourly candles Nasdaq futures also broke the low from Friday, with no follow thru so far 285.50 the pre mkt low

290.65 the after hours highs from Friday

QQQ 3 months, daily candles and 3yr, weekly candles Follow thru under the 9/6 lows here, heading into the test of levels from June/July. Bearish engulfing candle on the weekly timeframe here also, completely "engulfing" the bullish one we saw the prior week. (support)

285.62 the low from Friday


275.78-276.75 (resistance)

289.72 the high from Friday

296.53-296.93 after that

(Sept Vix futures expires tomorrow, moving onto the October Vix contract) October Vix futures 3months, daily candles Testing recent highs

Spot Vix 3months, daily candles Testing recent highs

$DXY 3months, daily candles Testing recent highs [BRIEFING.COM] S&P futures vs fair value: -34.50. Nasdaq futures vs fair value: -117.50.The S&P 500 futures are down 34 points and are trading 0.9% below fair value. The Nasdaq 100 futures are down 118 points and are trading 1.0% below fair value. The Dow Jones Industrial Average futures are down 264 points and are trading 0.8% below fair value. Equity futures indicate a lower open driven by carryover downside momentum and rising Treasury yields, which continue to pressure investor sentiment. The 2-yr note yield is up seven basis points to 3.92% and the 10-yr note yield is up five basis points to 3.50%. The former is the highest since 2007 while the latter is the highest since 2011. There's likely an element of geopolitical angst in play this morning, too, after President Biden said during a weekend interview that the U.S. military would defend Taiwan in the event of an invasion by China. Market participants also await the September 20-21 FOMC meeting and rate hike decision this week. Economic data today is limited to the September NAHB Housing Market Index ( consensus 48; prior 49) at 10:00 a.m. ET. Energy complex futures are making downside moves. WTI crude oil futures are down 2.8% to $82.77/bbl and natural gas futures are down 4.0% to $7.45/mmbtu. In corporate news:

  • Adobe (ADBE 294.90, -4.60, -1.54%): downgraded to Equal Weight from Overweight at Wells Fargo

  • AutoZone (AZO 2,210.00, +44.35, +2.05%): beats by $1.89, beats on revs

  • Purple Innovation (PRPL 3.7300, +0.94, +33.69%): confirms it received an unsolicited, non-binding proposal from Coliseum Capital Management to acquire all of the outstanding capital stock of Purple for $4.35 per share

  • Bluebirdbio (BLUE 6.74, +0.40, +6.31%): receives FDA accelerated approval for SKYSONA Gene Therapy

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