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Market Rap 09/20/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures pushed thru yesterdays highs overnight, then fell back into the range 390.30 the corresponding futures high

386.31 the pre mkt low

SPY 3 months, daily candles Held Fridays lows by .07 and then got the daily bounce underway, after pushing thru Fridays highs, nearly filling the gap. Lots of work for bulls to do to start changing the daily chart in their favor, with resistance overhead. (resistance)

388.55 the high from yesterday

388.78 officially fills the gap

395.85 the daily 12ema (white line)

395.96-396.20 (support)



378.57 open gap


QQQ 5 days, hourly candles Nasdaq futures also saw a push thru yesterdays highs overnight, and also pulling back into the range currently 292.89 the corresponding futures high

289.10 the pre mkt low

QQQ 3 months, daily candles Held above Fridays lows after the re-test, and got it's daily bounce underway, with resistance(s) overhead. (resistance)

291.21 the high from yesterday


297.67 the daily 12ema (white line) (support)




October Vix futures 3 months, daily candles Big back off yesterday as the broad market got it's bounce underway. Saw a slight break of yesterdays lows with no follow thru and a move back the other way.

Spot Vix 3 months, daily candles Another back off in the 27-28 area after threatening upside follow thru the past few trading days; The 25-26 area has been providing support as we tighten up ahead of the FOMC tomorrow.

TLT 5 days, hourly candles Testing recent lows/multi-year lows ahead of Powell/FOMC [BRIEFING.COM] S&P futures vs fair value: -16.50. Nasdaq futures vs fair value: -63.80.The S&P 500 futures are down 17 points and are trading 0.4% below fair value. The Nasdaq 100 futures are down 67 points and are trading 0.5% below fair value. The Dow Jones Industrial Average futures are down 114 points and are trading 0.3% below fair value. Equity futures indicate a lower open as Treasury yields tick higher. The 2-yr note yield is climbing towards 4.00%, up four basis points to 3.97%. The 10-yr note yield is back above 3.50%, up seven basis points to 3.54%. In overseas news, Sweden's Riksbank announced a 100-bps rate hike to 1.75%, its largest increase since 1992. Germany's August PPI was a big surprise to the upside at 7.9% month-over-month versus an expected 1.6% month-over-month increase. Japan's August National CPI came in at 3.0% year-over-year following a 2.6% increase in July. The September FOMC meeting starts today and market participants will receive the rate hike decision at 2:00 p.m. ET tomorrow along with an updated summary of economic projections. Later this morning, the August Housing Starts ( consensus 1.448 million; prior 1.446 million) and Building Permits ( consensus 1.610 million; prior 1.674 million) report will be released at 8:30 a.m. ET. In corporate news:

  • Western Digital (WDC 36.05, -0.57, -1.56%): downgraded to Hold from Buy at Deutsche Bank

  • Ford Motor (F 14.30, -0.63, -4.22%): reaffirms FY22 adjusted EBIT of $11.5-12.5 bln; expects Q3 adjusted EBIT of $1.4-1.7 bln; expects 40,000-45,000 vehicles in inventory by end of Q3 lacking parts in short supply

  • NIKE (NKE 104.76, -2.45, -2.29%): downgrade to Equal Weight from Overweight at Barclays

  • Apogee Enterprises (APOG 42.08, +2.73, +6.94%): beats by $0.23, beats on revs; raises FY23 EPS above consensus, revs above consensus

  • Cognex (CGNX 43.30, +1.58, +3.79%): raises its Q3 revenue guidance due to its ability to fulfill customer demand sooner than anticipated

  • Peloton (PTON 10.08, +0.16, +1.61%): unveiled Peloton Row, marking its highly anticipated entry into rowing

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