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Market Rap 09/23/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures flushed under yesterdays lows earlier this AM, hourly, 4hr, 12hr timeframe RSI's now lining up oversold as we head for another gap down open 368.87 the pre mkt low

375.68 the corresponding futures high

SPY 6 months, daily candles Barreling towards a test of the June lows; gap down open ahead with hourly/4hr/12hr RSI now all oversold, and the daily timeframe looking to get there after open. (support)

373.44 the low from yesterday - trading well under there currently for the gap down open ahead

371.04 the July 14th lows - also under that level

369.38 open gap from 6/17-6/21 - currently trading right around that area

362.17 the June lows (resistance)

378.30 the high from yesterday

QQQ 5 days, hourly candles Nasdaq futures also saw a big flush under yesterdays lows earlier this AM; hourly/4hr/12hr RSI oversold here as well 275.70 the pre mkt low

281.24 the corresponding futures high

QQQ 6 months, daily candles June lows test in view here also, with the daily RSI setting up to be close/open in oversold territory as well (support)

278.82 the low from yesterday, trading under there as we shape up for the gap down open

275.78 the 6/30 low

269.28 the June lows (resistance)

283.03 the high from yesterday

283.42 open gap

October Vix futures 3 months, daily candles Following spot Vix upwards and finding more highs, trading back to levels we last saw in July

Spot Vix 6 months, daily candles Looking like it wants to push up and test that post-FOMC flash wick spike up into the 30 area

TLT & DXY 6 months, daily candles Interest rates and King Dollar continue the relentless march upwards (TLT keeps finding new lows)

Low 100s from the end of 2013 seems to be the level TLT is racing towards. [BRIEFING.COM] S&P futures vs fair value: -53.50. Nasdaq futures vs fair value: -181.00.The S&P 500 futures are down 53 points and are trading 1.4% below fair value. The Nasdaq 100 futures are down 178 points and are trading 1.6% below fair value. The Dow Jones Industrial Average futures are down 380 points and are trading 1.2% below fair value. Equity futures are decidedly weak as market participants deal with concerns over a hard landing. Aggressive selling in the Treasury market is a major headwind for equities. It's not just the level yields have risen to, but how quickly they've moved up that's concerning. The 2-yr note yield is up 10 basis points to 4.23% (but hit 4.26% earlier) and the 10-yr note yield is up eight basis points to 3.77% (but hit 3.82% earlier). Another factor weighing on investor sentiment this morning is Goldman Sachs cutting its year end price target for the S&P 500 to 3,600 from 4,300. Goldman, though, sees potential downside to 3,150 in the event of a hard landing. Overseas, gilt yields in the U.K. have surged after it was announced that some taxes will be rolled back while spending will increase. Flash Manufacturing and Services PMI readings for the eurozone weakened while the U.K.'s Manufacturing PMI improved slightly. Germany's readings stand out, not only for remaining in contractionary territory, but also for indicating an increased rate of deceleration. WTI crude oil futures are below $81.00/bbl, down 3.5% to $80.55/bbl. Natural gas futures are up 0.5% to $7.12/mmbtu. At 9:45 a.m. ET, market participants will receive the preliminary September IHS Markit Manufacturing PMI (prior 51.5) and IHS Markit Services PMI (prior 43.7) readings. In corporate news:

  • Costco (COST 471.39, -15.78, -3.24%): beats by $0.03, reports revs in-line, adjusted comparable sales increased by 10.4%

  • Boeing (BA 136.00, -2.71, -1.95%): To pay $200 mln to settle SEC charges that it misled investors about the 737 MAX, according to SEC

  • DocuSign (DOCU 52.70, -1.30, -2.41%): appoints Google exec Allan Thygesen as CEO, effective October 10

  • Domino's Pizza (DPZ 319.26, -0.88, -0.27%): upgraded to Outperform from Market Perform at BMO Capital Markets Fed chatter on tap later this afternoon

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