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Market Rap 09/26/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures testing the lower range from Friday. The bounce the last hour of Friday cooled down the extreme oversold hourly RSI conditions; The 4hr and 12hr remain oversold. 364.43 the pre mkt low

368.99 the corresponding futures high

SPY 6 months, daily candles Testing the June lows as the daily RSI also starts to push oversold. Playing defense around these levels will be critical for bulls, or they open up the door to another leg lower. (support)

363.29 the low from Friday

362.17 the June 17th low

350.51 is weekly support going back to 11/9/20

335-340ish is the next area where bigger volume profile support comes back in, and that was the pre-Covid high also (resistance)

370.62 the high from Friday

373.44 open gap

QQQ 5 days, hourly candles Nasdaq futures are also consolidating the oversold bounce from the end of day Friday, as bulls try to play defense above those lows/the June lows 273.15 the corresponding futures low

276.33 the futures/pre mkt high

QQQ 6 months, daily candles Heading into the June low test, as the daily RSI starts to click oversold here also (support)

272.02 the low from Friday

269.28 the June 16th low

266.97 some weekly support going back to early Nov. '20

260.11 weekly support from Sept '20

(after that the volume profile really thins out, all the way back to the pre-Covid highs)(resistance)

277.85 the high from Friday

278.82 open gap

October Vix 3months daily candles Big breakout Friday, re-testing those highs from Friday currently

Spot Vix 6 months, daily candles

Breakout thru the 30.18 spike we saw post-FOMC last Wednesday; a push thru Fridays highs happened early this AM, hanging out around Fridays highs currently.

Trading up at the high levels of volatility we saw earlier in May-June of this year - wide ranges and moves both directions should be expected.

$DXY 6 months, daily candles The rocket ride for king dollar continues, breaking things around the world overnight

https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: -20.80. Nasdaq futures vs fair value: -65.50.The S&P 500 futures are down 22 points and are trading 0.6% below fair value. The Nasdaq 100 futures are down 67 points and are trading 0.6% below fair value. The Dow Jones Industrial Average futures are down 173 points and are trading 0.5% below fair value. Equity futures are pointing lower again as a negative mood persists in the market. Rising Treasury yields are keeping pressure on investor sentiment. The 2-yr note yield is up ten basis points to 4.30% and the 10-yr note yield is up ten basis points to 3.79%. The breakdown in the British pound also weighs on investor sentiment this morning, having reached an all-time low earlier of 1.0382 (GBP/USD -0.6% to 1.0786). There are growing calls for the Bank of England to announce an emergency rate hike while British Prime Minister Truss could announce additional tax cuts. The moves in the British pound contribute to the strength in the US Dollar Index, up 0.4% to 113.67. In other overseas news, Germany's September ifo Business Climate reading came in weaker-than-expected at 84.3 (expected 87.0; last 88.6) and Italy's MIB (+0.6%) outperforms after yesterday's general election produced a win for right-leaning parties, putting Giorgia Meloni on track to become prime minister. There is no U.S. economic data of note today. Energy complex futures are making downside moves this morning. WTI crude oil futures are down 0.7% to $78.21/bbl and natural gas futures are down 3.1% to $6.62/mmbtu. In corporate news:

  • Li Auto (LI 24.38, -0.62, -2.48%): lowers Q3 delivery guidance

  • PG&E (PCG 13.13, +0.52, +4.12%): to join S&P 500 prior to the open Oct. 3rd

  • Lyft (LYFT 13.40, -0.59, -4.22%): downgraded to Neutral from Buy at UBS

  • Planet Fitness (PLNT 57.78, +1.90, +3.40%): upgraded to Strong Buy from Mkt Perform at Raymond James

  • Unilever PLC (UL 43.84, -0.01, -0.02%): CEO announces intention to retire at end of next year; upgraded to Buy from Hold at Berenberg

  • Melco Resorts & Entertainment (MLCO 5.84, +0.54, +10.19%); Las Vegas Sands (LVS 37.95, +2.48, +6.99%); Wynn Resorts (WYNN 63.00, +3.35, +5.62%): China will allow Macau tour groups for first time in 3 years, according to Reuters


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