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Market Rap 09/29/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures pulled back into the middle of yesterdays range 364 the corresponding futures low

371.17 the after hours high from yesterday before futures opened

SPY 3 months, daily candles SPY started its daily oversold bounce and almost filled the first overhead gap. Bulls will want to see follow thru today for confidence it's not just a daily bear flag. (resistance)

372.30 the high from yesterday

373.44 gap still open

378.05 the declining 12ema (white line) still overhead (support)

362.60 the low from yesterday


358.72 the pre mtk low from yesterday

QQQ 5 days, hourly candles Nasdaq futures also pulled back into the middle of yesterdays range 275.40 the corresponding futures low

280.38 the after hours high from yesterday, before futures opened

QQQ 3 months, daily candles Daily oversold bounce trying to get going here as well, more follow thru needed for any bull confidence (resistance)

281.25 the high from yesterday


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

272.95 the low from yesterday


269.96 the pre mkt low from yesterday

269.28 the June 16th low

October Vix futures 3 months, daily candles Retracing almost half of yesterdays big pull off

Spot Vix 6 months, daily candles Pulled back against the previous May/June highs from earlier in the year. Bulls don't want to see 30 become the new base.

$DXY 3months, daily candles Daily consolidation started yesterday, which was a big component to get the broad market bounce underway

TLT 3 months, daily candles Daily bounce underway here as well, which was another component to help the broad market bounce, as longer term rates backed off some from their new peaks. Heavy volume the past few days that might be starting to signal some short term capitulation in the treasury market. [BRIEFING.COM] S&P futures vs fair value: -27.30. Nasdaq futures vs fair value: -115.80.The S&P 500 futures are down 26 points and are trading 0.8% below fair value. The Nasdaq 100 futures are down 117 points and are trading 1.0% below fair value. The Dow Jones Industrial Average futures are down 153 points and are trading 0.5% below fair value. There's no follow-through from yesterday's rally for equity futures this morning. The 2-yr note yield is up ten basis points to 4.20% and the 10-yr note yield is up 11 basis points to 3.83%. Investor concerns were stoked by British Prime Minister Truss, who defended her economic plan, saying she is willing to make "controversial" decisions to boost growth. This led to renewed selling interest for the UK gilt and British pound. Geopolitical angst has been heightened, too, with Reuters reporting that Russian President Putin will annex 15% of Ukraine (four territories) tomorrow. Reuters also reported that OPEC+ will speak about output reduction at next week's meeting. Energy complex futures are moving higher this morning. WTI crude oil futures are up 0.2% to $82.29/bbl and natural gas futures are up 0.3% to $6.98/mmbtu. Market participants will receive the following economic data today:

  • 8:30 ET: Weekly Initial Claims ( consensus 213,000; prior 213,000), Continuing Claims (prior 1.379 mln), Q2 GDP -- third estimate ( consensus -0.6%; prior -0.6%), and Q2 GDP Deflator -- third estimate ( consensus 8.9%; prior 8.9%)

  • 10:30 ET: Weekly natural gas inventories (prior +103 bcf)

In corporate news:

  • Apple (AAPL 146.62, -3.22, -2.15%): downgraded to Neutral from Buy at BofA Securities; upgraded to Buy from Neutral at Rosenblatt

  • CarMax (KMX 75.92, -10.50, -12.15%): misses by $0.61, misses on revs

  • Vail Resorts (MTN 217.99, +7.70, +3.66%): beats by $0.18, beats on revs

  • Jefferies (JEF 30.20, +0.47, +1.58%): beats by $0.05, beats on revs

  • Amazon (AMZN 117.00, -1.01, -0.86%): announced pay increases for its U.S. front-line employees—a nearly $1 billion investment over the next year

  • PG&E (PCG 12.56, -0.16, -1.26%): files application with California Public Utilities Commission to separate its non-nuclear generation assets into stand-alone subsidiary; also reaffirms FY22 non-GAAP core earnings guidance

  • Bed Bath & Beyond (BBBY 6.20, -0.26, -4.0%): misses by $2.80, reports revs in-line; Net Sales declined 28%

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