SPY / QQQ / Vix
SPY 5 days, hourly candles S&P futures attempted to break over yesterdays highs but saw no follow thru; Retraced about half of yesterdays and now attempting to bounce off 5min oversold RSI conditions 374 the pre mkt low
379.77 the corresponding futures high
SPY 3 months, daily candles Saw a break of Tuesdays lows early on, but didn't get very close to filling the 10/3-10/4 gap after that; Then broke Tuesdays highs and closed back above the daily 12ema again (white line). Futures/pre mkt currently trading right in the middle of the range from the past 2 days.(resistance)
379.46 the high from yesterday
381-382ish heavier volume profile resistance comes into play (up to about 386ish)
389.31 the 9/21 high after that (support)
373.48 the daily 12ema
370.95 the low from yesterday
368.55 open gap
359.21
357.04
QQQ 5 days, hourly candles Nasdaq futures similar look - attempted a push thru yesterdays highs straight into a reversal, gave back about half of yesterdays move, currently getting it's 5min oversold RSI bounce underway 279.38 the pre mkt low
284.54 the corresponding futures high
QQQ 3 months, daily candles Got close to filling the 10/3-10/4 gap here but just missed. Then got above the 10/4 high and closed strong. Currently looking to open near the middle of yesterdays range. (resistance)
283.81 the high from yesterday (and filled the small open gap from 9/21-9/22, the day after the last FOMC release)
293.95 9/21 high after that, the high from the last FOMC day (support)
279.97 the daily 12ema
275.42 the low from yesterday
275.16 gap remains open
267.53
267.10
October Vix futures 3 months, daily candles
Pushed under the lows from the past 2 days for a few hours yesterday evening; Then bounced, and currently trading back in the lower range from the past 2 days
Spot Vix 3 months, daily candles
Staying below 30 so far; Inside bar day within yesterdays range currently
$DXY 3 months, daily candles
Dollar testing it's daily 12ema (white line) and the highs from the past couple days; Broad market bulls want to see it fail up there and get turned backed.
https://www.briefing.com/stock-market-update
[BRIEFING.COM] S&P futures vs fair value: -22.00. Nasdaq futures vs fair value: -54.80.The S&P 500 futures are down 19 points and are trading 0.6% below fair value. The Nasdaq 100 futures are down 47 points and are trading 0.5% below fair value. The Dow Jones Industrial Average futures are down 140 points and are trading 0.5% below fair value.
Equity futures indicate a lower open. The market continues to contend with concerns that it has gotten ahead of itself in expecting a Fed policy pivot.
Concerns about the geopolitical scene are in play this morning after the contentious move by OPEC+ to cut production at this time. WTI crude oil futures are down 0.5% to $87.35/bbl. Natural gas futures are up 1.8% to $7.05/mmbtu.
Atlanta Fed President Bostic (non FOMC voter) said he's in favor of getting rates to 4.0%-4.5% by the end of the year and added were "still in the early days of fighting inflation." He added "not so fast" as it relates to the market expecting a rate cut in 2023, according to Bloomberg.
The 2-yr note yield is up three basis points to 4.16% and the 10-yr note yield is up one basis point to 3.77%.
Market participants will receive the weekly Initial Claims (Briefing.com consensus 203,000; prior 193,000) and Continuing Claims (prior 1.347 mln) at 8:30 a.m. ET. The weekly natural gas inventories (prior +103 bcf) will be out at 10:30 a.m. ET.
In corporate news:
Pinterest (PINS 25.86 +1.23 +4.99%): upgraded to Buy from Neutral at Goldman
Twitter (TWTR 50.25 -1.05 -2.05%): still negotiating terms to close deal with Elon Musk, according the The Wall Street Journal; Apollo Global Management (APO), which was looking to provide $1.0 bln for Elon Musk's Twitter buyout, is no longer in talks with Mr. Musk, according to Reuters
Shell plc (SHEL 51.08 -2.94 -5.44%): Q3 profit will be impacted by reduced chemical and oil refining margins and weaker natural gas trading
Eli Lilly (LLY 330.00 -1.78 -0.54%): receives FDA Fast Track designation for tirzepatide for the treatment of adults with obesity, or overweight with weight-related comorbidities
McCormick (MKC 72.99 -0.32 -0.44%): misses by $0.04, reports revs in-line; reaffirms FY22 EPS guidance, revs guidance
Splunk (SPLK 80.01 -3.30 -3.96%): files lawsuit against Cribl, alleging patent infringement, copyright infringement, unfair competition, and other claims
Verizon (VZ 39.31 +0.56 +1.45%): upgraded to Outperform from Perform at Oppenheimer
Constellation Brands (STZ 241.01 +5.06 +2.14%): beats by $0.36, beats on revs; guides FY23 EPS above consensus
Conagra (CAG 34.86 +1.06 +3.14%): beats by $0.05, beats on revs; reaffirms FY23 EPS guidance
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