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Market Rap 10/17/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures bounced off the lows from Friday, back into the middle of the days range 362.61 the pre mkt high

356.50 the after hours low from Friday

SPY 3 months, daily candles Friday saw the S&P give back about half of the massive move from Thursday. We'll see how long we chop within that wide range; bulls have a lot of work ahead of them to change the various chart timeframes back in their favor. (resistance)

364.94 the daily 12ema overhead (white line)


370.26 (support)

356.96 the low from Friday

348.11 the Thursday low before the big reversal

QQQ 5 days, hourly candles Nasdaq futures also seeing a bounce off Fridays lows 258.88 the after hours low from Friday

264.69 the pre mkt high

QQQ 3 months, daily candles Fridays action here saw a giveback of more than 50% of Thursdays massive move. The brief attempt to get back above the daily 12ema (white line) failed and we saw a swift reversal.(resistance)

270.24 the daily 12ema

271.81 the high from Friday (support)

260.14 the low from Friday

254.26 Thursdays low before the big reversal

November Vix futures 3 months, daily candles Follow thru lower on Friday to lower levels of volatility were reversed, as the broad market gave back a big chunk of Thursdays gains. Inside bar today so far, within Fridays wide range.

Spot Vix 3 months, daily candles Hanging out above 30 again so wide moves and ranges should be expected in both directions S&P futures vs fair value: +45.30. Nasdaq futures vs fair value: +149.50.The S&P 500 futures are points up 41 and are trading roughly 1.3% above fair value. The Nasdaq 100 futures are points up 145 and are trading 1.4% above fair value. The Dow Jones Industrial Average futures are up 282 points and are trading 1.1% above fair value. Equity futures have a positive disposition this morning after the new UK Finance Minister, Jeremy Hunt, announced a reversal of almost all of the tax measures in the prior "mini-budget." Mr. Hunt added that this will raise GBP 32 billion. This announcement has calmed the currency and UK gilt markets. The 10-yr gilt yield down is down 48 basis points to 3.91%. The US Dollar Index is down 0.3% to 112.99 with GBP/USD +1.0% to 1.1292. The 2-yr note yield is down five basis points to 4.45% and the 10-yr note yield is down six basis points to 3.95%. Morgan Stanley Chief Strategist Wilson said in a note that there's a good opportunity for the S&P 500 to have sizable technical rally, assuming there's no major earnings disappointments or a recession. China reaffirmed its zero coronavirus policy and President Xi added he is aiming to achieve a peaceful unification with Taiwan, but won't rule out use of force. Today's lone economic release is the October Empire State Manufacturing Survey at 8:30 a.m. ET. In corporate news:

  • Apple (AAPL 140.23 +1.85 +1.34%): Morgan Stanley named the stock a top pick in the event of an economic downturn

  • Continental Resources (CLR 74.02 +5.80 +8.50%): to be acquired by the Hamm Family for $74.28 per share

  • Bank of America (BAC 32.63 +0.93 +2.93%): beats by $0.03, beats on revs

  • Fox Corporation (FOXA 29.95 -1.60 -5.07%): forms special committee to begin exploring a potential combination with News Corporation (NWSA); Credit Suisse downgrades to Neutral from Outperform

  • BNY Mellon (BK 40.08 +1.67 +4.35%): beats by $0.13, beats on revs

  • Archaea Energy (LFG 25.85 +8.97 +53.14%): to be acquired by bp (BP) for ~$4.1 bln

  • Goldman Sachs (GS 304.40, +4.41, +1.5%): aiming to combine investment banking and trading units, according to WSJ

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