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Market Rap 10/26/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles The S&P retraced about half of yesterdays big day after hours, following sell offs in GOOG and MSFT on their earnings reports 380.50 the corresponding futures low

383.27 the pre mkt high

SPY 3months, daily candles Strong follow thru yesterday off the new daily trend change, testing the 50 day MA.(resistance)

385.25 the high from yesterday

386.02 the 50 day MA

389.31 after that (support)

378.67 the low from yesterday


371.70 the 12ema (white line)

363.54 the last "higher low" and spot for bulls to stay anywhere above once daily consolidation begins

QQQ 5 days, hourly candles The Nasdaq gave the entire move from yesterday back with how high its weighted to Tech/GOOG/MSFT following poorly received earnings, before getting a futures bounce underway 277.56 the corresponding futures low

280.72 the pre mkt high

QQQ 3 months, daily candles Strong follow thru here yesterday also, after the daily trend change back to bulls. Yesterdays lows looking to get tested first thing though, daily consolidation will begin if they break with follow thru. (resistance)

284.60 the high from yesterday

289.55 the 50 day MA

293.95after that (support)

277.90 the low from yesterday

273.98 the 12ema


266.82 the previous daily "higher low" and spot for bulls to stay anywhere above if daily consolidation does begin

Nov vix futures 3 months, daily candles Big move down here yesterday, with a pretty tepid bounce following the after hours weakness in the broad market

Spot Vix 3 months, daily candles

Big crush down here yesterday thru the 30 level, and testing the lows from early October. Very little bounce to speak of considering the after hours weakness in the broad market. Gravity seems to be catching up here, which would provide a tailwind to this recent equities bounce.

TLT 3 months, daily candles Daily (deep) oversold bounce finally getting underway here

$DXY 3 months, daily candles Testing the lows from early October, pretty big level here [BRIEFING.COM] S&P futures vs fair value: -27.80. Nasdaq futures vs fair value: -196.50.The S&P 500 futures are down 28 points and are trading 0.7% below fair value. The Nasdaq 100 futures are down 198 points and are trading 1.7% below fair value. The Dow Jones Industrial Average futures are down 30 points and are trading 0.1% below fair value. The Nasdaq 100 futures suffer heavy losses, weighed down by Alphabet (GOOG) and Microsoft (MSFT). Things are holding up relatively better for the Dow and S&P 500 futures, which are drawing a measure of support from the notion that the Fed will take a less aggressive rate hike approach after the November meeting due to the emerging signs of an economic slowdown. Treasury yields are moving lower. The 2-yr note yield is down two basis points to 4.45% and the 10-yr note yield is down five basis points to 4.05%. New lockdown measures have reportedly been implemented in Wuhan amid rising Covid cases. In other developments, UK Prime Minister Sunak has delayed the release of the governments fiscal plan to Nov. 17. The weekly MBA Mortgage Applications Index was down 1.7% with purchase applications down 2.0% and refinancing applications down 0.1%. Other data releases today include:

  • 8:30 ET: September advance goods trade deficit (prior -$87.30 bln), September advance Retail Inventories (prior 1.4%), and September advance Wholesale Inventories (prior 1.3%)

  • 10:00 ET: September New Home Sales ( consensus 575,000; prior 685,000)

  • 10:30 ET: Weekly crude oil inventories (prior -1.73 mln)

In corporate news:

  • Alphabet (GOOG 98.46 -6.47 (-6.17%): misses by $0.19, misses on revs; Google Advertising revenue up 2.5%, YouTube ad revenue down 1.8%; Q4 will see similar challenges faced in Q3

  • Microsoft (MSFT 234.50 -16.16 (-6.45%)): beats by $0.04, reports revs in-line; Azure +42% CC, slightly below prior guidance of +43%; guides for total revenues of $52.35-53.35 bln vs. $54.8 bln Capital IQ consensus

  • Chipotle Mexican Grill (CMG 1,569.45 -14.57 (-0.92%): beats by $0.32, reports revs in-line; Expects Q4 comps to be in mid-to-high single digit range

  • Visa (V 198.45 +4.07 (+2.09%): beats by $0.07, beats on revs; announces new buyback, dividend hike

  • Texas Instruments (TXN 153.08 -9.08 (-5.60%): beats by $0.06, beats on revs; guides Q4 EPS below consensus, revs below consensus

  • Mattel (MAT 18.75 -1.02 (-5.16%): beats by $0.08, misses on revs; guides FY22 EPS below consensus

  • Enphase Energy (ENPH 281.03 +15.44 (+5.81%): beats by $0.16, beats on revs; guides Q4 revs above consensus

  • Skechers USA (SKX 30.87 -5.06 (-14.08%): misses by $0.17, beats on revs; guides Q4 revs below consensus

  • Spotify (SPOT 90.80 -6.25 (-6.44%): misses by $0.15, reports revs in-line; guides Q4 revs in-line

  • Boeing (BA 146.31 -0.34 (-0.23%): reports Q3 (Sep) results, misses on revs; revenue and earnings impacted by losses on fixed-price defense development programs; on path to achieving positive free cash flow for 2022

  • Kraft Heinz (KHC 38.37 +1.31 (+3.53%): beats by $0.07, beats on revs

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