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Market Rap 10/31/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures consolidating hourly overbought conditions, in the upper third of Fridays range 390.28 the after hours high from Friday

386.42 the pre mkt low

SPY 3 months, daily candles Big push thru/close over the 50 day MA, with the next "higher low" found in the context of the daily uptrend. Weekly downtrend still in play. (resistance)

389.52 the high from Friday

395.96-396.20 after that (support)

383.36 the 50 day MA (blue)

379.68 the low from Friday and the new daily "higher low"

376.58 the daily 12ema (white)

QQQ 5 days, hourly candles Nasdaq futures also cooling off hourly overbought conditions, trading in the upper third of Fridays range 282.16 the after hours high from Friday

278.83 the pre mkt low

QQQ 3 months, daily candles Next daily "higher low" set here on Friday, 50 day MA overhead still.

Daily uptrend/weekly downtrend in play. (resistance)

281.70 the high from Friday

283.98-284.60

286.39 the 50 day MA (blue) (support)

275.38 the daily 12ema (white)

272.06 the low from Friday and the new daily "higher low"

266.82

Nov Vix futures 3 months, daily candles The recent vol crush continued in full force on Friday. Coming into levels last seen in early September.

Spot Vix 3 months, daily candles The recent relentless vol slide continued here on Friday as well. Back to trading in the mid 20s, so daily ranges will be tamer than what we got used to when we had the Vix trading in the 30s.

https://www.briefing.com/stock-market-update S&P futures vs fair value: -12.00. Nasdaq futures vs fair value: -52.50.The S&P 500 futures are down 12 points and are trading 0.3% below fair value. The Nasdaq 100 futures are down 52 points and are trading 0.5% below fair value. The Dow Jones Industrial Average futures are down 83 points and are trading 0.2% below fair value. Equity futures are somewhat weak this morning following the recent rally as some profit taking efforts kick in at month end. Market participants are digesting worse than expected economic data from the eurozone, which saw CPI hit an all time high in October of 10.7% year-over-year. Also, China's Manufacturing PMI for October fell to its lowest level since July, slipping back into contraction with a sub-50 reading (49.2). New COVID cases in parts of China are prompting new lockdown measures. Disney's Shanghai theme park suspended operations Monday, according to CNBC, and iPhone production could reportedly be at risk due to COVID cases at the Foxconn manufacturing facility. Treasury yields are inching higher this morning. The 10-yr note yield is up three basis points to 4.04% and the 2-yr note yield is up six basis points to 4.48%. Economic data today is limited to the October Chicago PMI reading (Briefing.com consensus 46.0; prior 45.7), which is out at 9:45 a.m. ET. In corporate news:

  • Apple (AAPL 154.77 -0.97 -0.62%): Foxconn (HNHPF) iPhone production could fall 30% at key factory due to coronavirus outbreak, according to Reuters.

  • Tesla (TSLA 227.65 -0.87 -0.38%): Tesla (TSLA) had talks last year about taking stake in Glencore (GLNCY), according to FT.

  • Credit Suisse (CS 4.0600 +0.13 +3.31%): Credit Suisse (CS) looking towards twenty banks for capital increase, according to Bloomberg.

  • Caterpillar (CAT 217.01 -2.33 -1.06%): UBS downgraded from Neutral to Buy

  • Emerson (EMR 87.48 +0.08 +0.09%): beats by $0.14, reports revs in-line; guides Q1 revs above consensus; guides FY23 revs above consensus; confirms it will sell majority stake in Climate Technologies to Blackstone (BX) in transaction valuing the business at $14.0 billion

  • Howmet Aerospace (HWM 34.06 -2.11 -5.83%): reports EPS in-line, revs in-line; guides Q4 EPS in-line, revs below consensus

  • Global Payments (GPN 120.00 -5.31 -4.24%): reports EPS in-line, beats on revs; reaffirms FY22 EPS guidance




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