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Market Rap 11/07/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures testing the highs from Friday 378.85 the pre mkt high so far

372.30 the corresponding futures low, found right after they opened

SPY 3 months, daily candles The reversal doji from Thursday confirmed Friday, as the daily bounce got going and tested the 12ema (white) and the 50 day MA (blue). We're set up to test Fridays highs first thing, with bulls hoping we can see follow thru over those moving averages. (resistance)

377.13 that daily 12ema

378.87 the high from Friday

379.60 the 50 day MA

388.63 after that (support)

370 the low from Friday

368.79 Thursdays low


QQQ 5 days, hourly candles Nasdaq futures also testing the highs from Friday 266.53 the pre mkt high

261.30 the corresponding futures low found right after the Sunday night open

QQQ 3 months, daily candles Bulls trying to play defense and hold up above the years lows from October 13th. Lots of resistance overhead in the context of a daily, and weekly downtrend. (resistance)

266.61 the high from Friday

270.91 the 12ema (white)


281.53 the 50 day MA (support)

259.08 the low from Friday

254.26 that October 13th low bulls want to stay above

Nov Vix futures 3 months, daily candles Big wick lower Friday, followed by a reversal. Inside bar so far today within Fridays wide range. 26.30 to the upside for the bull break, and to get the daily bounce here underway

24.65 the low from Friday for the bear break, and to continue the relentless vol crush we've seen in the 2nd half of October

Spot Vix 3months, daily candles Hanging out around 25 currently, after seeing new recent lows on Friday. Not seeing much clarity here, especially with the recent action where it seems determined to go down no matter what.

$DXY 3 months, daily candles The dollar bears showed up Friday, seeing some continuation of that weakness so far today as we push under Fridays low S&P futures vs fair value: +16.30. Nasdaq futures vs fair value: +37.00.The S&P 500 futures are up 14 points and are trading 0.4% above fair value. The Nasdaq 100 futures are up 36 points and are trading 0.3% above fair value. The Dow Jones Industrial Average futures are up 142 points and are trading 0.5% above fair value. Equity futures are moving higher this morning after Friday's upbeat finish. There is still a growing hope that China will loosen zero-covid related restrictions despite the spokesman for China's Health Commission saying that no changes are being made to the country's coronavirus protocols. The Biden administration privately asked Ukraine to show it is open to negotiations with Russia, according to the Washington Post. Apple (AAPL) is trading down in premarket action following its production warning while Meta Platforms (META) trades up after The Wall Street Journal reported the company is planning large layoffs. Treasury yields are mixed this morning. The 2-yr note yield is up two basis points to 4.69% while the 10-yr note yield is down two basis points to 4.13%. The U.S. Dollar Index is pulling back, down 0.3% to 110.55. Economic data today is limited to the September Consumer Credit report (prior $23.80 bln) at 3:00 p.m. ET. In corporate news:

  • Apple (AAPL 135.65 -2.73 -1.97%): provides update on supply of iPhone 14 Pro and iPhone 14 Pro Max; expects lower iPhone 14 Pro and iPhone 14 Pro Max shipments than previously anticipated

  • Meta Platforms (META 93.38 +2.59 +2.85%): planning large layoffs, according to WSJ.

  • BioNTech (BNTX 150.18 -4.13 -2.68%): beats by €3.56, beats on revs; raises COVID-19 revs outlook

  • Wells Fargo (WFC 47.05 +0.31 +0.66%): is under pressure to pay $1 bln to CFPB, according to Bloomberg.

  • Costco (COST 479.00 -7.41 -1.52%): downgraded to Equal Weight from Overweight at Wells Fargo

  • Palantir Technologies (PLTR 7.86 -0.07 -0.88%): misses by $0.01, reports revs in-line; guides Q4 revs below consensus

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