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Market Rap 11/08/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures hanging out near yesterdays highs, with a couple peeks thru 378.71 the corresponding futures low

381.54 the pre mkt high

SPY 3 months, daily candles The daily bounce continued yesterday, with a push above/close above the daily 12ema (white) and the 50 day MA (blue). (resistance)

380.57 the high from yesterday


390.39 (support)

379.09 the 50 day MA

377.56 the 12ema

375.53 the low from yesterday


QQQ 5 days, hourly candles Nasdaq futures pushed thru yesterdays highs 266.50 the corresponding futures low

269.49 the pre mkt high

QQQ 3 months, daily candles The daily bounce continued here also as it heads up to test the 12ema from below.(resistance)

268.14 the high from yesterday, trading a tad above there currently for the potential gap up open

270.40 that daily 12ema (white)


280.73 the 50 day MA (blue) (support)

263.57 the low from yesterday


Nov. Vix futures 3months, daily candles Still hanging out near recent lows

Vix 3yr, daily candles Hanging out near recent lows, with the RSI at a level we haven't seen in over 3 years, and a spot where historically it gets a decent bounce

XLE 3 year, weekly candles All time high test on deck

$DXY 3 months, daily candles The dollar trying to avoid more downside, holding up at yesterdays lows/recent lows and attempting a bounce

TLT 3 months, daily candles All lower gaps now filled, only the recent lows remain before we push into new multi-decade lows S&P futures vs fair value: +5.30. Nasdaq futures vs fair value: +49.50.The S&P 500 futures are up 5 points and are trading 0.1% above fair value. The Nasdaq 100 futures are up 43 points and are trading 0.4% above fair value. The Dow Jones Industrial Average futures are up 50 points and are trading 0.2% above fair value. Equity futures trade with a positive bias as market participants turn their attention to the midterm elections and previews highlighting a typically positive bias for the market in the 12-month period following a midterm election. The U.S. Dollar Index is modestly higher, up 0.3% to 110.47. Treasury yields are holding steady this morning. The 10-yr note yield is unchanged at 4.21% and the 2-yr note yield is down one basis point to 4.71%. Energy complex futures are moving lower this morning. WTI crude oil futures are down 0.6% to $91.20/bbl and natural gas futures are down 5.1% to $6.88/mmbtu. Economic data today was limited to the October NFIB Small Business Optimism Index, which came in at 91.3 after the prior reading of 92.1 In corporate news:

  • Lyft (LYFT 11.74 -2.40 -16.97%): beats by $0.02, reports revs in-line, adjusted EBITDA of $66.2 mln, ahead of its guidance; guides Q4 revs in-line, guides for adjusted EBITDA of $80-$100 mln; downgraded to In-line from Outperform at Evercore ISI

  • Take-Two (TTWO 89.32 -19.08 -17.60%): reports Q2 (Sep) results, misses on revs; guides Q3 revs in-line; lowers FY23 guidance

  • SolarEdge Technologies (SEDG 234.12 +22.82 +10.80%): misses by $0.53, beats on revs; guides Q4 revs in-line

  • TripAdvisor (TRIP 18.76 -5.04 -21.18%): misses by $0.10, beats on revs, expects a modest sequential slowdown in Q4 revs

  • Five9 (FIVN 41.65 -5.35 -11.38%): beats by $0.04, beats on revs; guides Q4 EPS, revs below consensus

  • DuPont (DD 63.66 +1.92 +3.11%): beats by $0.03, beats on revs; guides FY22 EPS above consensus, revs slightly below consensus

  • Scotts Miracle-Gro (SMG 52.81 +1.10 +2.13%): upgraded to Overweight from Equal Weight at Barclays

  • NVIDIA (NVDA 147.29 +4.28 +2.99%): offered alternative chip to clear export restrictions, according to WSJ.

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