Market Rap 11/09/22 by CTG
SPY / QQQ / Vix
SPY 5 days, hourly candles S&P futures tightening up within yesterdays range 383.29 the corresponding futures high
379.75 the pre mkt low
SPY 3 months, daily candles Pushed up to test the upper end of the recent daily range, before seeing that big pullback yesterday afternoon which tested the 50 day MA and 12ema. Indecision doji candle put in, with those levels being key to see if bears can get any traction to the downside. (resistance)
385.12 the high from yesterday
378.68 the 50 day MA (blue)
378.25 the 12ema (white)
377.72 the low from yesterday
QQQ 5 days, hourly candles Nasdaq futures also tightening up in the middle of yesterdays range 271.33 the corresponding futures high
267.88 the pre mkt low
QQQ 3 months, daily candles Indecision doji candle put in here yesterday also, which has us on watch for a bearish reversal today; considering we closed below the 12ema (white) and there's a downtrend in play on this timeframe, along with the weekly.
An open, and more importantly a close below 269.14 would confirm the reversal. (resistance)
270.26 the 12ema
272.85 the high from yesterday
280.03 the 50 day MA (blue)
265.52 the low from yesterday
Nov. Vix futures 3 months, daily candles Bullish engulf candle here yesterday and attempting to see some follow thru on a daily bounce, after laying dormant the past couple weeks.
Spot Vix 3 months, daily candles This finally woke up some yesterday also. Watching for follow thru over yesterdays highs of 26.16 today.
$DXY 3 months, daily candles Saw a break thru recent daily support yesterday, with no follow thru; Inside bar day so far, on watch for which way that breaks.
TLT 3 months, daily candles Trying to hold up above recent lows, as longer term rates decide if they're going to back off, or take the next leg higher (with TLT taking the next leg lower)
https://www.briefing.com/stock-market-update S&P futures vs fair value: -7.00. Nasdaq futures vs fair value: -3.80.The S&P 500 futures are down 6 points and are trading 0.2% below fair value. The Nasdaq 100 futures are down 8 points and are trading slightly below fair value. The Dow Jones Industrial Average futures are down 95 points and are trading 0.3% below fair value. Equity futures are weaker this morning as investors take some money off the table following midterm election results and ahead of the October Consumer Price index on Thursday. Some races are still too close to call, yet reports indicate the market's expectation of a split Congress leading to a legislative gridlock environment is still the likely outcome. The cryptocurrency market continues to suffer sharp losses, fueling concerns about margin calls contributing to some de-risking efforts. Bitcoin is down 5.3% and Ethereum is down 8.2%. Treasury yields are little changed this morning. The 2-yr note yield is up one basis point to 4.67% and the 10-yr note yield is up one basis point to 4.13%. Energy complex futures are trending lower. WTI crude oil futures are down 1.6% to $87.52/bbl and natural gas futures are down 3.2% to $6.31/mmbtu. The weekly MBA Mortgage Applications Index fell 0.1% following last week's 0.5% decline. Other data releases today include:
10:00 ET: September Wholesale Inventories (prior 1.3%)
10:30 ET: Weekly crude oil inventories (prior -3.12 mln)
In corporate news:
Walt Disney (DIS 92.34 -7.56 -7.57%): misses by $0.26, misses on revs, Disney+ subs increased 39% to 164.2 mln, Parks, Experiences, and Products revenue up 34.5%
Meta Platforms (META 100.80 +4.33 +4.49%): confirms 11K in layoffs across its family of apps and reality labs segments; reaffirms Q4 revenue guidance
Lucid Group (LCID 12.45 -1.05 -7.78%): misses by $0.10, misses on revs; on track for annual production guidance of 6-7K vehicles
Affirm (AFRM 13.93 -1.71 -10.93%): beats by $0.02, reports revs in-line; guides Q2 revs below consensus; guides FY23 revs below consensus
CarGurus (CARG 10.34 -3.42 -24.85%): misses by $0.04, misses on revs; guides Q4 EPS below consensus, revs below consensus
Occidental Petro (OXY 73.59 -1.24 -1.66%): beats by $0.07, beats on revs
D.R. Horton (DHI 71.81 -1.45 -1.98%): misses by $0.46, misses on revs