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Market Rap 11/10/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures going sideways in yesterdays lower range, ahead of the next CPI report at 8:30 et 373.95 the after hours low from yesterday, before futures opened

375.80 the pre mkt high

SPY 3 months, daily candles Daily consolidation underway as the reversal doji candle from Tuesday confirms. Break below/close below the 50 day MA (blue) and 12ema (white). (support)

373.61 the low from yesterday

368.79-370 the lows from last week - if bulls fail to play defense above that level, a new daily downtrend gets confirmed (after losing the uptrend on 11/2; QQQ already confirmed a daily downtrend 11/2)

363.54 next major volume profile support area and the candle low from 10/21

356.96 after that (resistance)

377.61 the daily 12ema back overhead

378.19 the 50 day MA

381.14 the high from yesterday

385.12 the last daily "lower high" spot

QQQ 5 days, hourly candles Nasdaq futures also going sideways in yesterdays lower range, ahead of the CPI report at 8:30et 263.08 the after hours ow from yesterday before futures opened

265 the pre mkt low

QQQ 3 months, daily candles Next "lower high" set here yesterday, in the context of the ongoing daily (and weekly) downtrend. Bulls hoping for a defense of the 11/4 low, because after that the last remaining level is the 10/13 lows, before new multi-year lows. (support)

263.03 the low from yesterday

259.08 that 11/4 low

254.26 the 10/13 low (resistance)

268.56 the high from yesterday

269.20 the daily 12ema (white)


279.28 the 50 day MA (blue)

November Vix futures 3 months, daily candles The daily bounce saw follow thru yesterday, up to test the highs reached 11/3, the day after the last FOMC announcement

Spot Vix 3 months, daily candles The daily bounce saw some tepid follow thru yesterday, and seeing a tad more so far today, ahead of the CPI report. Also testing the highs reached 11/3, the day after the FOMC event

$DXY 3 months, daily candles The daily bounce underway here, as this tests it's 12ema (white), with the 50 day MA (blue) slightly higher. Watching today to see if the bounce continues, or peters out around these levels, following the CPI release.

TLT 3 months, daily candles Tightening up sideways the last few days, as it tries to hold up above the recent lows S&P futures vs fair value: +5.80. Nasdaq futures vs fair value: +39.50.The S&P 500 futures are up 6 points and are trading 0.1% above fair value. The Nasdaq 100 futures are up 37 points and are trading 0.4% above fair value. The Dow Jones Industrial Average futures are up 35 points and are trading slightly above fair value. Equity futures are modestly higher this morning. Market participants are trying to recover from yesterday's retreat as focus shifts to the October Consumer Price Index, which is out at 8:30 a.m. ET. There's still some nervousness in play about action in the crypto market, but things have improved in the space since yesterday's panicky selling. Treasury yields are moving lower ahead of the CPI data. The 10-yr note yield is down seven basis points to 4.08% and the 2-yr note yield is down four basis points to 4.60%. The U.S. Dollar Index is up 0.3% to 110.87. In overseas news, China's Politburo Standing Committee has doubled-down on the need to stick with the zero-covid policy. Aside from the Consumer Price Index for October, market participants will receive the following economic data today:

  • 10:30 ET: Weekly natural gas inventories (prior +107 bcf)

  • 14:00 ET: October Treasury Budget (prior -$429.70 bln)

In corporate news:

  • Rivian Automotive (RIVN 30.40, +2.33, +8.30%): beats by $0.26, misses on revs; reiterates 2022 production target

  • Wynn Resorts (WYNN 69.23, +0.95, +1.39%): misses by $0.19, beats on revs

  • Tapestry (TPR 30.50, -0.72, -2.31%): beats by $0.03, reports revs in-line; guides FY23 EPS below consensus, revs below consensus

  • Bumble Inc. (BMBL 17.81, -3.12, -14.91%): beats by $0.06, misses on revs; guides Q4 revs below consensus

  • RingCentral (RNG 32.38, +4.02, +14.17%): beats by $0.04, beats on revs; guides Q4 EPS in-line, revs below consensus

  • Dutch Bros (BROS 30.45, +1.26, +4.32%): beats by $0.01, beats on revs, comps +1.7%; increases FY22 revenue guidance, reaffirms adjusted EBITDA guidance and reaffirms comps

  • Beyond Meat (BYND 11.99, +0.17, +1.44%): misses by $0.45, misses on revs; reaffirms FY22 revs guidance; Positive cash flow and sustainable growth instead of growth above all is the primary focus

  • Coupang (CPNG 18.19, +1.90, +11.66%): reports Q3 (Sep) results, misses on revs

  • Biogen (BIIB 284.28, +1.97, +0.70%): appointed Christopher A. Viehbacher to serve as President and CEO beginning November 14, 2022 "With inflation being the Federal Reserve's biggest worry, October's Consumer Price Index has the potential to rattle markets again today. The headline number, released at 8:30 a.m. ET, is expected to increase 8% Y/Y, compared to 8.2% in September. Meanwhile, core CPI, which strips out the volatile prices of food and energy, is forecast to rise 6.5% Y/Y vs. the 6.6% pace seen in the previous month." CPI and lotsa Fed chatter on deck for today

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