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Market Rap 11/14/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures consolidating some of Fridays gains 396.20 the pre mkt low

398.94 the after hours high from Friday afternoon

SPY 3 months, daily candles Pushed over the next area of resistance on Friday / over the 150 day MA (orange); into an area where the volume profile gets lighter the higher we go (resistance)

399.35 the high from Friday


407.16 the 200 day MA (purple)

408.46 open gap

411.73 (support)

395.67 the 150 day MA

393.61 the low from Friday


383.05 the daily 12ema (white)

378.23 the 50 day MA (blue)

373.61 the most recent daily "higher low", and spot bulls need to stay anywhere above once daily consolidation begins, to keep the uptrend on this timeframe intact

QQQ 5 days, hourly candles Nasdaq futures similar look, consolidating some of Fridays gains 285.50 the pre mkt low

288.20 the after hours high from Friday

QQQ 3 months, daily candles Pushed over the last month of resistance on Friday, another close above the 50 day MA (blue) (resistance)

288.64 the high from Friday


296.53-296.93 (support)

281.19 the low from Friday

278.72 the 50 day MA

273.85 the 11/10 low and the 12ema (white)

268.56 open gap

263.03 the most recent daily "higher low" on this move, and the spot for bulls to stay anywhere above to defend this new daily uptrend, after daily consolidation of the move begins

(Nov. Vix futures expire tomorrow, onto December) Dec. Vix futures 3 months, daily candles Testing the recent lower end here

Spot Vix 3 months, daily candles Friday saw more downside and a test into the lower 20s zone; Back above Fridays highs here currently, which is interesting considering the mild consolidation the broad market futures have seen. End of last week probably had a lot of expiring crash protection that rolled off post CPI S&P futures vs fair value: -10.30. Nasdaq futures vs fair value: -56.80. The S&P 500 futures are down 10 points and are trading 0.3% below fair value. The Nasdaq 100 futures are down 54 points and are trading 0.5% below fair value. The Dow Jones Industrial Average futures are down 48 points and are trading 0.2% below fair value. There is a negative disposition in the equity futures market this morning that reflects a normal consolidation period coming off a big week. Treasury yields are rising again. The 2-yr note yield is up six basis points to 4.38% and the 10-yr note yield is up seven basis points to 3.88%. Fed Governor Christopher Waller said "we've still got a ways to go" before stopping interest rate hikes, according to Bloomberg. Democrats will keep control of the Senate following wins in Arizona and Nevada. Republicans are likely to have small majority in House once all votes are counted. China is introducing a 16-point plan to support its property market. On a related note, President Xi and President Biden met ahead of the G-20 summit. The U.S. Dollar Index is up 0.6% to 106.91. In corporate news:

  • Bank of America (BAC 38.05, -0.36, -0.94%) : Citigroup downgraded from Neutral to Buy

  • Walt Disney (DIS 95.02, +0.01, +0.01%): plans a targeted hiring freeze and job cuts, according to CNBC

  • Tesla (TSLA 194.30, -1.67, -0.85%) : Elon Musk said "I have too much work on my plate," according to Reuters

  • Advanced Micro Devices (AMD 74.68, +2.31, +3.19%): Baird upgraded to Outperform and UBS upgraded to Buy

  • Teva Pharma (TEVA 9.29, -0.19, -2.00%): JPMorgan downgraded to Underweight from Neutral

  • Hasbro (HAS 59.50, -3.91, -6.17%) : Bank of America downgraded to Underperform from Buy

  • Dentsply Sirona (XRAY 29.24, -2.81, -8.77%): misses by $0.17, misses on revs; guides FY22 EPS in-line, revs below consensus

  • Tyson Foods (TSN 68.02, +0.61, +0.90%): misses by $0.09, beats on revs; guides FY23 revs above consensus

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