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Market Rap 11/15/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures recovering a lot of yesterdays late afternoon drop 394.98 the after hours low from yesterday before futures opened

399.12 the pre mkt high so far

SPY 3 months, daily candles An attempt to push thru Fridays high was turned back, with a close right around the 150 day MA (orange). (resistance)

400.18 the high from yesterday


406.92 the 200 day MA (purple)

408.46 open gap

411.73 (support)

395.37 the 150 day MA

394.83 the low from yesterday

393.61 Fridays low

385.75 the daily 12ema (white)

381.14 open gap

378.28 the 50 day MA (blue)

373.61 the most recent daily "higher low" and spot for bulls to stay anywhere above, once daily consolidation of this move begins

QQQ 5 days, hourly candles Nasdaq futures recovered all of yesterdays late afternoon drop, and now starting to peek thru yesterdays highs 285.35 the after hours low from yesterday before futures opened

289.69 the pre mkt high so far

QQQ 3 months, daily candles A brief push thru Fridays high was turned back, but we're right back pushing above that area currently in pre mkt action. (resistance)

289.21 the high from yesterday - trading a tad above there currently

293.95 next


296.83 the 150 day MA (orange) (support)

284.44 the low from yesterday

281.19 Fridays low

278.53 the 50 day MA (blue)

275.63 the 12ema (white)


268.56 open gap

263.03 the last daily "higher low" and spot for bulls to stay anywhere above once daily consolidation of this recent move begins

Dec. Vix futures 3 months, daily candles New lows found here yesterday, hanging out near those lows so far today

Spot Vix 3 months, daily candles The bounce yesterday above Fridays high hasn't seen any follow thru so far; Currently trading in the middle of yesterdays range. Watching for which direction todays inside bar breaks.

24.33 to the upside needed for the bull break

22.86 to the downside for the bear break, with 22.37 the low from Friday

$DXY 3 months, daily candles The dollar held Fridays lows yesterday and attempted a bounce; Failing today, and seeing lower lows under Fridays lows currently S&P futures vs fair value: +40.50. Nasdaq futures vs fair value: +183.00.The S&P 500 futures are up 40 points and are trading 1.0% above fair value. The Nasdaq 100 futures are up 180 points and are trading 1.6% above fair value. The Dow Jones Industrial Average futures are up points and are trading 0.6% above fair value. Equity futures are moving higher this morning as market participants react to positive earnings news from Dow component Walmart (WMT) and a further drop in Treasury yields. The BofA Fund Manager Survey reflected an elevated cash position (6.2%), which is seen as a contrarian indicator that is encouraging buying interest. Hong Kong's Hang Seng Index increased 4.1% after China reported weaker than expected economic data, including retail sales and industrial production. The takeaway for market participants is that China may be apt to step in with more stimulus or back down from the zero-covid policy. Treasury yields are moving lower. The 2-yr note yield is down five basis points to 4.35% and the 10-yr note yield is down six basis points to 3.81%. In corporate news:

  • Netflix (NFLX 308.69, +9.42, +3.15%): BofA Securities upgraded to Buy from Underperform

  • Harley-Davidson (HOG 47.18, -0.73, -1.52%): Jefferies initiated coverage with an Underperform

  • Home Depot (HD 303.60, -3.32, -1.08%): beats by $0.12, beats on revs; reaffirms FY23 EPS guidance

  • Walmart (WMT 147.76, +9.37, +6.77%): beats by $0.18, beats on revs; guides Q4 EPS in-line, revs slightly below consensus; Q3 comps +8.2% ahead of guidance; approved a new $20 bln share repurchase authorization

  • Shoals Technologies (SHLS 27.44, +4.97, +22.12%): beats by $0.02, beats on revs; guides FY22 revs in-line

  • Azenta (AZTA 61.54, +14.96, +32.12%): beats by $0.09, beats on revs; guides Q1 EPS in-line, revs above estimate; guides FY23 revs above consensus; authorizes $1.5 bln share repurchase program

  • Energizer (ENR 32.01, +2.41, +8.14%): beats by $0.03, beats on revs; guides FY23 EPS in-line, revs in-line; Announces Project Momentum

  • Taiwan Semiconductor Manufacturing (TSM 80.56, +7.76, +10.66%): Berkshire Hathaway (Warren Buffett) discloses updated portfolio positions in 13F filing

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