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Market Rap 11/18/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures pushed over yesterdays highs, now testing the area they broke down from early AM yesterday pre mkt

SPY 3 months, daily candles Yesterdays gap down held above the 12ema (white) and then reversed to fill the gap. Closed just under the 150 day MA, as bulls hope the next "higher low" will be set already, at yesterdays low/above that 12ema. Follow thru over yesterdays high will get that done, and there's already a head start with a gap up open shaping up. (support)

390.14 the low from yesterday

389.21 that 12ema


381.14 open gap

378.27 the 50 day MA (blue) (resistance)

394.95 the high from yesterday - trading above there currently for the gap up open set up

397.78 next

402.31 the recent high

406.06 the 200 day MA (purple)

QQQ 5 days, hourly candles Nasdaq already over yesterdays highs as well, and testing yesterdays futures highs 284.10 the corresponding futures low

287.81 the pre mkt high

QQQ 3 months, daily candles Yesterdays gap down open tested the 12ema (white) then reversed and filled the gap. Looking for yesterdays low to become the next "higher low", with follow thru over yesterdays high. Small gap up open setting up currently here also. (support)

280.72 the low from yesterday

279.84 that 12ema

277.87 the 50 day MA (blue)


268.56 open gap (resistance)

286.32 the high from yesterday - trading above there currently for the gap up open set up

289.48 next

293.26 the recent high

295.73 the 150 day MA (orange)

Dec. Vix futures 3months, daily candles Flirting with new recent lows

Spot Vix 3 months, daily candles Pushing under yesterdays lows currently as the daily bounce looks to be petering out S&P futures vs fair value: +29.00. Nasdaq futures vs fair value: +103.80.The S&P 500 futures are up 27 points and are trading 0.7% above fair value. The Nasdaq 100 futures are up 101 points and are trading 0.9% above fair value. The Dow Jones Industrial Average futures are up 165 points and are trading 0.5% above fair value. Equity futures are moving higher on this options expiration day as market participants digest some mostly positive earnings news since yesterday's close. The market showed resilience yesterday and battled back from larger losses, boosting investor sentiment this morning. Treasury yields are inching higher. The 2-yr note yield is up four basis points to 4.49% and the 10-yr note yield is up two basis points to 3.79%. Energy complex futures are moving lower. WTI crude oil futures are down 1.3% to $80.59/bbl and natural gas futures are down 3.3% to $6.53/mmbtu. Market participants will receive the following economic data today:

  • 10:00 ET: October Existing Home Sales ( consensus 4.38M; Prior 4.71M)

  • 10:00 ET: October Leading Economic Index ( consensus -0.5%; Prior -0.4%)

In corporate news:

  • Gap (GPS 13.77, +1.06, +8.34%): reports Q3 (Oct) results, beats on revs

  • Foot Locker (FL 37.95, +4.95, +15.00%): beats by $0.15, beats on revs; guides Q4 EPS above consensus; raises FY23 EPS above consensus, revs above consensus

  • Ross Stores (ROST 114.00, +16.07, +16.41%): beats by $0.19, beats on revs; guides Q4 EPS mostly above consensus; guides FY23 EPS above consensus

  • Williams-Sonoma (WSM 120.83, -9.56, -7.33%): misses by $0.02, beats on revs; reaffirms FY23 revs guidance; will not reiterate or update guidance through FY24 due to macro uncertainty

  • Applied Materials (AMAT 108.68, +4.23, +4.05%): beats by $0.28, beats on revs; guides Q1 EPS in-line, revs in-line

  • Farfetch (FTCH 8.64, -0.50, -5.47%): misses by $0.04, reports revs in-line; sees FY22 digital platform GMV decreasing by 5-7%

  • (JD 60.20, +2.68, +4.66%): beats by RMB1.81, reports revs in-line

  • Keysight (KEYS 174.31, +8.28, +4.99%): beats by $0.15, beats on revs; guides Q1 EPS mostly above consensus, revs above consensus

  • Dillard's (DDS 372.00, +8.39, +2.31%): declares a special dividend of $15.00/share on the Class A and Class B common stock of the company

  • Dolby Labs (DLB 65.74, -4.01, -5.75%): misses by $0.17, misses on revs; guides Q1 EPS below consensus, revs below consensus; expects FY23 revs to grow by low single digits yr/yr

  • Visa (V 211.73, +0.74, +0.35%): announces appointment of Ryan McInerney as CEO, effective February 1, 2023

  • Amazon (AMZN 96.01, +1.16, +1.22%): CEO Andy Jassy provides a note about role eliminations: process extending into the new year; have not concluded how many other roles will be impacted

  • Palo Alto Networks (PANW 171.89, +15.33, +9.79%): beats by $0.14, reports revs in-line; guides Q2 EPS above consensus, revs in-line; guides FY23 EPS above consensus, revs mostly above consensus; signs definitive agreement to acquire Cider Security for approximately $195 mln in cash

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