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Market Rap 11/21/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures testing the lower range from Friday

393.64 the pre mkt low

396.33 the after hours high from Friday


SPY 3 months, daily candles The gap up open Friday filled the gap and went red, and the lows from Friday are looking to get tested first thing. Daily uptrend still in play unless the lows from Thursday break.(resistance)

397.81 the high from Friday

402.31 the recent high

405.81 the 200 day MA (purple) - which we haven't been able to close above since earlier this year in March (support)

394.22 the 150 day MA (orange)

390.26 the daily 12ema (white)

390.14 the low from Thursday and the new daily "higher low" that bulls need to defend to maintain the uptrend on this timeframe

QQQ 5 days, hourly candles Nasdaq futures testing/peeking thru the lows from Friday 282.10 the pre mkt low so far

285.10 the after hours high from Friday

QQQ 3 months, daily candles Lows of Friday looking to get tested first thing here; new daily "higher low" set at the lows of Thursday, and that's the spot bulls want to stay above to avoid losing the daily uptrend/confirming a new downtrend. (resistance)

287.99 the high from Friday

289.48

293.26

295.38 the 150 day MA (orange) (support)

282.32 the low from Friday

280.72 that low from Thursday

280.60 the daily 12ema (white)

277.42 the 50 day MA (blue)

Dec Vix futures 3 months, daily candles Trying to hold up around Fridays lows

Spot Vix 3 months, daily candles Tight range, got back the crush from Friday and currently testing the highest levels we saw Friday

$DXY 3 months, daily candles A more convincing bounce from the dollar today, over all the levels from last week and heading up to test it's 12ema (white)

https://www.briefing.com/stock-market-update S&P futures vs fair value: -19.00. Nasdaq futures vs fair value: -87.00.The S&P 500 futures are down 20 points and are trading 0.5% below fair value. The Nasdaq 100 futures are down 89 points and are trading 0.7% below fair value. The Dow Jones Industrial Average futures are down 61 points and are trading 0.2% below fair value. The equity futures market indicates a lower open as investors weigh ongoing growth concerns. Treasury yields are inching higher this morning. The 10-yr note yield rose two basis points to 3.83% and the 2-yr note yield is up four basis points to 4.54%. Atlanta Fed President Raphael Bostic (not an FOMC voter) favors smaller rate hikes, with potential terminal rate of 4.75-5.00%, according to Bloomberg. Germany's PPI decreased 4.2% month-over-month in October, representing the first month-over-month drop since May 2020. Germany's PPI is still up 34.5% on a year-over-year basis. China reported its first COVID-19 deaths in 6 months, according to the Guardian. The largest Beijing district wants people to stay home due to rising coronavirus cases, according to Reuters. Goldman Sachs cut its price target for crude oil in Q4 by $10 to $100/bbl. On a related note, WTI crude oil futures are down 0.8% to $79.44/bbl and natural gas futures are flat at $6.72/mmbtu. In corporate news:

  • Walt Disney (DIS 99.50, +7.70, +8.39%): appoints Robert Iger as CEO

  • J.M. Smucker (SJM 147.50, +1.36, +0.93%): beats by $0.21, beats on revs; raises FY23 EPS in-line, revs above consensus

  • Comerica (CMA 70.70, +0.80, +1.14%): upgraded to Outperform from Mkt Perform at Raymond James

  • Imago BioSciences (IMGO 35.60, +18.20, +104.60%): to be acquired by Merck (MRK) for $36.00/share

  • Williams-Sonoma (WSM 120.00, -2.37, -1.94%): Barclays downgraded to Equal Weight from Overweight


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