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Market Rap 11/22/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures tested the lower range from yesterday, then pivoted and is currently testing the upper end of that range 393.51 the corresponding futures low

395.81 the pre mkt high

SPY 3 months, daily candles Yesterdays low broke Fridays low by a tad, before reversing. Bulls attempting to play defense above the 12ema (white line) and the last daily "higher low" of 390.14 (Thursdays low).(support)

392.66 yesterdays low

390.93 that daily 12ema

390.14 bulls need to stay above in order to maintain the uptrend on this timeframe

385.64 after that

381.14 open gap

377.73 the 50 day MA (blue) (resistance)

395.82 the high from yesterday looking to get tested first thing



405.54 the 200 day MA (purple)

408.46 fills the open gap from September


QQQ 5 days, hourly candles Nasdaq futures saw a slight break of yesterdays low, then got back above 280.50 the corresponding futures low

282.76 the pre mkt high

QQQ 3 months, daily candles Testing the 12ema (white) and last daily "higher low" here, this is the spot for bulls to make a stand or they'll lose the daily uptrend (support)

281.04 the low from yesterday

280.80 that daily 12ema

280.72 that Thursday low that bulls want to stay above

276.85 the 50 day MA (blue)


268.56 open gap (resistance)

284.58 the high from yesterday



Dec. Vix futures 3 months, daily candles Still finding lower lows, after another big pullback day yesterday

Spot Vix 3 months, daily candles Testing, starting to peek thru the lows from 11/11

$DXY 3 months, daily candles The dollar initially backing off at the daily 12ema (white line). Inside bar so far today, watching for which way that breaks. [BRIEFING.COM] S&P futures vs fair value: +9.50. Nasdaq futures vs fair value: +22.00.The S&P 500 futures are up 8 points and are trading 0.2% above fair value. The Nasdaq 100 futures are up 13 points and are trading 0.2% above fair value. The Dow Jones Industrial Average futures are up 67 points and are trading 0.2% above fair value. There's been a positive response to earnings from retailers Best Buy and Abercrombie & Fitch while other earnings news is receiving a more mixed reaction. However, equity futures are still leaning higher this morning in thinner holiday trading conditions. Treasury yields are modestly lower. The 10-yr note yield is down two basis points to 3.80% and the 2-yr note yield is down one basis point to 4.51%. The dollar is also losing strength this morning. The U.S. Dollar Index is down 0.4% to 107.45. Mike Wilson, Chief Investment Officer at Morgan Stanley, said in a CNBC interview that he expects a "pretty steep decline in inflation." China lockdowns reach record levels amid a surge in coronavirus cases, according to the FT. There is no U.S. economic data of note today. In corporate news:

  • Baidu (BIDU 96.19, +1.63, +1.72%): beats by RMB1.21, beats on revs

  • Dell (DELL 40.45, -0.62, -1.51%): provides Q4 outlook in shareholder presentation; guides Q4 adjusted EPS in-line, revs below consensus

  • Zoom Video (ZM 72.83, -7.43, -9.26%): beats by $0.23, reports revs in-line; guides Q4 EPS below consensus, revs below consensus

  • Best Buy (BBY 75.95, +5.12, +7.23%): beats by $0.36, beats on revs

  • Dick's Sporting Goods (DKS 103.90, -3.04, -2.84%): beats by $0.34, beats on revs; raises FY23 EPS and comp guidance; Q3 comps +6.5%

  • Agilent (A 150.99, +5.85, +4.03%): beats by $0.14, beats on revs; guides Q1 EPS in-line, revs below consensus; guides FY23 EPS above consensus, revs below consensus

  • Medtronic (MDT 79.50, -2.79, -3.39%): beats by $0.02, misses on revs; lowers FY23 EPS below consensus

  • Analog Devices (ADI 164.58, +5.34, +3.35%): beats by $0.14, beats on revs; guides Q1 EPS above consensus, revs above consensus

  • Burlington Stores (BURL 166.05, +8.41, +5.33%): misses by $0.09, reports revs in-line; guides Q4 EPS in-line

  • Urban Outfitters (URBN 26.04, +0.51, +2.00%): misses by $0.02, beats on revs

  • Toll Brothers (TOL 45.65, +0.61, +1.35%): upgraded to Overweight from Neutral at JPMorgan

  • GameStop (GME 25.57, +0.41, +1.63%): Carl Icahn is shorting GameStop shares, according to Bloomberg

  • Dollar Tree (DLTR 160.00, -5.24, -3.17%): beats by $0.02, beats on revs; guides Q4 revs above consensus; guides FY23 EPS in-line, revs above consensus

  • Abercrombie & Fitch (ANF 21.25, +2.62, +14.06%): beats by $0.13, beats on revs; guides Q4 revs above consensus; Terry Burman to step down as Chairperson of the Board after fiscal year ending Jan. 28, 2023; Nigel Travis to become new Board Chairperson

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