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Market Rap 11/28/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures broke under Wednesdays lows; currently trying to get back above that area 398.31 the pre mkt low

400.91 the pre mkt high

SPY 3 months, daily candles Tested the recent highs on Friday, just under the 200 day MA. Gap down open shaping up for today, as the next round of daily consolidation gets underway. Bulls looking for a "higher low" on this timeframe, preferably above the 12ema (white). (support)

401.54 was Fridays low, trading under there currently for the gap down open ahead

399.31 was Wednesdays low, trading a tad above that level currently

395.17 that daily 12ema

393.19 the 150 day MA (orange)

392.66

390.14 (resistance)

402.91-402.93 the recent highs

404.79 the 200 day MA (purple)

408.46 fills the open gap

411.73

QQQ 5 days, hourly candles Nasdaq futures broke under last Fridays/Wednesdays lows, and trading in the range we saw from last Tuesday 283.48 the pre mkt low

286ish the corresponding futures high

QQQ 3 months, daily candles Gap down open ahead as we test back into the lower zone of the recent range (support)

286.42 the low from Friday, trading under there currently for the gap down open set up

283.35 the 12ema (white)

280.46 the recent daily "higher low" and spot bulls want to stay above to avoid losing the uptrend

276.46 the 50 day MA (blue) (resistance)

287.91 the high from Friday

289.46-289.48

293.26

294.02 the 150 day MA (orange)

December Vix futures 3 months, daily candles Finally seeing some bounce here to cool off oversold daily RSI conditions

Spot Vix 3 months, daily candles Bouncing off the 20 psychological area, after seeing the daily RSI push into oversold territory (which is extremely rare, and hasn't happened in at least the past 3 years.)

https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: -36.30. Nasdaq futures vs fair value: -127.50.The S&P 500 futures are down 29 points and are trading 0.9% below fair value. The Nasdaq 100 futures are down 86 points and are trading 1.1% below fair value. The Dow Jones Industrial Average futures are down 188 points and are trading 0.7% below fair value. There's a negative tone in the equity futures market that is being fed reportedly by concerns over protests in China due to the zero-COVID policy. Also, it appears as if a consolidation mindset is kicking in after some strong gain of late and as the S&P 500 approaches its 200-day moving average (4054). OPEC+ will decide on production amounts ahead of the planned December 5 EU ban on most Russian crude imports, according to The Wall Street Journal. On a related note, energy complex futures are trading down this morning on growth concerns connected to China. WTI crude oil futures are down 3.0% to $74.03/bbl and natural gas futures are down 3.7% to $7.05/mmbtu. There is no U.S. economic data of note today, but market participants have a big slate of data coming up this week that includes: November Consumer Confidence at 10:00 a.m. ET Tuesday, Q3 GDP Second Estimate at 8:30 a.m. ET Wednesday, October PCE Price Index at 8:30 a.m. ET on Thursday, and the November Employment Report at 8:30 a.m. ET on Friday. In corporate news:

  • Williams-Sonoma (WSM 117.01, -5.41,, -4.4%): downgraded to Underweight from Equal Weight at Morgan Stanley

  • Anheuser-Busch InBev (BUD 58.97, +2.38, +4.2%): upgraded to Overweight from Underweight at JPMorgan

  • Las Vegas Sands (LVS 44.51, +1.34, +3.1%), Wynn Resort (WYNN 79.41, +4.48, +6.0%), and MGM Resorts (MGM 36.53, +0.80, +2.2%): Chinese government renewed casino licenses for Macau

  • Chevron (CVX 180.31, -3.39, -1.9%): U.S. government granted license to resume oil production in Venezuela, according to Bloomberg

  • Axsome Therapeutics (AXSM 64.30, +7.48, +13.2%): announces AXS-05 achieves primary endpoint in the ACCORD phase 3 Trial in Alzheimer's Disease Agitation

  • Biogen (BIIB 293.99, -11.16, -3.7%): Another death was linked to Lecanemab, according to Science.Org

  • Apple (AAPL 145.50, -2.61, -1.8%): could lose 6 million iPhone Pro models from events at the Foxconn plant, according to Bloomberg.


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