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Market Rap 11/29/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures seeing an hourly oversold bounce off yesterdays lows 395.91 the after hours low from yesterday before futures opened

398.14 the corresponding futures high

SPY 3 months, daily candles Daily consolidation underway after double topping against recent highs and the 200 day MA (purple). Bulls trying to play defense above the 12ema (white line) and the last "higher low" area. (support)

395.28 the 12ema

395.11 the low from yesterday

392.97 the 150 day MA (orange)

392.66 the last little higher low from last week

390.14 the last line in the sand if the prior doesn't hold (resistance)

400.81 the high from yesterday

401.54 small open gap

402.91 the recent high

404.52 the 200 day MA

QQQ 5 days, hourly candles Nasdaq futures also seeing a bounce against yesterdays lows 282.63 the after hours low from yesterday before futures opened

284.87 the high of the bounce in futures action

QQQ 3 months, daily candles Bulls will need to step up and play defense here to avoid losing the uptrend on this timeframe; Daily 12ema (white line) was breached yesterday as the initial caution flag, watching to see if bulls can stay back above it today with this futures bounce attempt.(support)

283.25 that 12ema

281.76 the low from yesterday

280.46 the last daily "higher low" from 11/22

276.33 the 50 day MA (resistance)

286.96 the high from yesterday




293.71 the 150 day MA (orange)

IWM 3 months, daily candles IWM bulls at the do or die area to play some defense as well, or risk confirming a downtrend and heading to fill that lower gap to 178.67 with the 50 day MA at 176.12. 181.29 yesterdays low

180.51 the last level before getting into that gap

Dec. Vix futures 3 months, daily candles Yesterdays big oversold bounce seeing some consolidation today so far, but still in the upper third of yesterdays range

Spot Vix 3 months, daily candles Yesterdays big bounce only seeing minimal consolidation so far today.

Inside bar day with 22.50 needed for the bull break to the upside and

21.65 needed for the bear break to the downside.

$DXY 3 months, daily candles The dollar trying to hold above the recent lows/and the 200 day MA

TLT 3 months, daily candles and 3yr, weekly candles Steady daily uptrend continues here. Weekly has made room for a "higher low" whenever we see weekly consolidation of this move, then bulls will look to hold anywhere above the recent lows, and pivot to a higher high in the weekly uptrend attempt. [BRIEFING.COM] S&P futures vs fair value: +11.00. Nasdaq futures vs fair value: +58.50.The S&P 500 futures are up 8 points and are trading 0.3% above fair value. The Nasdaq 100 futures are up 44 points and are trading 0.5% above fair value. The Dow Jones Industrial Average futures are down 1 point and are trading slightly above fair value. Equity futures are mixed, but things are generally more positive as speculation grows that China may temper its zero-COVID measures. The country reported its first decline in COVID infections in more than a week and Chinese officials announced they're aiming to increase vaccination rates among older people, according to Bloomberg. Hong Kong's Hang Seng rose 5.2% on the news. WTI crude oil futures have continued to rebound ($78.92/bbl, +1.67, +2.1%) on these latest developments. Treasury yields are moving lower. The 10-yr note yield is down four basis points to 3.66% and the 2-yr note yield is down two basis points to 4.43% with some cooler-than-expected inflation readings out of Europe contributing to the buying interest. Market participants will receive the following economic data today:

  • 9:00 a.m. ET: September FHFA Housing Price Index (prior -0.7%)

  • 9:00 a.m. ET: September S&P Case-Shiller Home Price Index ( consensus 10.7%; prior 13.1%)

  • 10:00 a.m. ET: November Consumer Confidence ( consensus 100.0; prior 102.5)

In corporate news:

  • Roku (ROKU 52.35, -1.56, -2.9%): downgraded to Sector Weight from Overweight at KeyBanc Capital Markets

  • UnitedHealth (UNH 530.10, -2.17, -0.4%): updates FY22 outlook and introduces FY23 outlook ahead of its Investor Conference; reaffirms FY22 earnings, guides revs ahead of consensus; guides FY23 earnings below consensus, revs above

  • Microchip (MCHP 75.25, +0.91, +1.2%): reiterates its Q3 (Dec) net sales guidance and expectations for sequential revenue growth for Q4 (Mar)

  • Hibbett (HIBB 63.70, -3.90, -5.8%): misses by $0.57, misses on revs; guides FY23 EPS in-line, revs in-line

  • Bilibili (BILI 13.88, +1.29, +10.3%): beats by RMB0.20, beats on revs; guides Q4 revs below consensus

  • UPS (UPS 182.50, +2.59, +1.4%): upgraded to Buy from Hold at Deutsche Bank

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