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Market Rap 12/05/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures leaking back into the middle of Fridays range 404.64 the pre mkt low so far

407 the after hours high from Friday

SPY 3 months, daily candles The gap down open from Friday under the 200 day MA (purple) following the Nov. jobs report data was filled by late morning; with a close back above that 200 day MA. Daily consolidation of this recent move underway, with bulls hoping to stay anywhere above the 11/29 low to keep the uptrend on this timeframe intact. (support)

403.74 the 200 day MA

402.14 the low from Friday

400.01 the 12ema (white)

393.30-393.48 that previous daily "higher low" area

392.60 the 150 day MA (orange) (resistance)

407.86 the high from Friday

410 the recent high


QQQ 5 days, hourly candles Nasdaq futures mostly sideways near Fridays close 292.62 the after hours high from Friday

291.15 the pre mkt low so far

QQQ 3 months, daily candles Daily consolidation got underway here Friday as well, with a gap down open that also was filled a couple hours after the open. Back below the 150 day MA (orange) but above the daily 12ema (white) so far. (support)

288.36 the low from Friday

286.91 that 12ema


279.17 the last daily "higher low" and spot for bulls to stay anywhere above in order to keep the uptrend on this timeframe intact

276.67 the 50 day MA (blue) (resistance)

292.94 the 150 day MA

293.45 the high from Friday



Dec. Vix futures 3 months, daily candles More vol crush Friday, trying to hold above those lows to start the week and curl out of daily "oversold" RSI conditions

Spot Vix 3 months, daily candles A slight peek below the August lows Friday; Starting the week gravitating back towards the 20 psyche level

TLT 3 months, daily candles Big days Thursday and Friday have this testing the next area of volume profile resistance previously discussed; Daily RSI starting to click into "overbought" territory

$DXY 6 months, daily candles Broke under August lows with follow thru to end last week; Finding more recent lows to start this week and now back to levels last seen in June [BRIEFING.COM] S&P futures vs fair value: -21.00. Nasdaq futures vs fair value: -48.30.The S&P 500 futures are down 21 points and are trading 0.5% below fair value. The Nasdaq 100 futures are down 54 points and are trading 0.4% below fair value. The Dow Jones Industrial Average futures are down 153 points and are trading 0.5% below fair value. Equity futures are weaker this morning with expectations for some consolidation after a big run in a short amount of time playing a role. The S&P 500 is still holding above its 200-day moving average (4,045), which is a key support level. Hong Kong's Hang Seng rose 4.5% following reports of Chinese cities easing up on some COVID restrictions. OPEC+ said it will maintain its current production target and EU officials agreed to a $60.00/bbl price cap on Russian oil. Also, EU sanctions on seaborne Russian oil go into effect today. Treasury yields are modestly higher and the U.S. Dollar Index is modestly lower. The 2-yr note yield is up one basis point to 4.31% and the 10-yr note yield is up one basis point to 3.52%. The U.S. Dollar Index is down 0.2% to 104.33. Market participants will receive the November ISM Non-Manufacturing Index ( consensus 53.5%; prior 54.4%) at 10:00 a.m. ET. Other economic data out today includes: the final IHS Markit Services PMI for November (prior 46.1) at 9:45 a.m. ET and October Factory Orders ( consensus 0.7%; prior 0.3%) at 10:00 a.m. ET. In corporate news:

  • MGM Resorts (MGM 38.06, +0.98, +2.6%): upgraded to Buy from Hold at Truist

  • Starbucks (SBUX 103.32, -1.73, -1.7%): downgraded to Hold from Buy at Deutsche Bank

  • United Airlines (UAL 44.29, +0.40, +0.9%): upgraded to Overweight from Equal Weight at Morgan Stanley

  • Tesla (TSLA 185.89, -8.97, -4.6%): will have 20% lower Model Y output at Shanghai plant in December, according to Reuters

  • Live Nation (LYV 73.05, -0.87, -1.2%) : Taylor Swift fans file lawsuit against Ticket Master for presale ticket issues, according to Verge

  • Delta (DAL 35.74, +0.03, +0.1%): reaches tentative agreement with pilots union, according to CNBC

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