Market Rap 12/08/22 by CTG
SPY / QQQ / Vix
S&P futures held yesterdays lows, now testing yesterdays upper range 391.48 the corresponding futures low
394.85 the pre mkt high so far
SPY 3 months, daily candles Indecision doji yesterday as we trade right around the previous daily "higher low" area and the 150 day MA (orange). An open above 393.16, and more importantly a close above there, would confirm the doji as a reversal and set bulls up to play some defense at the 11th hour.(support)
392.11 the 150 day MA (orange)
391.97 the low from yesterday
391.64 Tuesdays low
390.14
385.64
382.15 the 50 day MA (blue)
381.14 fills the gap (resistance)
395.64 yesterdays high, bulls need to get over that to get a daily bounce going
398.10 the 12ema (white)
399.99
QQQ 5 days, hourly candles Nasdaq futures similar story, held yesterdays lows and now testing the upper end of the range 278.90 the corresponding futures low
281.69 the pre mkt high so far
QQQ 3 months, daily candles Doji candle here yesterday also, need to open above/most importantly close above 280.53 to confirm it as a reversal doji. The last daily "higher low" was slightly violated yesterday, but closed back above. Tremendous Jordan era defense from da bulls needed if they want to maintain the daily uptrend and not put a Santa rally on ice. (support)
278.78 the low from yesterday
277.18 the 50 day MA (blue)
273.85 after that
268.56 fills the open gap (resistance)
282.57 the high from yesterday
285.33 the daily 12ema (white)
287.62
Dec. Vix futures 3 months, daily candles The recent oversold bounce is holding most of the gains, so that's a caution flag; and something that would need to recede some to get a broad market daily bounce going.
Spot Vix 3 months, daily candles Same story here, holding up near the oversold bounce highs and unwilling to back down, so far.
$DXY 3 months, daily candles Trickling back under the 200 day MA (purple)
https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: +11.30. Nasdaq futures vs fair value: +38.50.The S&P 500 futures are up 11 points and are trading 0.3% above fair value. The Nasdaq 100 futures are up 33 points and are trading 0.3% above fair value. The Dow Jones Industrial Average futures are up 78 points and are trading 0.2% above fair value. The market has finished lower in eight of the last nine sessions, so equity futures are modestly higher now with an expectation that the market is due for a bounce. Hong Kong could relax masking and COVID testing rules, according to Bloomberg. Treasury yields are inching higher. The 2-yr note yield is up three basis points to 4.27% and the 10-yr note yield is up four basis points to 3.46%. The U.S. Dollar Index is flat at 105.13. Energy complex futures are moving up this morning. WTI crude oil futures are up 2.5% to $73.85/bbl and natural gas futures are up 1.7% to $5.82/mmbtu. The initial and continuing jobless claims report is due at 8:30 a.m. ET today, although market participants understandably remain preoccupied with the November Producer Price Index tomorrow at 8:30 a.m. ET. In corporate news:
Exxon Mobil (XOM 102.27, +1.62, +1.6%): provides corporate plan update; expects to double earnings and cash flow potential by 2027, share repurchase program expanded up to $50 bln through 2024
Hershey Foods (HSY 240.89, +4.20, +1.8%): upgraded to Buy from Neutral at UBS
Salesforce (CRM 129.38, -1.10, -0.8%): Robert W. Baird downgraded to Neutral from Outperform
GameStop (GME 22.20, -0.06, -0.3%): misses by $0.03, misses on revs
New York Times (NYT 34.83, +0.32, +0.9%): 1000 employees will strike today, according to Bloomberg
Verint Systems (VRNT 36.47, -0.91, -2.4%): beats by $0.08, misses on revs; guides FY23 EPS in-line, revs below consensus; also announces new $200 million share buyback program
Greif (GEF 66.10, -4.17, -5.9%): misses by $0.11, misses on revs
Ciena (CIEN 50.60, +7.36, +17.0%): beats by $0.54, beats on revs
Tesla (TSLA 170.80, -3.24, -1.9%): Elon Musk's bankers could provide him with new margin loans supported by Tesla stock, according to Bloomberg
Unilever (UL 50.58, -0.24, -0.5%): mulling sale of US ice cream brands for $3 bln, according to Bloomberg
