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Market Rap 12/12/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures bouncing, trying to get back into the middle of Fridays range 392.26 the corresponding futures low

394.62 the pre mkt high so far

SPY 3 months, daily candles Fridays extension of the daily bounce attempt was turned back around the 12ema (white); Bears hoping that was the high of the bounce, and looking to confirm a daily bear flag if we can break thru the lows from last week. (support)

393.15 the low from Friday

391.87 the 150 day MA (orange)

391.64-391.97 the lows from last week

385.64

383.27 the 50 day MA (blue)

381.14 fills the open gap (resistance)

397.12 that 12ema

397.62 the high from Friday

399.99

402.87 the 200 day MA (purple)

404.93

407.86

410

QQQ 5 days, hourly candles Nasdaq futures also pushing up towards the middle of Fridays range 281.16 the corresponding futures low

283.15 the pre mkt high

QQQ 3 months, daily candles The daily bounce here tried to push thru the 12ema (white) on Friday but wasn't able to close above there. Potential daily bear flag here as well; a break below last weeks lows would confirm a new daily downtrend. CPI tomorrow and FOMC Wednesday will either see that set up negated or confirmed. (resistance)

284.63 that 12ema

285.64 the high from Friday

287.62

291.68

291.78 the 150 day MA (orange)

293.45

295.75 (support)

281.59 the low from Friday

278.78-279.79 last weeks low

277.46 the 50 day MA (blue)

273.85

268.56 fills the gap

December Vix 3 months, daily candles Started to peek thru last weeks highs on Friday, trading up near those highs still currently. Watching today for any further breakout ahead of CPI tomorrow and FOMC Wednesday.

Spot Vix 3 months, daily candles Different look here which is interesting - a gap up, and that's with no S&P gap down look (S&P futures have seen some bounce off Fridays lows).

So far Dec. Vix futures are more hesitant to trade up, and are only near Fridays highs.


$DXY 3months, daily candles Dollar action still muted under the 200 day MA (purple)

https://www.briefing.com/stock-market-update [BRIEFING.COM] S&P futures vs fair value: +12.00. Nasdaq futures vs fair value: +29.30.The S&P 500 futures are up 10 points and are trading 0.3% above fair value. The Nasdaq 100 futures are up 28 points and are trading 0.2% above fair value. The Dow Jones Industrial Average futures are up 61 points and are trading 0.2% above fair value. Coming off last week's losses, the equity futures market indicates a modestly higher open. Some M&A news this morning and some bargain hunting pursuits after last week's large losses are helping to prop things up. Still, there is likely some hesitation in play as market participants await the November Consumer Price Index tomorrow at 8:30 a.m. ET followed by the FOMC decision Wednesday. In addition to the Fed's FOMC meeting, the European Central Bank and the Bank of England will announce policy decisions on Thursday. According to Bloomberg, COVID cases are spreading rapidly through China, but the government is continuing to ease its zero-COVID policies. Treasury yields are moving lower. The 2-yr note yield is down two basis points to 4.32% and the 10-yr note yield is down three basis point to 3.53%. In corporate news:

  • Microsoft (MSFT 246.70, +1.28, +0.5%): announced a 10-year strategic partnership with the London Stock Exchange Group; MSFT will also purchase an approximately 4% equity stake in the London Stock Exchange Group

  • Coupa Software (COUP 78.54, +16.45, +26.5%): to be acquired by Thoma Bravo for $81/share, enterprise value of $8 billion (shares halted); beats by $0.05, beats on revs

  • Horizon Pharma (HZNP 111.88, +14.59, +15.0%): Amgen (AMGN) confirms it will acquire HZNP for $116.50/share in cash

  • Weber (WEBR 7.93, +1.43, +22.0%): to be taken private by BDT Capital Partners for $8.05/share; deal expected to close in 1H23

  • Gap (GPS 14.27, +0.37, +2.7%): upgraded to Buy form Neutral at Goldman Sachs

  • Box (BOX 29.28, +1.17, +4.2%): upgraded to Overweight from Neutral at JP Morgan

  • Rivian Automotive (RIVN 26.64, -0.65, -2.4%): pauses partnership discussions with Mercedes-Benz on electric van production in Europe

  • Spirit Airlines (SAVE 20.13, -0.11, -0.5%): offers 43% raise to pilots over two years, according to Reuters


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