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Market Rap 12/20/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures flushed yesterdays lows after the BOJ news, then regained the drop and traded back up to the breakdown area 381.20 the corresponding futures high

376.02 the corresponding futures low

SPY 3 months, daily candles Full bear control continued yesterday as we head to test the next lower levels of support. Another close under the 50 day MA (blue). (support)

378.28 the low from yesterday


368.79 (resistance)

383.82 the high from yesterday

386.04 the 50 day MA


387.89 open gap

QQQ 5 days, hourly candles Nasdaq futures similar story, flushed yesterdays lows then bounced back to the breakdown area 266.50 the corresponding futures low

270.89 the corresponding futures high

QQQ 3 months, daily candles

Lower gap from 11/9-11/10 filled yesterday as full bear control continued. (support)

268.49 the low from yesterday


259.08 (resistance)

273.96 the high from yesterday


278.01 the 50 day MA (blue)

January Vix futures 3 months, daily candles Content to hang out in the low 20s-mid 20s area, even though we're seeing consistent bear pressure

Spot Vix 3 months, daily candles Staying pretty muted here as well. The pace of selling would need to pick up drastically to get this moving higher it seems.

Spot Vix 3 months, daily candles Staying pretty muted here as well. The pace of selling would need to pick up drastically to get this moving higher it seems. [BRIEFING.COM] S&P futures vs fair value: -6.30. Nasdaq futures vs fair value: -41.00.The S&P 500 futures are down 6 points and are trading 0.2% below fair value. The Nasdaq 100 futures are down 49 points and are trading 0.4% below fair value. The Dow Jones Industrial Average futures are up 1 point and are trading slightly above fair value. Equity futures are mixed this morning, but moves are modest in scope. Bigger moves since yesterday's close have been more concentrated in the bond market after a surprise move by the Bank of Japan. The Bank of Japan modified its yield curve control policy, announcing that the 10-yr yield will be allowed to rise to 0.50%, up from the old cap of 0.25%, but left its benchmark rate unchanged at -0.1%, as expected. On a related note, Japan's Finance Minister Suzuki said that a decision has not been made to revise the joint mission statement with the Bank of Japan. Treasury yields moved noticeably higher while the yen surged against the dollar (USD/JPY -3.2% to 132.58). The U.S. Dollar Index is down 0.6% to 104.05. The 2-yr note yield, which hit 4.30% overnight, is up three basis points to 4.27% and the 10-yr note yield, which hit 3.71% overnight, is up seven basis points to 3.66%. In other news, lawmakers introduced a $1.7 trillion government funding bill ahead of Friday's deadline. The bill will also reform the Electoral Count Act (which makes it more difficult for Congress to object to election results). Congress is expected to vote this week, according to the Washington Post. Economic data today is limited to the November Housing Starts ( consensus 1.395K; prior 1.425K) and Building Permits ( consensus 1.480K; prior 1.526K) at 8:30 a.m. ET. In corporate news:

  • Home Depot (HD 316.59, -0.74, -0.2%): downgraded to Neutral from Outperform at Credit Suisse

  • Lucid Group (LCID 7.60, +0.37, +5.1%): completes previously announced at-the-market equity offering; sold over 56.2 mln shares for gross proceeds of approximately $600 mln

  • Steel Dynamics (STLD 102.02, +0.48, +0.5%): to be added to S&P 500 prior to the opening bell on December 22.

  • 3M (MMM 122.59, +0.46, +0.4%): will exit per- and polyfluoroalkyl substance (PFAS) manufacturing and work to discontinue the use of PFAS across its product portfolio by the end of 2025

  • General Mills (GIS 85.88, -1.24, -1.4%): beats by $0.04, reports revs in-line; raises FY23 organic net sales and adjusted EPS guidance in constant currency

  • Entrada Therapeutics (TRDA 13.50, -6.39, -32.1%): FDA places clinical hold on IND for ENTR-601-44

  • Verona Pharma (VRNA 17.91, +4.42, +32.8%): announces ensifentrine meets primary and key secondary endpoints in Phase 3 ENHANCE-1 trial for COPD

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