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Market Rap 12/22/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures attempt to get above yesterdays RTH high as been pushed back some here pre mkt, and now testing the last hourly "higher low" area from yesterday 387.68 the corresponding futures high

385.03 the pre mkt low so far

SPY 3 months, daily candles Daily bounce underway and back up to test the 50 day MA (blue). Almost filled that first open gap from 12/15-12/16. If this bounce can't push above yesterdays highs and see some follow thru, it's a potential daily bear flag. (resistance)

387.02 that 50 day MA

387.41 yesterdays high

387.89 gap remains open

390.03 the daily 12ema (white)

391.44 the 150 day MA (orange)


396.31 open gap (support)

382.69 the low from yesterday

382.23 open gap

377.85 (break this level with some follow thru and we'd see a confirmed daily downtrend heading into the new year

QQQ 5 days, hourly candles Nasdaq futures also pulling back against yesterdays RTH highs 274.77 the corresponding futures high

272.27 the pre mkt low

QQQ 3 months, daily candles Daily bounce underway here as well, with the 50 day MA (blue and daily 12ema (white) looming overhead as resistance. Potential daily bear flag if we don't see a push over yesterdays highs/eventual follow thru up above those moving averages. (resistance)

274.78 the high from yesterday


278.13 that daily 12ema

278.29 that 50 day MA (support)

269.74 the low from yesterday

266.95 (break this level with some follow thru and we'd see a confirmed daily downtrend heading into the new year)

January Vix futures 3months, daily candles Daily downtrend look continues as it finds "lower lows"

Spot Vix 3 months, daily candles 20 psychological level test again, if that breaks with some follow thru we're looking back at the Dec. 2nd lows of 18.95 [BRIEFING.COM] S&P futures vs fair value: -9.50. Nasdaq futures vs fair value: -38.00.The S&P 500 futures are down 9 points and are trading 0.3% below fair value. The Nasdaq 100 futures are down 39 points and are trading 0.3% below fair value. The Dow Jones Industrial Average futures are down 62 points and are trading 0.2% below fair value. Equity futures skew slightly negative as market participants react to disappointing earnings reports from Micron (MU) and CarMax (KMX). This is amid thinner holiday trading conditions as many participants bow out ahead of the weekend. Congress is at a standstill on the government funding bill due to a dispute regarding an immigration amendment ahead of Friday's deadline, according to Politico. China will lower quarantine requirements for overseas travelers next month, according to Bloomberg. Treasury yields are modestly lower. The 2-yr note yield is down one basis point to 4.21% and the 10-yr note yield is down three basis points to 3.65%. UK Q3 GDP was revised to -0.3% from -0.2% quarter-over-quarter versus +0.2% in Q2. Market participants will receive the following U.S. economic data today:

  • 8:30 a.m. ET: Q3 GDP Third Estimate ( consensus 2.9%; prior 2.9%) and GDP Deflator Third Estimate ( consensus 4.3%; prior 4.3%)

  • 8:30 a.m. ET: Weekly initial jobless claims ( consensus 225K; prior 211K) and continuing claims (prior 1671K)

  • 10:00 a.m. ET: November Leading Economic Index ( consensus -0.4%; prior -0.8%)

  • 10:30 a.m. ET: Weekly EIA Natural Gas Inventories (prior -50 bcf)

In corporate news:

  • CarMax (KMX 51.60, -7.77, -13.1%): misses by $0.43, misses on revs

  • Micron (MU 49.66, -1.53, -3.0%): misses by $0.02, misses on revs; guides FebQ EPS below consensus, revs in-line; expects improving customer inventories to enable higher revs in 2H23; announces restructuring plan in response to challenging industry conditions; to reduce headcount by approximately 10% over CY23

  • Under Armour C (UA 8.70, +0.07, +0.8%): appoints Stephanie Linnartz as President and CEO; effective Feb 27, 2023

  • Apogee Enterprises (APOG 45.95, 1.15, +2.6%): beats by $0.10, beats on revs; raises bottom end of FY23 EPS guidance

  • MillerKnoll (MLKN 18.70, +0.43, +2.4%): beats by $0.04, beats on revs; guides FebQ EPS in-line, revs in-line

  • Tesla (TSLA 138.30, +0.73, +0.5%): will offer $7,500 discounts on Model 3 and Model Y cars this month, according to Reuters

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