Market Rap 02/16/22 by CTG
SPY / QQQ / Vix
SPY 5 days, hourly candles
S&P futures mostly sideways up near the higher end of yesterdays range 444.62 the corresponding futures low
447.75 the corresponding futures high
SPY 3 months, daily candles Push back above/close back above the 200 day MA yesterday and pushing up against the daily 12ema (white line) with a lower gap left open. 446.28 the high from yesterday and first resistance
446.92 the daily 12ema
451.72 the 150 day MA
457.71-458.12 next area of resistance with the
50 day MA overhead at 459.06 444.36 the 200 day MA
443.13 the low from yesterday and next support
441.60 open gap
435.34 after that
QQQ 5 days, hourly candles Nasdaq futures similar action - a brief push thru yesterdays highs, but mostly sideways near the upper end of yesterdays RTH range 354.79 the corresponding futures low
357.61 the corresponding futures high
QQQ 3 months, daily candles Pushing up against the 12ema(white line) with a daily downtrend in play. Lower gap left open as the daily bounce gets underway. 356.37 the high from yesterday and first resistance
356.40 the daily 12ema
366.49-366.81 next resistance area with the
200 day MA at 366.96 351.82 the low from yesterday and first support
350.98 open gap
343.89 as the most important support for bulls to defend, whenever this bounce tops out, so they can look for a pivot and "higher low" compared to there, and an eventual attempt to get the daily trend back in their favor
QQQ and SPY weekly looks QQQ in a weekly downtrend since the 2nd week of this year, SPY lost the weekly uptrend but no confirmed weekly downtrend yet
IWM 3 months, daily candles Bit of a different look here with a daily uptrend in play and new daily "higher low" set yesterday at 199.24 206.31 the high from yesterday and first resistance
211.36 the 50 day MA 202.63 the low from yesterday and first support
202.43 the daily 12ema
199.24 as the most important spot currently for bulls to stay above and keep the uptrend on this timeframe
March Vix futures 3 months, daily candles Some follow thru lower overnight, but seeing a big lower wick of buying currently.
25.75 the high from today so far, watching for any follow thru over that area, which we're currently testing
Spot Vix 3 months, daily candles Daily consolidation continues here, currently we've retraced about half of this recent up surge. With the vix mid 25s, wide intraday ranges should be expected.
https://www.briefing.com/stock-market-update Futures trying to preserve yesterday's de-escalation rally
16-Feb-22 07:56 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: -3.60. Nasdaq futures vs fair value: -30.50.
The S&P 500 futures trade four points, or 0.1%, below fair value in front of a big batch of economic data. The market is trying to preserve yesterday's de-escalation rally, even though reports indicate that there's little evidence to suggest Russia has partially withdrawn troops.
The market is being optimistic on that issue along with the pandemic issue after Moderna's (MRNA 148.72, -2.40, -1.6%) CEO said it's "reasonable" to assume that the U.S. is in the final stages of the pandemic, according to CNBC.
As for today's data, investors will receive Retail Sales for January (Briefing.com consensus 1.9%) and Export/Import Prices for January at 8:30 a.m. ET, followed by Industrial Production (Briefing.com consensus 0.4%) and Capacity Utilization (Briefing.com consensus 76.8) for January at 9:15 a.m. ET.
After the open, the NAHB Housing Market Index for February (Briefing.com consensus 83) and Business Inventories for December (Briefing.com consensus 2.1%) will be available at 10:00 a.m. ET, followed by the FOMC Minutes from the January meeting at 2:00 p.m. ET.
The minutes might be dated given the quantity of Fedspeak since the last meeting. On a related note, most economists polled by Reuters expect the Fed to hike rates by 25 basis points in March instead of 50 basis points like the fed funds futures market currently expects.
U.S. Treasuries trade little changed. The 2-yr yield is up one basis point to 1.58%, and the 10-yr yield is down one basis point to 2.04%. The U.S. Dollar Index is down 0.1% to 95.85. WTI crude futures remain elevated above $94 per barrel ($94.62, +1.34, +1.5%).