Market Rap 02/24/22 by CTG
SPY / QQQ / Vix
SPY 5 days, hourly candles Massive flush thru January lows after Ukraine attack; One decent bounce attempt earlier this AM and now testing the lows again 410.16 the corresponding futures low
422.43 the after hours high from yesterday, before futures opened
418 was the bounce high on that earlier attempt
SPY 1 year, daily candles Losing the January lows in futures action and trading at the bottom of that big volume profile that's in the 409-420 area 421.35 the low from yesterday, trading well under there now for the massive gap down open
404-405.33 next support area from the May '21 lows 433.26 the high from yesterday and first resistance on this timeframe
SPY 3 year, weekly candles 404-405.33 next support area
392.81 area after that
383.90 after that 435.50 weekly resistance
QQQ 5 days, hourly candles Nasdaq futures testing the overnight lows currently 317.80 the corresponding futures low after the Ukraine attack
330.18 the after hours high before futures opened
323.14 the highest futures bounce we've seen post the Ukraine attack
QQQ 3yr, weekly candles 316-316.30 next weekly support area here as the weekly downtrend sees continuation
297.45-299.51 area next (March '21 lows) 344.04 first resistance on this weekly timeframe
March Vix seeing higher highs over the January highs 34.05 the highest level we've seen post the Ukraine attack
Spot Vix 3 months, daily candles Massive gap up open, testing the January highs 37.79 the high so far today
38.94 the January 24th high
Spot Vix 3yr, weekly candles for perspective
Interest rates falling, TLT now pushing back over recent highs, back to the levels where it started the next leg down from
Big moves in Gold/Silver
Dollar weekly Testing the Jan 24th highs
Bitcoin/Ethereum Testing into the Jan 24th lows but still above so far
https://www.briefing.com/stock-market-update Futures selling off after Russia attacks Ukraine
24-Feb-22 07:55 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: -101.00. Nasdaq futures vs fair value: -430.80.
U.S. equity index futures are down more than 2.0% after Russia attacked Ukraine with explosions reported in multiple cities. The S&P 500 futures are down 101 points and trade 2.4% below fair value while the Nasdaq 100 futures trade 3.2% below fair value.
Stocks in Asia closed sharply lower while stocks in Europe are selling off with U.S. futures -- Russia's MOEX Index is down 34%, versus a 3.8% decline in the Europe Stoxx 600. Cryptocurrencies are also weak with bitcoin down 9% to approximately $35,000.
Money is flowing into safe-haven assets like the 10-yr Treasury note, which is yielding 11 basis points lower at 1.87%, as well as commodities. WTI crude futures are up 7.4% to $98.94/bbl. The 2-yr yield is down 12 basis points to 1.48%. The U.S. Dollar Index is up 1.0% to 97.11.
Russian President Putin issued a dire warning to anyone who tries to interfere with Russia's plans while President Biden said the U.S. and allies will impose severe sanctions on Russia. Chinese state media blamed the U.S. and rejected the term "invasion," according to CNBC.
Things are looking bleak, and investors are bracing for further downside, evidenced by the 19.5% spike in the CBOE Volatility Index to 37.06.
Today's data might disappear into the background with all eyes on the Russia-Ukraine situation. Investors will receive weekly Initial Claims (Briefing.com consensus 240,000) and the second estimate for Q4 GDP (Briefing.com consensus 7.0%) at 8:30 a.m. ET, followed by New Home Sales for January (Briefing.com consensus 805,000) at 10:00 a.m. ET.