Market Rap 03/02/22 by CTG
SPY / QQQ / Vix SPY 5 days, hourly candles S&P futures tested and held yesterdays RTH lows overnight, currently trading in the middle of that range 427.87 the corresponding futures low
434 the corresponding futures high
SPY 3 months, daily candles Daily consolidation underway and new daily "lower high" set, right as we pushed up against that 12ema the last few days. Bulls looking for the pivot and "higher low" now anywhere above the recent lows 427.11 the low from yesterday and first support
410.64 the recent lows as the most important are for bulls to defend and stay anywhere above 435.90 that declining 12ema
437.17 the high from yesterday and next resistance
438.20 the new daily "lower high" and spot for bulls to get thru to change the daily trend back in their favor
QQQ 5 days, hourly candles Nasdaq futures also tested, and held yesterdays RTH lows, currently trading in the middle of yesterdays range 339.37 the corresponding futures low
344.88 the corresponding futures high
QQQ 3 months, daily candles Daily consolidation underway with the new daily "lower high" set, as the 12ema (white line) repels the bulls back once again 338.90 the low from yesterday and first support
337.39 after that
318.26 the recent fear lows, and the most important spot for bulls to stay above and find a "higher low" against 345.47 the daily 12ema
348.08 the high from yesterday next
348.54 as the new daily "lower high" and spot for bulls to push thru to change the daily trend back in their favor
March Vix futures 3 months, daily candles Volatility still really elevated - if broad market bulls are going to make any progress on changing the charts, we'll need to see this start to crush. Slight higher high made earlier this AM with no follow thru, but still currently trading in the upper end of yesterdays range.
Spot Vix 3 months, daily candles Still above 30 here so not much calm to be had with it that high; Trading in the upper third of yesterdays range with 32.31 being the low so far today and 34.41 the high so far.
35.19 was yesterdays high print, with 29.44 being yesterdays low print. Get back under there with some follow thru and broad market bulls should start gaining some traction.
Futures trade higher, even as oil tops $110 per barrel
02-Mar-22 08:00 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +28.00. Nasdaq futures vs fair value: +75.80.
The S&P 500 futures trade 28 points, or 0.7%, above fair value in a buy-the-dip trade, even as oil prices top $110 per barrel this morning.
WTI crude futures are currently up 6.3%, or $6.54, to $109.96/bbl, spurred by supply-constraint expectations brought on by the longer-than-expected Russian invasion of Ukraine. The invasion has entered its seventh day.
President Biden, in his State of the Union Address last night, said the U.S. is ready to release more oil into the market, if necessary, unified with its allies. Recall, the U.S. and 30 other countries agreed yesterday to release 60 million barrels of oil, or 4% of their total emergency stockpiles.
The market will soon hear a production decision from OPEC+, which is expected to stick to its schedule of increasing output by 400,000 barrels per day. Later, Fed Chair Powell will appear before Congress for his semiannual monetary policy testimony, starting today at 10:00 a.m. ET and continuing tomorrow morning.
After two days of heavy buying, the Treasury market is looking a little weaker this morning, driving yields higher. The 2-yr yield is up nine basis points to 1.39%, and the 10-yr yield is up five basis points to 1.76%. The U.S. Dollar Index is up 0.1% to 97.54.
Separately, Dow component salesforce.com(CRM 217.30, +8.41, +4.0%) is up 4% in pre-market action after topping earnings expectations and providing upside revenue guidance. Nordstrom (JWN 25.82, +6.28, +32.1%) has soared 32% after providing positive earnings results and guidance.
On the data front, investors will receive the ADP Employment Change report for February (Briefing.com consensus 350,000) at 8:15 a.m. ET, weekly crude inventories at 10:30 a.m. ET, and the Fed's Beige Book at 2:00 p.m. ET. The weekly MBA Mortgage Applications Index decreased 0.7% following a 13.1% decline in the prior week.