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Market Rap 03/04/22 by CTG

SPY 5 days, hourly candles Big flush of yesterdays RTH lows overnight in S&P futures action; Tested and held Wednesday's futures lows so far 428.10 the corresponding futures low

437.10 the corresponding futures high before the Russia/Ukraine nuclear plant fighting headlines

SPY 3 months, daily candles Daily trend change follow thru was rejected/reversed yesterday, giving a caution flag for bulls; along with a break below/close below the 12ema (white line). 433.80 the low from yesterday, currently trading under there and setting up for a gap down open

431.57 next

427.11 the last daily "higher low" - spot for bulls to stay above or it's a red flag

410.64 the recent Ukraine invasion lows all that's left after that on this timeframe 436.13 that daily 12ema back overhead

441.11 the high from yesterday next resistance

445.42 the 200 day MA

QQQ 5 days, hourly candles Nasdaq futures also flushed the last few days of lows overnight; Tested and held Sunday night futures low so far 335.40 the corresponding futures low

343.45 the corresponding futures high before the selling started

QQQ 3 months, daily candles Daily trend change attempt/follow thru reversed yesterday, small gap down open setting up currently 340.35 the low from yesterday, trading under there now for the gap down

338.90 the last daily "higher low" and next support, bulls want to defend and stay above that level

333ish some volume profile support

318.26 the recent Ukraine invasion fear lows next major candle support 345.21 the 12ema back overhead

350.04 the high from yesterday next resistance

March Vix futures 3 months, daily candles Still refusing to meaningfully back off and testing the upper end of the recent range, This will need to ease off for the broad market bulls to get any traction.

Spot Vix 3 months, daily candles Testing the upper end of the recent range here as well, after a brief break of 30 yesterday followed by a quick reversal back above. Wide intraday ranges and movement, both directions, the norm until this eases off. Futures decline amid "nuclear" headlines, employment report on tap

04-Mar-22 07:57 ET

Market is Closed

[BRIEFING.COM] S&P futures vs fair value: -32.00. Nasdaq futures vs fair value: -133.00.The S&P 500 futures trade 32 points, or 0.7%, below fair value as the market digests more worrisome geopolitical headlines in front of the Employment Situation report for February at 8:30 a.m. ET.

Russia seized the Zaporizhzhia nuclear power complex in Ukraine last night, starting a fire in the largest nuclear power station in Europe in the process. Fortunately, the fire was extinguished with no material damage inflicted, but the increased threat of a nuclear conflict has raised the stakes for all sides.

Commodities are higher once again with oil prices hovering above $110 per barrel ($110.38, +2.71, +2.5%), while Treasury yields have slipped amid increased efforts to shelter from the geopolitical risks.

The 2-yr yield is down five basis points to 1.49%, and the 10-yr yield is down six basis points to 1.78%. The U.S. Dollar Index is up 0.6% to 98.39.

As for the employment report, the consensus projects 400,000 additions to nonfarm payrolls, a 3.9% unemployment rate (versus 4.0% in January), and a 0.5% increase in average hourly earnings. Overall, the report is expected to be decent.

Separately, Broadcom (AVGO 595.50, +16.90, +2.9%) and Gap (GPS 15.20, +0.95, +6.7%) are bucking the negative disposition in pre-market action after both companies topped earnings expectations and issued upbeat guidance.

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