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Market Rap 03/07/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures had been trading weak all night and were on their way to a gap down open, but this big bounce over the the last hour is changing that 423.51 the corresponding futures low

430.25 the corresponding futures high

SPY 3 months, daily candles Back under the daily 12ema (white line) but held above the previous daily "higher low" from 3/1 on Friday; Technically bulls still have the daily uptrend, but losing that 427.11 would lose it. 427.88 the low from Friday and first support

427.11 that previous daily "higher low" and most important spot for bulls to stay above

410.64 the Ukraine invasion fear low 433.37 the high from Friday and first resistance

433.80 open gap

435.52 the daily 12ema

441.11 after that

QQQ 5 days, hourly candles Nasdaq futures were also setting things up for a gap down open, but this bounce the last hour is negating that 330.30 the corresponding futures low

335.92 the corresponding futures high

QQQ 3 months, daily candles Thursday's confirmed daily uptrend saw no follow thru straight into a pullback, followed by a loss of the previous "higher low" spot of 338.90 from 3/1, on Friday. The hourly and 4hr RSI's were pretty beaten up after last night's futures weakness, and that oversold bounce is currently underway. 334.92 the low from Friday, trading just under there currently for a small gap down potential

318.26 the Ukraine invasion low 341.31 the high from Friday and first resistance

343.99 the daily 12ema

350.04 after that

March Vix futures 3 months, daily candles A push over the 2/24 Ukraine invasion highs here last night which is note-able; Currently seeing a reversal and upper wick of selling off this broad market bounce attempt.

This will need to see consistent days of backing down for bulls to get any type of sustainable rally.

Spot Vix 3 months, daily candles Testing up to the Ukraine invasion 2/24 high of 37.79 early this AM; Todays high falling short so far at 36.52.

See if this area provides some "resistance" and we see a back off against those recent highs. Futures cut losses as oil retraces from $130 per barrel

07-Mar-22 08:00 ET

Market is Closed

[BRIEFING.COM] S&P futures vs fair value: -26.00. Nasdaq futures vs fair value: -113.80.The S&P 500 futures trade 26 points, or 0.6%, below fair value after WTI crude futures hit $130 per barrel last night. Futures have cut their losses, though, as oil prices for the April contract now trade at $120.42/bbl (+$4.74, +4.1%).

The initial pop in oil was driven by a confirmation from Secretary of State Blinken that there are active talks to potentially ban imports of Russian oil and a report from Reuters indicating that an Iran nuclear deal could be delayed.

Besides the retracement in oil, which are trading under $100 per barrel for contracts at the end of the year, the futures market has welcomed news that ceasefire talks will continue today in addition to positive-sounding corporate news.

Specifically, Uber (UBER 31.01, +1.18, +4.0%) raised its Q1 Adjusted EBITDA guidance range, Oasis Petroleum (OAS 153.70, +9.21, +6.4%) and Whiting Petroleum (WLL 88.00, +4.57, +5.5%) agreed to a $6.0 billion merger of equals, and Bed Bath & Beyond (BBBY 27.31, +11.13, +68.8%) has popped 70% on news of turnaround interest from Ryan Cohen.

Treasury yields are trading higher, as risk sentiment lightens up. The 2-yr yield is up four basis points to 1.53% after touching 1.42% overnight, and the 10-yr yield is up five basis points to 1.77% after dipping below 1.70% overnight. The U.S. Dollar Index is up 0.3% to 98.91.

Today's economic data will be limited to Consumer Credit for January ( consensus $25.0 billion) at 3:00 p.m. ET.

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