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Market Rap 03/09/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles Bounced off yesterdays lower range overnight, now testing the upper end of the range. Bulls need to see follow thru over yesterdays highs to flip the hourly, 4hr trend back in their favor and get the daily bounce underway. 414.58 the after hours low, before futures opened

424.38 the corresponding futures high

QQQ 5 days, hourly candles Nasdaq the same story as the S&P - held yesterdays lower range, now testing the higher end 321.53 the after hours low before futures opened

QQQ 3 months, daily candles Potential doji reversal candle against recent Ukraine invasion lows - an open, and more importantly a close above 324.05 needed for confirmation. Bulls will look to get thru yesterdays highs to get the daily bounce underway. 319.94 the low from yesterday and first support

318.26 the Ukraine invasion low 333.21 the high from yesterday and first resistance

338.32 the 12ema 338.48 candle resistance

341.31 after that

March Vix 3 months, daily candles Breaking yesterdays lows so far today, but broad market bulls will want to see multiple days of follow thru down to be able to get a sustainable bounce in the indices

Spot Vix 3 months, daily candles Testing, starting to peek thru yesterdays lows here; Still extremely elevated in the 30+ range so wide intraday moves both directions, like we saw yesterday, should be expected. Futures rebound as oil prices dip

09-Mar-22 07:58 ET

Market is Closed

[BRIEFING.COM] S&P futures vs fair value: +66.50. Nasdaq futures vs fair value: +264.00.

The S&P 500 futures trade 67 points, or 1.6%, above fair value in a buy-the-dip trade, as oil prices dip below $120 per barrel ($119.38, -4.32, -3.5%).

Oil is cooling off after rising 35% since Feb. 25, but the negative action has also coincided with a report from Reuters citing positive-sounding rhetoric from Russia's foreign ministry spokesperson. She said that Moscow doesn't want to overthrow the Kyiv government and that it hopes progress can be made in upcoming talks.

The softer stance, however, contrasts with news that Russian forces continue to push towards Kyiv. On a related note, the EU and UK tightened sanctions against Russia on Wednesday.

Treasury yields, meanwhile, continue to push higher on inflation and rate-hake expectations after China reported hotter-than-expected CPI data for February. The 2-yr yield is up four basis points to 1.67%, and the 10-yr yield is up four basis points to 1.91%. The U.S. Dollar Index is down 0.5% to 98.61.

Separately, noticeable gains in Bumble (BMBL 20.22, +3.56, +21.4%), Figs (FIGS 15.79, +1.75, +12.5%), and Oatly Group(OTLY 6.50, +0.77, +13.4%) following their earnings reports have supported risk sentiment, but not Stitch Fix (SFIX 8.15, -2.86, -26.0%) with its 26% plunge.

On the data front, investors will receive the JOLTs - Job Openings report for January at 10:00 a.m. ET and the weekly EIA report for weekly crude inventories at 10:30 a.m. ET. Earlier, the weekly MBA Mortgage Applications Index rose 8.5% following a 0.7% decline in the prior week. Today's Economic Calendar

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