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Market Rap 03/11/22 by CTG

SPY / QQQ / Vix SPY 5 days, hourly candles S&P futures with a big move the last hour on headlines of potential de-escalation in Ukraine; over the last 2 days of highs and testing the highs from last Friday 433.22 the corresponding futures high

423 the corresponding futures low

SPY 3 months, daily candles Broke under Wednesday's lows yesterday, setting the next daily "lower high" up at 429.51; Closed back above there, and based on the futures action bulls are quickly looking to have yesterdays low become the next "higher low". On track to open above that 429.51 level, but we'll see how the day plays out. If follow thru above there holds up with a strong close, then bulls regain the daily trend back in their favor. 420.44 the low from yesterday and first support

415.12 after that 426.43 the high from yesterday, setting up for a gap up open above there and above 429.51 as well

432.30-433.37 next resistance with a small gap at


441.11 after that

QQQ 5 days, hourly candles Nasdaq futures also shaping up for the gap up open, testing recent highs from the past week 338 the corresponding futures high

328.45 the corresponding futures low

QQQ 3 months, daily candles Similar set up here with bulls looking to quickly have yesterday become the next daily "higher low". Double bottom look off Ukraine invasion lows still intact 326.71 the low from yesterday as first support

319.94 after that 332.51 the high from yesterday, trading above there now for the gap up open

336.38 the previous daily "lower high" and trading right around there currently. Bulls want to convincingly break this level, with a strong close, to get the daily trend back in their favor

336.81 the 12 ema

338.48 next

341.31 after that

March Vix futures 3 months, daily candles

(these expire on Tues so we'll move onto the April contract to start next week) Now seeing multiple days of backing down, good sign for the broad market bulls. Testing that last daily "higher low" area now (28.80). Would lose the uptrend with a break under there.

Spot Vix 3 months daily candles Similar look here, multiple days of consolidation now, and testing the last daily "higher low" of 29.31.

Back under 30 is step one for the broad market bulls to see a sustainable rally Futures rise on positive-sounding Putin headline

11-Mar-22 07:56 ET

Market is Closed

[BRIEFING.COM] S&P futures vs fair value: +60.90. Nasdaq futures vs fair value: +233.00.

The S&P 500 futures trade 61 points, or 1.4%, above fair value after reports indicated that Russian President Putin claims that discussions with Ukraine have taken a positive turn.

Details have been scant, so the positive-sounding headline first reported by IFX is what the market is basing its optimism on. On a related note, President Biden is scheduled to speak at 10:15 a.m. ET to announce actions that continue to hold Russia accountable for its invasion of Ukraine.

Crude futures are higher ($106.87, +0.85, +0.9%) but are off overnight highs, which were driven by news that the U.S. and Iran could not revive a nuclear deal due to Russian qualms and key issues remaining unsolved.

The 10-yr yield is unchanged at 2.01% after trading at 1.97% overnight. The 2-yr yield is up one basis point to 1.73% after touching 1.69% overnight. The U.S. Dollar Index is down 0.1% to 98.41.

DocuSign (DOCU 77.70, -16.18, -17.2%) and Rivian (RIVN 37.80, -3.36, -8.2%), meanwhile, are the latest growth stocks that continue to fall from grace following their disappointing guidance and quarterly results, respectively. Oracle (ORCL 75.25, -1.40, -1.8%) is down 2% after missing EPS estimates.

Separately, investors will receive the preliminary University of Michigan Index of Consumer Sentiment for March ( consensus 62.5) at 10:00 a.m. ET. Investors will receive no other data.

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