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Market Rap 03/23/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures consolidating early this AM, and cooling off hourly/4hr overbought conditions that had gotten overbought again yesterday 447.25 the corresponding futures/pre mkt low so far

450.50 the corresponding futures high

SPY 3 months, daily candles The strong bounce off recent lows continued with a push/close over the 200 day MA and a test of the 150 day MA. Higher low everyday for the last 6 days in a row, once that pattern breaks daily consolidation will be underway (resistance)

450.58 the high from yesterday and first resistance

450.60 the 150 day MA

457.71-458.12 next area (support)

446.21 the 200 day MA

445.86 the low from yesterday

441.41 the 50 day MA

440.68 next

436.31 the daily 12ema

QQQ 5 days, hourly candles Similar look here on the Nasdaq, consolidation started early this AM and we've pulled back to about the middle of yesterdays range 354.06 the corresponding futures low

357.39 the corresponding futures high

QQQ 3 months, daily candles Pushed thru and closed back above the 50 day MA for the first time since the one day in early February; Higher low everyday for 6 days in a row here as well, once that pattern breaks daily consolidation gets underway. Bulls will then look for a higher low anywhere above recent lows, with shallow consolidation that stays above the daily 12ema being their best case scenario. Then a pivot to higher highs will still be needed - the daily downtrend broke but bulls will want to see the "higher low then higher high" for uptrend confirmation (resistance)

357.85 the high from yesterday and first resistance

366.49-366.81 next

369.17 the 200 day MA (support)

350.73 the 50 day MA

350.20 the low from yesterday

345.58 next

342.02 the daily 12ema

April Vix 3 months, daily candles Trying to hold up at yesterdays/Mondays lows with a daily inside bar so far today. Watching for which way this breaks. 25.95 needed for the bull break

24.70 needed for the bear break and bear flag confirmation

Spot Vix 3 months, daily candles Going on 6 days of vol crush here. Daily inside bar so far today, testing yesterdays upper end currently. Inside bar so far with a 24.02 upside break needed for the vol bulls and the daily bounce to get underway.

22.70 the low from yesterday, a bear break under will also confirm a bear flag, then have us looking to the 20 area psychological test Futures Point Lower

23-Mar-22 07:57 ET

Market is Closed

[BRIEFING.COM] S&P futures vs fair value: -10.70. Nasdaq futures vs fair value: -100.00.The stock market is on track for a lower start as futures on the S&P 500 trade 11 points below fair value.

The modest weakness in equity futures comes alongside selling in most European markets. President Biden is traveling to Europe today to meet with NATO allies.

German Chancellor Scholz said that while his country plans to phase out the use of Russian oil, the change cannot be made overnight. Crude oil is up $3.03, or 2.8%, at $112.30/bbl.

Economic data released overnight showed the U.K.'s yr/yr CPI rate rising to 6.2%, its fastest pace of growth in nearly 30 years.

In the U.S., the weekly MBA Mortgage Index fell 8.1% after decreasing 1.2% a week ago. The only remaining report on today's schedule is the February New Home Sales report ( consensus 820,000; prior 801,000), which will be released at 10:00 ET.

Treasuries trade near their flat lines with the 10-yr yield rising one basis point to 2.38%.

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