Market Rap 03/24/22 by CTG
SPY / QQQ / Vix
SPY 5 days, hourly candles S&P futures bounced back into the middle of yesterdays range 443.40 the after hours low before futures opened
447.10 the corresponding futures high
SPY 3 months, daily candles Daily consolidation underway, bulls hoping it stays healthy above the 12ema (white line)(support)
443.71 the low from yesterday and first support
440.97 the 50 day MA
437.46 the 12ema(resistance)
446.32 the 200 day MA back overhead
448.49 the high from yesterday and next resistance
450.58 the high from this recent bounce
450.63 the 150 day MA
QQQ 5 days, hourly candles Nasdaq futures also held above yesterdays lows, bounced into the middle of yesterdays range 351.79 the after hours low before futures opened
354.92 the corresponding futures high
QQQ 3 months, daily candles Inside bar day here yesterday, and so far resisting daily consolidation. This has been a straight move off the bottom, so bulls will look for a higher low/higher high once that consolidation does begin 351.77 the low from yesterday and first support
350.20 the previous days low
350.16 the 50 day MA
343.53 the daily 12ema, healthiest consolidation stays above that level 357.66-357.85 the high from the past 2 days and first resistance
360.07-361.93 after that
366.49-366.81 after that
368.24 the 200 day MA overhead
April Vix futures 3 months, daily candles Still continuing to find lower lows here, even with the broad market consolidating some. Daily bear flag look currently.
Spot Vix 3 months, daily candles Holding above the lows from the past couple days and effectively 2 days of inside bars; Watching to see which way that breaks. Lose 22.64 and break bear, a daily bear flag confirms
Get thru 24.03 to the upside with a bull break, and the daily bounce gets underway.
https://www.briefing.com/stock-market-update Futures Point Higher
24-Mar-22 07:57 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +28.80. Nasdaq futures vs fair value: +87.80.
The stock market is on track for a higher start as futures on the S&P 500 trade 29 points above fair value.
Barring an early reversal, the market will look to rebound from a midweek dip that returned the S&P 500 back below its 200-day moving average (4474).
Overnight action saw a mostly lower showing from markets in Asia while European markets trade near their flat lines.
President Biden is meeting with NATO allies in Europe with reports suggesting that more sanctions against Russia will be announced.
Crude oil holds a modest loss, slipping $0.63, or 0.6%, to $114.30/bbl.
Treasuries are on track to give back yesterday's gains at the open, as the 10-yr yield rises five basis points to 2.37%.
Weekly Initial Claims (Briefing.com consensus 210,000; prior 214,000), Continuing Claims (prior 1.419 mln), February Durable Orders (Briefing.com consensus -0.5%; prior 1.6%), Durable Orders ex-transportation (Briefing.com consensus 0.5%; prior 0.7%), and Q4 Current Account Balance (prior -$214.80 bln) will be reported at 8:30 ET, followed by the preliminary March IHS Markit Manufacturing PMI (prior 57.3) at 9:45 ET. Fed chatter today