Market Rap 03/25/22 by CTG
SPY / QQQ / Vix
SPY 5 days, hourly candles S&P futures pushed over yesterdays highs, setting up for the gap up open 452.20 the corresponding futures high so far
449.25 the corresponding futures low
SPY 3 months, daily candles Daily consolidation being kept minimal, straight into a higher high another strong showing for bulls. Back over the 200 day MA, and testing the 150 day MA (orange line) 450.50 the high from yesterday - trading above there now for the gap up open set up 450.71 the 150 day MA, also currently over that level in futures/pre mkt action
457.71-458.12 area next 444.76 the low from yesterday and first support
443.71 after that
440.59 the 50 day MA
439.47 the 12ema
QQQ 5 days, hourly candles Similar story here, trading thru yesterdays RTH highs for the gap up open set up 361.40 the futures high so far
357.94 the corresponding futures low
QQQ 3 months, daily candles Still no daily consolidation here after the inside bar broke bullish, bounce coming straight off the lows still ongoing 359.70 the high from yesterday - trading above there currently for the gap up open set up
366.49-366.81 next area of resistance as we push thru this last big chunk of volume profile
368.36 the 200 day MA
370.10 after that 351.59 the low from yesterday and first support (broke Wed. low by .18 yesterday, straight into a bounce)
349.64 the 50 day MA
346.01 the 12ema
April Vix futures 3 months, daily candles Vol crush continues. Daily bear flag played thru yesterday, some marginal lower lows seen today so far
Spot Vix 3 months, daily candles Daily bear flag played thru here yesterday as well
Back into the low 20s area with a test of 20 psychological resistance the next big spot *Note that daily RSI has come down to a level where historically we see some type of a bounce. Little vol "tremors" back higher are the norm after the big moves we saw in the past couple months
https://www.briefing.com/stock-market-update Futures Point Higher
25-Mar-22 08:01 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +23.70. Nasdaq futures vs fair value: +62.30.
The stock market is on track for a modestly higher start as futures on the S&P 500 trade 24 points above fair value.
The benchmark index faced some volatility this week, but it approached its high from Tuesday during yesterday's session. The index enters today with a week-to-date gain of 1.3% while the Nasdaq has gained 2.1% this week and the Dow is down 0.1% since last Friday.
Overnight action saw a mostly lower showing from markets in Asia while European indices are looking to finish the week on a positive note.
President Biden and European officials announced a plan to increase exports of liquefied natural gas to Europe, but new infrastructure will need to be constructed before deliveries can be increased.
Crude oil is continuing yesterday's pullback, as it slips $2.24, or 2.0%, to $110.10/bbl.
Today's economic data will be limited to the 10:00 ET release of February Pending Home Sales (Briefing.com consensus 1.2%; prior -5.7%) and the final reading of the Michigan Consumer Sentiment survey for March (Briefing.com consensus 59.7; prior 59.7).
Treasuries are modestly lower with the 10-yr yield rising two basis points to 2.36%.