Market Rap 03/28/22 by CTG
SPY / QQQ / Vix
SPY 5 days, hourly candles S&P futures pulled back into the middle of Friday's range overnight, now breaking over Friday's high currently 453.87 the futures/pre mkt high so far
450.65 the corresponding futures low
SPY 3 months, daily candles Shallow daily consolidation on Wednesday saw bull flag follow thru Friday, as we pushed over the 150 day MA (orange line)(resistance)
452.98 the high from Friday, trading above there currently for the gap up open set up
457.71-458.12 next resistance area(support)
450.77 the 150 day MA
448.43 the low from Friday
446.61 the 200 day MA
443.71 the last daily "higher low"
441.40 the 12ema
440.22 the 50 day MA
QQQ 5 days, hourly candles Nasdaq futures traded quietly in the middle of Friday's range, currently looking to test the upper end of Friday's range as this hourly tightening range breaks bullish 360.68 the futures/pre mkt high so far
357.33 the corresponding futures low
QQQ 3 months, daily candles Still avoiding any meaningful daily consolidation from this current bounce straight off the recent lows; as it keeps pushing thru the thickest parts of the volume profile(resistance)
360.67 the high from Friday, looking to get tested first thing as we're trading right back there now
366.48 the 200 day MA
370.10 the high from 2/2
371.54 the 150 day MA(support)
354.94 the low from Friday
349.08 the 50 day MA
348.06 the 12ema
April Vix futures 3months, daily candles Testing the lows from Jan/Feb
Spot Vix 3 months, daily candles and Spot Vix 1yr, daily candles (for historical RSI view) Testing the lows from February here as the vol crush continues Looking back 3 years, 35-40 RSI is the area where you typically see some bounce and a vol "tremor" higher.
Currently we're at 38ish, we saw as low as 35ish on Friday before seeing some wiggle off the lows
https://www.briefing.com/stock-market-update Stock Market Update Positive momentum carries over to the futures market
28-Mar-22 07:55 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +18.10. Nasdaq futures vs fair value: +39.50.
The S&P 500 futures trade 18 points, or 0.4%, above fair value to start the week amid a carryover of positive momentum.
Ostensibly, weaker oil prices ($108.09, -5.81, -5.1%) are helping risk sentiment, although they're down on growth concerns after Shanghai imposed lockdowns to curb an outbreak of COVID-19. China's Shanghai Composite eked out a 0.1% gain on Monday.
The Treasury market is also reflecting growth concerns by way of curve-flattening activity. The 2-yr yield is up two basis points to 2.31%, while the 10-yr yield is down two basis points to 2.47%.
The U.S. Dollar Index is up 0.5% to 99.25 amid relative weakness in the Japanese yen, which is down 1.6% against the dollar after the Bank of Japan offered to buy an unlimited amount of JGBs at 0.25%. That move was consistent with the central bank's policy of yield curve control.
In key corporate news, Apple (AAPL 172.84, -1.88, -1.1%) is planning to cut production for the iPhone SE by roughly 20% and AirPods by more than 10 million units this year amid the geopolitical uncertainty, according to The Nikkei. Tesla (TSLA 1067.50, +56.86, +5.6%) will ask shareholders to authorize additional shares to enable another stock split.
Separately, investors will receive the Advance International Trade in Goods, Retail Inventories, and Wholesale Inventories reports for February at 8:30 a.m. ET.