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Market Rap 03/29/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures trading over yesterdays highs, gap up open coming 458.50 the futures/pre mkt high so far

455.61 the corresponding futures low

SPY 3 months, daily candles Coming into the last levels of resistance from early February(resistance)

455.91 the high from yesterday - trading well above there now currently for the gap up open set up

457.71-458.12 the highs from early Feb, also currently trading above those levels

Last chunk of volume profile in this 458-460ish area before it thins out further

465ish after that(support)

450.83 the 150 day MA

450.06 the low from yesterday

446.77 the 200 day MA

443.72 the 12ema

443.71 the last daily "higher low" pivot

QQQ 5 days, hourly candles Nasdaq futures also trading well above yesterdays highs, gap up open coming 367.73 the futures/pre mkt high so far

364.40 the corresponding futures low

QQQ 3 months, daily candles Heading up for a test of the 200 day MA and the highs from February(resistance)

365.01 the high from yesterday, trading well above there currently for the gap up open set up

368.57 the 200 day MA

370.10 the high from 2/2

371.48 the 150 day MA(support)

358.07 the low from yesterday and first support

351.59 next

350.65 the 12ema

348.82 the 50 day MA

April Vix futures 3 months, daily candles Yesterday's spike late morning proved to be short-lived, and was reversed quickly followed by lower lows by the afternoon. Seeing more impressive vol crush today. A reflexive spike back higher could come anytime, but so far the broad market bulls keep trucking onward.

Spot Vix 3 months, daily candles Yesterday saw the daily bounce attempt get swiftly reversed by the end of day, along with finding much lower lows and a break of that 20 psychological level afterward.

Daily ranges will be much tamer now than what we were used to only a couple weeks ago.

Daily RSI has now pushed to the lowest level we've seen in over 3 years, so a "tremor spike" back higher could come anytime. Futures ride positive momentum amid ceasefire hopes

29-Mar-22 07:55 ET

Market is Closed

[BRIEFING.COM] S&P futures vs fair value: +29.30. Nasdaq futures vs fair value: +56.00.

The S&P 500 futures trade 29 points, or 0.6%, above fair value amid positive momentum and continuing hope that Russia and Ukraine can reach a ceasefire soon.

Negotiators from both sides will resume peace talks in Turkey today, meeting face-to-face for the first time in over two weeks, according to Reuters. Ukraine is hopeful for a ceasefire, but U.S. officials continue to express their doubts about Russia's intentions.

Strikingly, the 2s10s spread in the Treasury market has now compressed to within ten basis points, stoking speculation of a recession down the road should there be an inversion. That hasn't bothered the futures market, though, which is appearing more optimistic about the near-term outlook.

The 2-yr yield is up ten basis points to 2.44%, and the 10-yr yield is up four basis points to 2.52%. The U.S. Dollar Index is down 0.3% to 98.78 amid relative strength in the euro, which is up 0.5% to 1.1039 amid hope for a ceasefire. WTI crude is down 0.2% to $105.71/bbl.

On the data front, investors will receive the FHFA Housing Price Index for February ( consensus 1.3%) and the S&P Case-Shiller Home Price Index for February ( consensus 18.7%) at 9:00 a.m. ET, followed by the Conference Board's Consumer Confidence Index for March ( consensus 107.5) and the JOLTS - Job Openings report for February at 10:00 a.m. ET. (More Fed chatter)

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