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Market Rap 03/30/22 by CTG

SPY / QQQ / Vix

S&P futures consolidating and cooling off hourly/4hr overbought conditions 459.45 the corresponding futures low

461.87 the corresponding futures high

SPY 3 months, daily candles The rally continued yesterday with a gap up (that never quite filled after the open but made an attempt) over February resistance. We've started to push over the biggest chunk of volume profile.(resistance)

462.07 the high from yesterday and first resistance

465.09 after that

472.88-473.20 after that(support)

457.18 the low from yesterday and first support

455.91 open gap

450.92 the 150 day MA

448.43 next

446.46 the 12ema (white line)

443.71 the most important area for bulls to defend and stay anywhere above to keep the daily uptrend intact

QQQ 5 days, hourly candles Nasdaq futures also seeing some consolidation and cooling off hourly/4hr overbought conditions 368.77 the corresponding futures low

371.52 the corresponding futures high

QQQ 3 months, daily candles The rally continued here also with basically no daily consolidation since the 3/14 low. Pushed above the 200 day MA for the first time since 2/2. Open gap from yesterday never quite filled after the open.(resistance)

371.46 the 150 day MA

371.83 the high from yesterday and first resistance

376.22, 380.35 next(support)

368.70 the 200 day MA

366.06 the low from yesterday

365.01 open gap

358.07 next

353.81 the 12ema (white line)

351.59 after that

348.65 the 50 day MA

April Vix futures 3 months, daily candles More follow thru downward yesterday as we continue to see more relentless vol crush. Overdue for some mean reversion here in the short term. Attempting to hold up at yesterdays low.

Spot Vix 3 months, daily candles Spent the whole day under 20 yesterday and briefly dipped into the 18s. Any short term oversold relief bounce has been quickly faded so far. Attempting to push thru yesterdays high currently. Historical RSI is in an area where we see some type of shorter term bounce, which would coincide with some daily consolidation for the broad market. Futures taking a breather

30-Mar-22 07:55 ET

Market is Closed

[BRIEFING.COM] S&P futures vs fair value: -4.80. Nasdaq futures vs fair value: -45.80.

The S&P 500 futures trade five points, or 0.1%, below fair value as the market takes a breather amid tempered hopes for a ceasefire.

Russia has refuted a breakthrough in talks with Ukraine, reportedly continuing its attacks near Kyiv despite promising to reduce military operations, according to Bloomberg. Foreign policy analysts have said that Russia is employing a tactical shift to focus on two eastern provinces.

The market, though, doesn't seem too concerned about that situation right now based on the slightly negative bias in the futures market. It appears more likely that the futures market is taking a pause after the S&P 500 rallied 11.0% since March 14.

At the individual stock level, Micron (MU 85.35, +3.30, +4.0%) and lululemon athletica (LULU 369.34, +25.37, +7.4%) are standing out with 4% and 7% gains, respectively, after beating EPS estimates and providing upside guidance.

On the data front, investors will receive the ADP Employment Change report for March ( consensus 440,000) at 8:15 a.m. ET and the third estimate for Q4 GDP ( consensus 7.1%) at 8:30 a.m. ET. The weekly MBA Mortgage Applications Index fell 6.8% following an 8.1% decline in the prior week.

The Treasury yield curve is widening a bit after a brief inversion of the 2s10s spread yesterday. The 2-yr yield is down two basis points to 2.33% while the 10-yr yield is up one basis point to 2.41%. The U.S. Dollar Index is down 0.5% to 97.88. WTI crude is up 2.4% to $106.69/bbl amid expectations for OPEC+ to maintain current output for May.

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