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Market Rap 03/31/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures bounced overnight and tested into the the upper third of yesterdays range; Currently pulling off and testing back into the lower range 460.49 the corresponding futures high

458.08 the corresponding futures low so far

SPY 3 months, daily candles Another run at filling that open gap fell just short; Some minimal daily consolidation underway, watching if we get any more follow thru today(support)

456.47 the low from yesterday and first support

455.91 open gap

450.98 the 150 day MA (orange line)

446.17 the 12ema (white line) - any daily consolidation that stays above this level keeps things looking healthy for da bulls

443.71 the last daily "higher low" and spot needed for bulls to maintain the uptrend on this timeframe

440.03 the 50 day MA(resistance)

461.20 the high from yesterday and first resistance

462.07 right after that

465.09 next

472.88-473.20 next major area after that

QQQ 5 days, hourly candles Nasdaq futures with similar action; Bounced off yesterdays lows to test the upper range; Now testing back into the lower range 369.52 the corresponding futures high

367.07 the after hours low from yesterday, before futures opened

QQQ 3 months, daily candles Finding some resistance at the 150 day MA/200 day MA (closed back below yesterday). Still mostly resisting daily consolidation again though, going on 12 days in a row; Watching for a break of yesterdays low with some follow thru to see if that changes, or if another round of bearskin rugs are on the way before any pullback.(support)

365.57 the low from yesterday and first support

365.01 open gap

358.07 next

355.85 the 12ema

351.59 after that

348.58 the 50 day MA(resistance)

368.83 the 200 day MA

370.98 the high from yesterday

371.41 the 150 day MA

371.83 next

380.35 after that

April Vix futures 3 months, daily candles Halted the slide for the past couple days, but still not seeing any meaningful bounce/concern over broad market consolidation so far. If we cant get over that 23ish area, daily bear flag still possible.

Spot Vix 3 months, daily candles Attempting some curl off the lows, but a daily bear flag is still possible here also if we don't see some more meaningful bounce get underway. Inside bar here so far today -

Get over 20.51 to break it bull, if that happens I'd look to the 23-24 area next

Break 18.67-18.72 to the downside and look for bear flag follow thru. 16-17 area possible after that. Futures little changed, oil prices drop

31-Mar-22 07:55 ET

Market is Closed

[BRIEFING.COM] S&P futures vs fair value: +6.60. Nasdaq futures vs fair value: +22.00.The S&P 500 futures trade seven points, or 0.1%, above fair value as the market struggles for direction on this last day of the first quarter. The benchmark index enters the session down 3.4% for the quarter but up 5.2% this month.

Oil prices are on the retreat, hovering just above $100.00 per barrel ($101.37, -6.42, -5.9%), on news that President Biden will announce plans to release one million barrels of oil per day from strategic reserves to help keep gas prices down. The release could last for months.

Lingering growth concerns might also be a contributing factor after China's Manufacturing PMI dipped into contraction territory for the first time since October and reports indicated that Shanghai will enter phase two of its coronavirus lockdown. Equity markets in Asia closed modestly lower on Thursday.

U.S. Treasury yields are trading lower across the curve but more so on the shorter end. The 2-yr yield is down five basis points to 2.28%, and the 10-yr yield is down four basis points to 2.32%. The U.S. Dollar Index is up 0.4% to 98.19.

On the data front, investors will receive Personal Income ( consensus 0.5%) and Personal Spending ( consensus 0.5%) for February, PCE Prices for February ( consensus 0.6%), and weekly Initial Claims ( consensus 200,000) at 8:30 a.m. ET, followed by the Chicago PMI for March ( consensus 56.8) at 9:45 a.m. ET.

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