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Market Rap 04/06/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures took the next leg lower after breaking yesterdays lows, with interest rates surging. Hourly RSI is pretty beat up here, with 4hr RSI getting close. Gap down open for a bounce setting up? 446.94 the corresponding futures low so far

451.85 the corresponding futures high

SPY 3 months, daily candles Daily "lower high" set yesterday, with a gap down open setting up for today that looks to take us under Friday's low; If we close weak under there we'd confirm a new daily downtrend(support)

449.82 the low from yesterday - trading well under there currently for the gap down open

447.78 the 200 day MA, also currently trading under there

443.71 next

440.75 the 50 day MA(resistance)

457.83 the high from yesterday and first resistance on this timeframe

QQQ 5 days, hourly candles Nasdaq futures also currently in free fall, with the hourly RSI extremely beat up (currently around 16ish); 4hr RSI about to click oversold as well 355.57 the corresponding futures/pre mkt low so far

361.90 the after hours high from yesterday, before futures opened

QQQ 3 months, daily candles Failing against the 200 day MA (purple line), similar to early February. Gap down open setting up for today that would take us under Friday's low, and confirm a new downtrend sequence on this timeframe(support)

359.93 the low from yesterday, 358.59 the low from Friday, currently under both those levels for the gap down

351.59 next

349.01 the 50 day MA(resistance)

368.54 the high from yesterday and first resistance on this timeframe

TLT 5 days, hourly candles and 15 days, 4hr candles The culprit of the hand wringing - rates currently surging and taking the next leg higher. (rates higher = TLT lower)

Hourly and 4hr RSI are pretty beaten up here, so anticipating some type of bounce in the short term

Zooming out to the long term view, the TLT 5 year, monthly chart - Trading at levels last see in May of 2019 122-123ish looks like next major support from then

April Vix futures 3 months, daily candles Bounce underway after a daily bear flag played thru to start the week

Spot Vix 3 months, daily candles Strong push back over 20 yesterday has us looking for larger intraday movement again (both directions) as the daily bounce is now in full swing Futures extending yesterday's losses as interest rates continue to rise

06-Apr-22 07:56 ET

Market is Closed

[BRIEFING.COM] S&P futures vs fair value: -36.00. Nasdaq futures vs fair value: -213.30.

The equity futures market is extending yesterday's losses, as interest rates continue to rise amid rate-hike/inflation concerns. The S&P 500 futures trade 36 points, or 0.8%, below fair value while the tech-heavy Nasdaq 100 futures trade 1.4% below fair value.

Specifically, the 10-yr yield is up eight basis points to 2.63% after starting the month at 2.33%, and the 2-yr yield is up four basis points to 2.55% after starting the month at 2.28%. Treasury yields are at multi-year highs, as is the U.S. Dollar Index (99.50, +0.03, unch).

After hawkish-sounding Fed commentary yesterday fueled the rise in interest rates, investors will pay heed to the FOMC Minutes from the March meeting at 2:00 p.m. ET. On a related note, Philadelphia Fed President Harker (alternate FOMC voter) will speak at 9:30 a.m. ET.

Earlier this morning, the weekly MBA Mortgage Applications Index fell 6.3% following a 6.8% decline in the prior week. WTI crude futures are up 1.6%, or $1.57, to $103.54/bbl ahead of the weekly EIA crude inventory report at 10:30 a.m. ET.

Separately, JetBlue Airways (JBLU 13.13, -0.51, -3.7%) offered to acquire Spirit Airlines (SAVE 25.78, -1.14, -4.2%) for $33.00 per share in cash, implying a fully diluted equity value of $3.6 billion. Recall, Spirit previously agreed to merge with Frontier (ULCC 11.79, -0.13, -1.1%).

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