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Market Rap 04/08/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures trading up near the highs from yesterday 451 the corresponding futures high

448.21 the after hours low from yesterday, before futures opened

SPY 3 months, daily candles Upper gap filled yesterday as we pushed back above the 200 day MA (purple line) and tested the 12em (white) and the 150 day MA (orange) (resistance)

449.84 the 12ema (trading right around there currently)

450.69 the high from yesterday looking to get tested first thing

451 the 150 day MA

457.83 the last daily "lower high" and the spot for bulls to get over with some follow thru to break the new downtrend sequence that started on Wednesday(support)

448.03 the 200 day MA

443.47-443.53 the lows from the past 2 days

441.30 the 50 day MA

QQQ 5 days, hourly candles Nasdaq futures also trading in the upper range from yesterday 356.53 the corresponding futures high

353.56 the corresponding futures low

QQQ 3 months, daily candles Bounce attempt off the 50 day MA (blue line) but no gap fill here, still below the 12ema (white) (support)

349.36 the 50 day MA

348.69 the low from yesterday

345.58 next (resistance)

356.35-356.78 the highs from the past 2 days

358 the daily 12ema

359.93 open gap

369.21 the 200 day MA

369.31 the last daily "lower high" and spot for bulls to get over with some follow thru, to break the current daily downtrend

April Vix futures 3 months, daily candles Attempting to hold up at the lows from the past 2 days. Break 22.60-22.64 area today and the broad market bounce attempt continues.

Break 23.30 to the upside and it'll stall out a bit.

Spot Vix 3 months, daily candles Similar story here, attempting to hold the lows from the past couple days and stay above 20-21 area

XLV honorable mention for new all time highs yesterday, so there's definitely some strong sectors seeing rotation, and not widespread market weakness. Watching for follow thru today, or if we still end up with a "double top" look Futures rise at end of volatile week

08-Apr-22 07:56 ET

Market is Closed

[BRIEFING.COM] S&P futures vs fair value: +22.00. Nasdaq futures vs fair value: +57.00.

The S&P 500 futures trade 22 points, or 0.5%, above fair value at the end of a volatile week. The major indices enter the session down between 0.7% (Dow Jones Industrial Average) and 3.9% (Russell 2000) this week.

The positive bias appears technical in nature after the S&P 500 closed above its 200-day moving average (now 4493) yesterday. Still, there's some trepidation associated with the Fed's hawkish mindset, the Russia-Ukraine situation, the COVID lockdowns in Shanghai, and rising interest rates.

On the latter, the 10-yr Treasury note yield is up two basis points to 2.68% while the 2-yr yield is up five basis points to 2.52%. The U.S. Dollar Index is up 0.1% to 99.86. WTI crude futures are down 0.1% to $95.91/bbl.

Separately, semiconductor stocks are seeing some relief with the broader futures market but also after Taiwan Semi (TSM 101.33, +0.81, +0.8%) reported Q1 revenue above consensus. The iShares Semiconductor ETF (SOXX 442.32, +2.62, +0.6%) is up 0.6% in pre-market action.

Today's economic data will be limited to Wholesale Inventories for February ( consensus 2.1%) at 10:00 a.m. ET.

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