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Market Rap 04/11/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles Broke under Friday's lows, testing Thursday's lows 444.10 the corresponding futures low

447 the corresponding futures high

SPY 3 months, daily candles Closed just under the 200 day MA on Friday, back under there currently with a small gap down open shaping up in the context of a daily downtrend (support)

445.94 the low from Friday - trading under there currently for the gap down set up

443.47-443.53 next

441.63 the 50 day MA

437.22 after that (resistance)

448.14 the 200 day MA

449.49 the 12ema

450.63-450.69 the highs set Thurs/Fri

450.96 the 150 day MA

457.83 after that

SPY weekly candles Weekly consolidation underway, looking for a higher low anywhere above the Feb/March lows Size of current retracement on the weekly still healthy, and still a potential weekly bull flag - But can't lose the lows from last week of 443.47 or we'd look to a 50% retracement next. XLE(energy), XLV(healthcare), XLU(utilities) the sectors that have kept the S&P 500 stronger on this consolidation

QQQ 5 days, hourly candles Nasdaq futures lost Friday's lows 344.81 the corresponding futures low so far

348.16 the corresponding futures high

QQQ 3months, daily candles Loss of the 50 day MA on Friday as the daily downtrend continues (support)

348.50 the low from Friday - trading well under there currently, setting up the gap down open

345.58 low from 3/21 next, has some volume profile support there - currently just under that level also

341.55 next

337.04 after that (resistance)

349.52 the 50 day MA

353.09 the high from Friday

356.35-356.78 next

356.64 the 12ema

359.93 open gap

QQQ weekly candles Weekly consolidation underway here also, retracement not as healthy as the S&P 500; we've already lost the 38.2% retrace, and are heading to test the 50% retrace of this recent move off the Feb/March lows.

Quickly ramping interest rates weighing down the components here.

April Vix futures 3 months, daily candles Attempting to pivot off Friday's low; get over 23.70ish area and Fridays low of 22 becomes the next daily "higher low".

24.45, 25.60 the next levels to look to if we see follow thru over 23.70.

Spot Vix 3 months, daily candles Over Friday's high here currently, with the daily "higher low" being set at 20.28, Friday's low.

23.82, 24.78 recent highs the next areas to look to

Futures down as rates continue to push higher

11-Apr-22 08:00 ET

Market is Closed

[BRIEFING.COM] S&P futures vs fair value: -21.80. Nasdaq futures vs fair value: -152.50.The S&P 500 futures trade 22 points, or 0.5%, below fair value as Treasury yields continue to push higher in front of a consequential week for economic data and earnings reports. The tech-heavy Nasdaq 100 futures underperform and trade 1.1% below fair value.

The 2-yr yield is currently up five basis points to 2.57%, and the 10-yr yield is up another four basis points to 2.76% after rising 34 basis points last week. The rapid rise in long-term rates has undercut the growth stocks within the Nasdaq for valuation reasons.

Other negative factors for sentiment include record-high COVID-19 cases in Shanghai that has kept residents in lockdown mode, uncertainty surrounding France's presidential election runoff on April 24, the Russia-Ukraine situation, and a recognition that the S&P 500 closed below its 200-day moving average (now 4494) last Friday.

Interestingly, WTI crude futures have slipped below $94 per barrel ($93.66, -4.60, -4.7%) amid the Shanghai lockdowns, the joint effort among IEA nations to release oil from strategic reserves, and some weakening price momentum.

There's no economic data of note scheduled for today, but investors will receive key CPI data for March on Tuesday, PPI data for March on Wednesday, and Retail Sales for March on Thursday. On a related note, China reported hotter than expected inflation figures for March on Monday.

As for earnings, JPMorgan Chase (JPM 133.79, +0.30, +0.2%) will kick off the Q1 earnings reporting season prior to Wednesday's open. As a reminder, the market will be closed on Good Friday.

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