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Market Rap 04/12/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures broke the lows from yesterday overnight, currently seeing an hourly/4hr oversold RSI bounce ahead of the CPI report 437.50 the corresponding futures low

440.57 the corresponding futures/pre mkt high so far

SPY 3 months, daily candles Daily downtrend continues, closed below the 50 day MA(support)

439.39 the low from yesterday and first support

437.22 next

433.19 after that (resistance)

441.59 the 50 day MA

445 the high from yesterday

445.94 open gap

448.02 the 12ema

448.21 the 200 day MA

450.69 the last daily "lower high"

450.88 the 150 day MA

QQQ 5 days, hourly candles Similar story here, Nasdaq futures broke the lows from yesterday, now seeing an hourly/4hr oversold RSI bounce ahead of the CPI report 338.69 the corresponding futures low

342 the corresponding futures/pre mkt high so far

QQQ 3months, daily candles Decisive loss of the 50 day MA as the daily downtrend continues (support)

340.54 the low from yesterday and first support

337.04 next

328.40 after that (resistance)

345.75 the high from yesterday

348.50 open gap

349.30 the 50 day MA

354.21 the 12ema

356.35-356.78 next

359.93 open gap

April Vix futures 3months, daily candles Follow thru over yesterdays highs overnight, tested the highs seen last Wednesday; rejecting from those levels initially

Spot Vix 3 months, daily candles Pushed over last Wednesdays highs here early this AM, seeing some pullback now as the broad market attempts it's oversold hourly/4hr RSI bounce Futures edge higher in front of CPI data

12-Apr-22 07:55 ET

Market is Closed

[BRIEFING.COM] S&P futures vs fair value: +11.30. Nasdaq futures vs fair value: +19.30.

The S&P 500 futures trade 11 points, or 0.3%, above fair value while Treasury yields hold steady in front of the Consumer Price Index for March at 8:30 a.m. ET.

The consensus is projecting another hot inflation report with a 1.2% m/m increase in total CPI that pushes the yr/yr rate to 8.4%. That should keep expectations elevated for the Fed to issue a 50-basis-point rate hike next month, as Fed officials have been suggesting could be the case.

Earlier, the NFIB Small Business Optimism Index for March decreased to 93.2 from 95.7 in February, and later, the Treasury Budget for March will be released at 2:00 p.m. ET.

The 2-yr yield is up one basis point to 2.51%, and the 10-yr yield is unchanged at 2.78%. The U.S. Dollar Index is up for the ninth straight session, topping the 100.00 level (100.14, +0.23, +0.2%), while WTI crude futures are rebounding 4.1%, or $3.89, to $98.17/bbl.

Separately, shares of Cisco (CSCO 51.63, -1.25, -2.4%) are down 2% in pre-market action after Citigroup downgraded the Dow component to Sell from Neutral. CarMax (KMX 99.50, -3.67, -3.6%) and Albertsons (ACI 33.50, -1.28, -3.7%) are down sharply following their earnings reports.

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