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
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
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
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
https://www.briefing.com/stock-market-update 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 Briefing.com 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.