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Market Rap 04/13/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures seeing some bounce off yesterdays lower range 437.87 the after hours low before futures opened

441.91 the corresponding futures high

SPY 3 months, daily candles Loss and close below the 50 day MA as the daily downtrend continues; looking for a weekly higher low anywhere above the Feb/March lows (support)

436.65 the low from yesterday and first support

433.19 next

424.80 after that (resistance)

441.35 the 50 day MA

445.75 the high from yesterday

445.94 small gap left open

446.52 the 12ema

448.26 the 200 day MA

450.69 the last daily "lower high"

450.80 the 150 day MA

QQQ 5 days, hourly candles Nasdaq futures also saw some lift off of yesterdays lows, giving most of it back currently 339.01 the after hours low from yesterday before futures opened

343.27 the corresponding futures bounce high

QQQ 3 months, daily candles Daily downtrend continues as we get closer to the Feb/March lows, looking for a weekly higher low anywhere above there(support)

338.04 the low from yesterday and first support

337.04 next

328.40 after that (resistance)

347.69 the high from yesterday

348.50 small open gap

348.83 the 50 day MA

351.94 the 12 ema

356.35-356.78 after that

359.93 larger open gap

SMH (semiconductors) 3months, daily candles Much weaker than the broad indices here, already testing the lows from March

April Vix futures 3months, daily candles Testing the upper range from last week

Spot Vix 3 months, daily candles Briefly pushed thru the highs from last week here yesterday, watching for follow thru today (or not, and straight into a pullback) Futures edge higher as Q1 earnings reports roll in

13-Apr-22 07:55 ET

Market is Closed

[BRIEFING.COM] S&P futures vs fair value: +21.00. Nasdaq futures vs fair value: +74.80.

The S&P 500 futures trade 21 points, or 0.5%, above fair value as the Q1 earnings reporting season begins in earnest following a rough patch in the market.

JPMorgan Chase (JPM 130.00, -1.54, -1.2%) is continuing that rough patch after missing EPS estimates, while BlackRock (BLK 719.00, +2.17, +0.3%) and First Republic Bank (FRC 155.73, +0.68, +0.4%) are up modestly in pre-market action after beating EPS estimates.

On the economy, JPMorgan CEO Jamie Dimon remained optimistic from a short-term perspective, but he cautioned that he sees significant geopolitical and economic challenges ahead due to high inflation, supply chain issues, and the war in Ukraine.

Delta Air Lines' (DAL 40.97, +2.35, +6.1%) CEO corroborated Mr. Dimon's short-term optimism with an observation that March 2022's historic bookings quarter is continuing into April. DAL shares are up 6% after the company beat top and bottom-line estimates.

In economic data, investors will receive the Producer Price Index for March ( consensus 1.2%) at 8:30 a.m. ET. Earlier, the weekly MBA Mortgage Applications Index decreased 1.3% following a 6.3% decline in the prior week.

U.S. Treasuries trade little changed. The 2-yr yield is unchanged at 2.39%, and the 10-yr yield is unchanged at 2.73%. The U.S. Dollar Index is roughly unchanged at 100.27. WTI crude futures are up 1.7%, or $1.73, to $102.33/bbl.

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