Market Rap 04/18/22 by CTG
SPY / QQQ / Vix
SPY 5 days, hourly candles S&P futures flushed under Thursday's RTH lows, seeing some bounce off the lows from hourly oversold conditions 434.75 the corresponding futures low
437.36 the corresponding futures/pre mkt high
SPY 3 months, daily candles The last 2 trading days of action were inside last Tuesdays range, on the verge of breaking bearish and continuing the daily downtrend (support)
437.68 the low from Thursday, trading under there currently for the gap down open set up
436.65 last Tuesdays low next, trading right around there now
431ish some volume profile support
424.80 after that (resistance)
440.77 the 50 day MA back overhead
444.73 the high from Thursday
444.76 the 12ema
445.94 small open gap
448.39 the 200 day MA
SPY weekly chart Weekly consolidation continues, looking for a weekly "higher low" anywhere above the Feb/March lows.
Note a "head and shoulders" look is on the table here also.
QQQ 5 days, hourly candles Nasdaq futures also flushed under Thursdays lows, also seeing some bounce off hourly oversold RSI conditions 334.70 the corresponding futures low
337.79 the corresponding futures/pre mkt high
QQQ 3 months, daily candles 2 days of action inside last Tuesdays range starting to break bearish as the daily downtrend continues (support)
338.21 the low from Thurs, trading under there currently and setting up for the gap down open
338.04 last Tues low, also trading under that level currently
337.04 next, also trading under that level at this moment
334ish some volume profile support
328.40 after that (resistance)
346.97-347.69 the highs from last week
347.85 the 50 day MA
348.50 open gap
349.14 the 12ema
353.09 after that
QQQ weekly chart Weekly consolidation continues, looking for a weekly "higher low" anywhere above the Feb/March lows
May Vix futures 3 months, daily candles (April Vix contract expires tomorrow, moving onto the May contract which now becomes the front month) Over Thursdays highs here; 26.35-26.50 the next level/highs from last week after that
Spot Vix 3 months, daily candles Over Thursdays highs here also; testing the upper end from last week, with 25.38 being the high from last Tuesday
https://www.briefing.com/stock-market-update Futures slip as Treasury yields push higher
18-Apr-22 07:58 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: -6.70. Nasdaq futures vs fair value: -51.50.
The S&P 500 futures trade seven points, or 0.2%, below fair value as Treasury yields continue to push higher amid inflation and rate-hike expectations.
Presently, the 2-yr yield is up another four basis points to 2.49% while the 10-yr yield is up another three basis points to 2.86%. The rapid rise in the 10-yr yield, which is now up 135 basis points this year, continues to pressure the growth stocks in pre-market action.
The bank stocks, though, appear to be drawing support from the higher interest-rate environment, as well as an earnings beat from Bank of America (BAC 38.09, +0.52, +1.5%). The SPDR S&P Bank ETF (KBE 50.00, +0.63) is up 1.3% ahead of the open.
On a related note, this week will be a busy week in earnings, featuring results from seven Dow components, Tesla (TSLA 992.50, +7.50, +0.8%), and Netflix (NFLX 340.00, -1.13, -0.3%).
Separately, today's economic data will be limited to the NAHB Housing Market Index for April (Briefing.com consensus 77), which will be released at 10:00 a.m. ET.
Elsewhere, WTI crude futures remain elevated above $107.00/bbl ($107.05, +0.10, +0.1%), even as more areas in China tightened COVID restrictions, while the U.S. Dollar Index remains above 100.00 (100.60, +0.28, +0.3%).