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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

433.19 next

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

445.75 next

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 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 ( 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%).

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