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Market Rap 04/19/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures tested the lower range from yesterday, after a brief push thru yesterdays highs earlier in the evening 436.38 the corresponding futures low

440.47 the corresponding futures high

SPY 3 months, daily candles Inside bars from last week broke bearish without seeing much follow thru, so far. Another close under the 50 day MA as the daily downtrend continues. (support)

435.61 the low from yesterday

433.19 next

427-428ish area the last chunk of volume profile support

424.80 after that (resistance)

439.75 the high from yesterday

440.60 the 50 day MA

443.71 the 12ema

444.73-445.75 next area

445.94 small open gap

448.43 the 200 day MA

QQQ 5 days, hourly candles Nasdaq futures also had a brief breakout attempt over yesterdays highs; Then tested yesterdays lower end of the range. 336.90 the corresponding futures low

341.64 the corresponding futures high

QQQ 3 months, daily candles Last weeks inside bars broke bearish, daily downtrend continues (support)

335.79 the low from yesterday

328.40 next

317.45-319.23 March lows creeping into the picture (resistance)

341.04 the high from yesterday

346.97-347.69 next resistance area

347.53 the 12ema

347.55 the 50 day MA

348.50 open gap

TLT knife plunge continues Trading back at levels last seen March of '19

All timeframes oversold up to the weekly, monthly is close also

May Vix futures 3 months, daily candles Not much lift/concern here yesterday as we chop around in the broad market

Spot Vix 3months, daily candles Holding above 20, so wider ranges both directions should be expected; So far any attempt to push higher into the 20s hasn't had any staying power. Would probably need to see the broad market testing it's Feb/March lows for any real lift up there. Futures struggling to gain traction

19-Apr-22 07:55 ET

Market is Closed

[BRIEFING.COM] S&P futures vs fair value: +3.70. Nasdaq futures vs fair value: -20.30.

The S&P 500 futures trade four points, or 0.1%, above fair value as investors continue to show a lack of conviction. Buying interest has been restrained by a lackluster response to earnings news, hawkish-sounding Fed commentary, and upwards pressure in long-term interest rates.

Starting with earnings, Dow components Johnson & Johnson (JNJ 176.95, -0.71, -0.4%) and Travelers (TRV 181.75, -3.47, -1.9%) are both trading lower in pre-market action despite beating EPS estimates, but to be fair, JNJ also lowered its FY22 EPS guidance below consensus.

In Fedspeak, St. Louis Fed President Bullard (FOMC voter) said in a speech yesterday that he wants rates to go to 3.5% by end of the year and that the Fed shouldn't rule out the use of 75-basis-point rate increases, according to Bloomberg. As a reminder, the Fed's next policy meeting is in two weeks.

The 10-yr Treasury note yield continues to head toward 3.00%, topping 2.90% overnight. Right now, the benchmark yield is up three basis points to 2.89% while the 2-yr yield trades unchanged at 2.47%. The U.S. Dollar Index is up 0.1% to 100.92. WTI crude futures are down 1.2%, or $1.34, to $106.87/bbl.

On the data front, investors will receive Housing Starts ( consensus 1.750 million) at Building Permits ( consensus 1.840 million) for March at 8:30 a.m. ET.

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