Market Rap 04/20/22 by CTG
SPY / QQQ / Vix
SPY 5 days, hourly candles S&P futures starting to push thru yesterdays highs, hourly RSI heating 446.35 the corresponding futures/pre mkt high so far
442.52 the after hours low from yesterday before futures opened
SPY 3 months, daily candles A push/close over the 12ema (white line) and test of last weeks highs. Daily bounce underway, looking for follow thru today. Anything under 450.69 keeps the daily downtrend in play. (resistance)
445.80 the high from yesterday - trading above there currently for the gap up open
445.94 small open gap, looking to "gap up over the gap" and leave an island, if the gap goes unfilled after the open
448.48 the 200 day MA
450.66 the 150 day MA
450.69 the last daily "lower high" and spot bulls will need to push over the break the daily downtrend (support)
440.52 the 50 day MA
437.68 the low from yesterday next
435.61 after that
QQQ 5 days, hourly candles Nasdaq futures also pushing over yesterdays highs currently, after seeing Netflix earnings report weakness after the bell 342.30 the corresponding futures low
348.21 the corresponding futures/pre mkt high so far
QQQ 3 months, daily candles Daily bounce underway, testing the 50 day MA and last weeks highs (resistance)
346.85 the high from yesterday, currently trading above there for the gap up open set up
347.32 the 50 day MA
347.33 the 12ema
347.69 the high from last week
348.50 open gap
353.09 next (support)
336.98 the low from yesterday
May Vix futures 3 months, daily candles Testing recent lows
Spot Vix 3 months, daily candles Testing yesterdays lows and the 20 psychological level
https://www.briefing.com/stock-market-update Futures hold steady while Netflix sinks on disappointing subscriber news
20-Apr-22 07:56 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +11.40. Nasdaq futures vs fair value: -12.30.
The S&P 500 futures trade 11 points, or 0.3%, above fair value as the market holds onto yesterday's rally while investors digest some key earnings news.
Netflix (NFLX 255.19, -93.42, -26.8%) is the main draw, as shares plunge 27% in pre-market action after the company lost 200,000 global paid subscribers in the first quarter and estimated it will lose another 2 million in the second quarter.
Weakness in NFLX is spreading to other stocks of companies with streaming exposure, but the broader futures market is holding up relatively well in the face of this disappointment. That could be because of a modest pullback in Treasury yields.
In addition, IBM (IBM 132.18, +3.03, +2.4%), Proctor Gamble (PG 161.50, +2.09, +1.3%), and Abbott Labs (ABT 121.00, +1.02, +0.9%) are picking up the slack following their better-than-expected earnings reports, as is lululemon athletica (LULU 413.20, +8.54, +2.1%) after announcing plans to double revenue by 2026 to $12.5 billion.
Currently, the 2-yr yield down two basis points 2.56%, and the 10-yr yield down four basis points to 2.87% after hitting 2.97% last evening. The U.S. Dollar Index is down 0.6% to 100.38. WTI crude futures are up 1.5%, or $1.58, to $103.63/bbl.
Separately, the People's Bank of China made no changes to its one-year and five-year loan prime rates despite expectations for rate cuts. China's Shanghai Composite fell 1.4% on Wednesday.
On the data front, investors will receive Existing Home Sales for March (Briefing.com consensus 5.80 million) at 10:00 a.m. ET, followed by the April Beige Book at 2:00 p.m. ET. Earlier, the weekly MBA Mortgage Applications Index decreased 5.0% following a 1.3% decline in the prior week. Eyes on the Fed chatter today
10 yr backed off some