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Market Rap 04/21/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures pushed thru yesterdays highs early AM, holding up there so far pre mkt 444.53 the after hours low from yesterday, before futures opened

448.75 the futures/pre mkt high so far

SPY 3 months, daily candles Another day with a close above the 50 day MA(blue line), 12ema(white line) as the daily bounce continued; Tested into the 200 day MA yesterday, but reversed course just ahead of that level. Strong futures/pre mkt action will have us testing it again first thing after the open, currently trading right around that level. (resistance)

447.57 the high from yesterday - trading above there currently for the gap up open set up

448.54 the 200 day MA (purple line)

450.64 the 150 day MA

450.69 after that and the spot bulls need to push thru to break the daily downtrend currently in play

453-454ish some volume profile resistance

457.83 after that (support)

444.04 the 12ema

443.48 the low from yesterday

440.47 the 50 day MA

437.68 after that, then 435.61

QQQ 5 days, hourly candles Nasdaq futures pushing back into the middle of yesterdays range 340.82 the after hours low from yesterday, before TSLA reported

345.50 the corresponding futures/pre mkt high so far

QQQ 3 months, daily candles Another test of the 12ema/50 day MA/failure to push over last weeks highs. Elon trying to help it have another go at it today, after the strong TSLA report (resistance)

346.39 the 12ema (white line)

347.04 the 50 day MA

347.56-347.69 the high from yesterday/last weeks high

348.50 small open gap

353.09 after that (support)

339.96 the low from yesterday

336.98 next

335.79 after that

May Vix futures 3 months, daily candles Breaking recent lows here, as the "fear index" gets bored with playing in the range we've established this year. We'd need to see some significant broad market weakness and another bear move to test those Feb/March lows, if we're going to see this accelerate back to the upside and push back into the mid/upper 20s.

We'd need to see those Feb/March lows break if we're to see this get back into the 30-40 range like we saw earlier in the year, IMO

Spot Vix 3 months, daily candles Testing, starting to push back under that 20 psychological level 19.75 yesterdays low, follow thru under there and 18.45 was the recent low from 4/4 Futures back on the rise as investors digest earnings news

21-Apr-22 07:56 ET

Market is Closed

[BRIEFING.COM] S&P futures vs fair value: +41.80. Nasdaq futures vs fair value: +176.80.

The S&P 500 futures are back on the rise and trade 42 points, or 0.9%, above fair value with earnings news taking the headlines. The Nasdaq 100 futures trade 1.3% above fair value after dropping 1.5% yesterday.

The growth stocks seemed to have gotten over the Netflix (NFLX 219.70, -6.49, -2.9%) disappointment yesterday after Tesla (TSLA 1049.00, +71.80, +7.4%) exceeded earnings expectations and reiterated its growth expectations. TSLA shares are up 7% in pre-market action.

The airline stocks, meanwhile, continue to fly higher after American (AAL 21.56, +2.08, +10.7%), United (UAL 50.45, +3.93, +8.5%), and Alaska Air (ALK 61.61, +2.92, +5.0%) reported encouraging results and/or provided upbeat revenue expectations.

A contrarian mindset might also be driving the futures market higher with investor sentiment having gotten too bearish in recent weeks. That could explain why AT&T (T 19.70, +0.27, +1.4%) is trading higher despite missing EPS estimates or why the uptick in Treasury yields hasn't bothered the market.

The 2-yr yield is up four basis points to 2.61%, and the 10-yr yield is up three basis points to 2.87%. The U.S. Dollar Index is down 0.2% to 100.24. WTI crude futures are up 0.9% to $103.10/bbl.

On the data front, investors will receive weekly Initial Claims ( consensus 195,000) and the Philadelphia Fed Index for April ( consensus 21.0) at 8:30 a.m. ET, followed by the Conference Board's Leading Economic Index for March ( consensus 0.3%) at 10:00 a.m. ET.

Separately, Fed Chair Powell is scheduled to speak at a panel hosted by the IMF, starting at 11:00 a.m. ET. Eyes on Powell and Bullard speeches today

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