Market Rap 04/27/22 by CTG
SPY / QQQ / Vix
SPY 5 days, hourly candles S&P futures bounced off hourly, 4hr RSI oversold conditions overnight 421 the corresponding futures high
413.35 the corresponding futures low
SPY 3 months, daily candles Pushing down into a test of the Feb/March lows, after failing at the 200 day MA last Thursday/losing the 50 day decisively on Friday. Daily RSI getting closer to oversold.(support)
416.07 the low from yesterday
415.12 the 3/8 low
410.64 the 2/24 Ukraine invasion low (resistance)
426.04 the high from yesterday
435.18 the 12ema
QQQ 5 days, hourly candles Nasdaq futures also seeing it's oversold hourly/4hr RSI bounce overnight 321.05 the corresponding futures high
312 the after hours low before futures opened
QQQ 1yr, daily candles Starting to break the Feb/March lows (broke decisively in after hours yesterday after initial bearish MSFT reaction) and testing levels last see a year ago. Watching to see if we stay above those Feb/March lows in regular hours. (support)
316.86 the low from yesterday
316 low May '21
311-312ish area next from March '21
307-308 area after that
297-300 last area before we test levels from Fall of '20 (resistance)
327.66 the high from yesterday
336.25 the 12ema
May Vix futures 3 months, daily candles Big move/follow thru up yesterday, testing the highs seen in early March before the big recovery bounce seen by the indices
Spot Vix 3 months, daily candles Big push above 30 yesterday, ranges and moves both directions will be wide and quick 33.81 was the high from yesterday
37 area was the high in March before the massive vol crush and broad market bounce
https://www.briefing.com/stock-market-update Futures off overnight highs with earnings in focus
27-Apr-22 07:56 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +26.80. Nasdaq futures vs fair value: +27.80.The S&P 500 futures trade 27 points, or 0.6%, above fair value as the market tries to recover from recent losses amid another round of mostly better-than-expected earnings reports. The Nasdaq 100 futures trade 0.2% above fair value after being up as much as 1.4% above fair value.
The Nasdaq futures have been pressured by an earnings miss from Alphabet (GOOG 2286.80, -103.32, -4.3%), which has investors bracing for disappointing results from Meta Platforms (FB 175.90, -5.05, -2.8%) after the close.
On the bright side, Microsoft (MSFT 280.80, +10.58, +3.9%), Visa (V 211.66, +10.56, +5.3%), and T-Mobile US (TMUS 127.27, +2.31, +1.9%) are up nicely in pre-market action after topping EPS estimates.
While earnings reports, as a whole, have been decent, the market is still grappling with growth concerns attributed to the Fed's tightening plans, China's COVID lockdowns, Russia's war in Ukraine, inflation, and supply chain disruptions. The downside volatility has kept investors on edge.
The Treasury market is relatively calm after two days of gains. The 2-yr yield is unchanged at 2.55%, and the 10-yr yield is unchanged at 2.77%. The U.S. Dollar Index is up 0.4% to 102.72. WTI crude futures are up 0.3% to $101.93/bbl.
On the data front, investors will receive Advance International Trade in Goods, Retail Inventories, and Wholesale Inventories for March at 8:30 a.m. ET, followed by Pending Home Sales for March (Briefing.com consensus -1.5%) at 10:00 a.m. ET. The weekly MBA Mortgage Applications Index fell 8.3% following a 5.0% decline in the prior week.