Market Rap 04/28/22 by CTG
SPY / QQQ / Vix
SPY 5 days, hourly candles S&P futures pushed thru yesterdays highs early this AM, trading right around there currently 416.84 the low from after hours yesterday, before FB report and futures open
425.09 the corresponding futures high
SPY 3 months, daily candles More probing of Feb/March lows, potential reversal doji candle put in yesterday. A strong open over 417.27 (looks to be coming) along with a strong close would confirm (support)
422.92 the high from yesterday - trading right around there currently
426.04 after that
428.69 after that
QQQ 5 days, hourly candles Similar look here, Nasdaq futures pushed over yesterdays highs, trading right around there currently 316.33 the after hours low from yesterday, before FB earnings relief and futures open
325.08 the corresponding futures high
QQQ 3 months, daily candles Pushed under Feb/March lows here without much follow thru so far, potential reversal doji gets confirmed with an open/close over 317.24 (support)
May Vix futures 3 months, daily candles Backed off yesterday against March highs, saw a brief push under yesterdays lows earlier this AM on the broad market futures rally, watching for follow thru down (or not) today
Spot Vix 3 months, daily candles Pushing under yesterdays lows here, watching for follow thru today during regular hours
https://www.briefing.com/stock-market-update Meta leads futures higher following earnings report
28-Apr-22 07:56 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +69.60. Nasdaq futures vs fair value: +273.50.
The S&P 500 futures trade 70 points, or 1.7%, above fair value as positive reactions to earnings reports help drive the rebound-minded bias. The Nasdaq 100 futures outperform and trade 2.1% above fair value.
Meta Platforms (FB 203.68, +28.73, +16.4%) is setting the tone with a 16% pre-market gain following its earnings report, followed by healthy gains in Qualcomm (QCOM 144.80, +9.70, +7.2%), McDonald's (MCD 252.00, +4.86, +2.0%), and Merck (MRK 86.40, +1.99, +2.4%), among others.
To be fair, there are always outliers like Teladoc (TDOC 32.40, -23.59, -42.1%), which has cratered over 40% on disappointing guidance. It appears, though, that the TDOC weakness is relatively contained rather than spreading to other growth stocks.
In other developments, the Bank of Japan made no headline policy changes; Democrats are attempting to revive Build Back Better discussions, according to The Wall Street Journal; and OPEC+ is likely to agree to another 432,000-bpd oil output increase for June when it meets next week, according to Reuters.
Regarding today's data, investors will receive the advance estimate for Q1 GDP (Briefing.com consensus 1.1%) and the weekly Initial Claims (Briefing.com consensus 182,000) and Continuing Claims report at 8:30 a.m. ET.
U.S. Treasuries trade little changed. The 2-yr yield is down one basis point to 2.56%, and the 10-yr yield is down one basis point to 2.81%. The U.S. Dollar Index is up 0.7% to 103.66. WTI crude futures are down 0.4% to $101.57/bbl.
DXY testing 2017 high