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Morning Market Rap 01/19/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles

S&P futures took the next leg lower and broke yesterdays RTH lows overnight, before seeing an hourly oversold bounce and negating the gap down open set up. Futures low a potential area to trade against if we see the move get sold off after the open.

453.25 the corresponding futures low

457.95 the corresponding futures high

SPY 3 months, daily candles Lost the 1/10 lows and confirmed a daily downtrend in the process, we'll see how much follow thru we get. December lows are the next major support area which tie into the 150 day MA. 455.31 the low from yesterday and first support

451.14 next

449.48 the 150 day MA

448.92 the 12/3 low

441.26 the 200 day MA 459.96 the high from yesterday and first resistance

465.09 after that then the declining

50 day MA at 466.76

QQQ 5 days, hourly candles Nasdaq futures also flushed yesterdays lows, but this oversold hourly, 4hr RSI bounce from the last couple hours is currently negating the gap down open 367 the corresponding futures low

372.31 the corresponding futures high

QQQ 3 months, daily candles Although the 1/10 lows were lost overnight in futures action, we're currently back above as the 150 day MA, and declining 50 day MA are now overhead, with the 200 day MA coming into view.

The daily RSI would start to push oversold somewhere around there. Daily and weekly timeframes are currently in downtrends. 369.77 the low from yesterday and first support

369.31 next

365.17 the 200 day MA

350.32 is the next major weekly support area from October '21 375.58 the 150 day MA

376.22 the high from yesterday

380.35 after that

IWM weekly candles Starting to confirm a downtrend on this timeframe with the loss of 208.76; We'll see how much follow thru we get the last few days of this week.

Sitting on major support from Jan-Feb '21 and at risk of finding an air pocket below there if bulls can't play some defense and regain their footing.

February Vix futures 3 months, daily candles Challenged 1/10 highs with a slight push thru; Backing off from that area currently, providing the bulls a glimmer of hope.

Spot Vix 3 months, daily candles This also tested the 1/10 highs yesterday, early AM today, and so far has been turned back as index bulls attempt their oversold bounce

TLT 1 year, daily candles Lost the October lows here with continuation of the daily downtrend as interest rates surge.

Coming into some volume profile support soon from May-June of '21 in the 138-139 area; the daily RSI would be oversold somewhere around there. 19-Jan-22 07:58 ET

[BRIEFING.COM] S&P futures vs fair value: +18.40. Nasdaq futures vs fair value: +37.50.The S&P 500 futures trade 18 points, or 0.4%, above fair value as the market sees some relief following yesterday's retreat, even as interest rates continue to creep higher. The Nasdaq 100 futures trade 0.3% above fair value. Support has come from better-than-expected earnings results from Procter & Gamble (PG 158.26, +1.53, +1.0%), UnitedHealth (UNH 463.00, +2.01, +0.4%), Bank of America (BAC 47.75, +1.49, +3.2%), Morgan Stanley (MS 97.01, +3.00, +3.2%), and Fastenal (FAST 59.60, +1.21, +2.1%). P&G successfully raised prices to offset higher costs and even raised its FY22 revenue guidance, anticipating demand to remain strong. Given the scope of recent losses, overall buying conviction is still lacking, presumably because there are still concerns surrounding corporate profitability amid higher compensation costs, the Fed's tightening plans in the face of persistent inflation pressures and slower economic growth, and rising interest rates. In the Treasury market, the 2-yr yield is currently up two basis points to 1.05%, and the 10-yr yield is up one basis point to 1.88% after touching 1.90% overnight. The U.S. Dollar Index is down 0.1% to 95.60. WTI crude futures are up 0.9% to $85.55/bbl. On the data front, investors will receive Housing Starts ( consensus 1.650 million) and Building Permits ( consensus 1.702 million) for December at 8:30 a.m. ET. The weekly MBA Mortgage Applications Index increased 2.3% following a 1.4% increase in the prior week. Jan 19

  • 07:00 ET: MBA Mortgage Applications Index For: 01/15 | Trading Impact: Low | Actual: 2.3% | Forecast: NA | Cons: NA | Prior: 1.4% | Revised From: --

  • 08:30 ET: Housing Starts For: Dec | Trading Impact: High | Actual: -- | Forecast: 1700K | Cons: 1650K | Prior: 1679K | Revised From: --

  • 08:30 ET: Building Permits For: Dec | Trading Impact: High | Actual: -- | Forecast: 1700K | Cons: 1702K | Prior: 1712K | Revised From: --

  • 10:30 ET: EIA Crude Oil Inventories For: 01/15 | Trading Impact: High | Actual: -- | Forecast: NA | Cons: NA | Prior: -4.55M | Revised From: --

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