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Morning Market Rap 01/27/22 by CTG

SPY / QQQ / Vix

S&P futures continued the wild swings within Monday's huge range.

Broke yesterdays RTH lows, with a brief peek below Tuesdays lows, before reversing the decline to currently trade around where we closed yesterday. 436.22 was yesterdays after hours high before futures opened

426.25 was that corresponding futures low

SPY 3 months, daily candles The oversold daily bounce started to get follow thru over Monday's highs, with a brief push thru the 200 day MA. Reversed after the Powell presser which spooked markets back the other direction. Daily RSI hanging out in oversold territory. 428.86 the low from yesterday and first support on this timeframe

427.15 Tues low next

420.76 the recent panic low 442.19 200 day MA still overhead

444.04 the high from yesterday next

448.06 after that

450.27 the 150 day MA

QQQ 5 days, hourly candles Nasdaq futures with similar action - broke yesterdays RTH lows with a brief peek below the after hours low from Tues, post the MSFT earnings reaction. Bounced and now currently trading just under the "lower high" set during after hours yesterday, before futures opened. 348.17 that high from after hours before futures opened

337.87 the corresponding low from futures action

QQQ 3 months, daily candles Daily oversold bounce continuation attempt here as well yesterday, reversed after the Powell press conference. Daily RSI hanging out in oversold territory and still unable to get out of Monday's range. 340.78 the low from yesterday and first support

334.15 the Monday low 356.88 the high from yesterday and first resistance on this timeframe

362.18 after that

365.72 the 200 day MA overhead

IWM 5 days, hourly candles Tested Mondays lows in futures action before bouncing

Feb Vix futures 3 months, daily candles The broad market sell off pushed this up for a test of the upper range of Tuesdays highs; Currently trading in the middle of yesterdays wide range

Spot Vix 3months, daily candles Inside bar day so far within yesterdays range and back above 30; Massive moves and ranges intraday, both directions, should be expected until this settles back down into the lows 20s, or under. Futures edge higher in tentative trade

27-Jan-22 07:59 ET

Market is Closed

[BRIEFING.COM] S&P futures vs fair value: +16.50. Nasdaq futures vs fair value: +36.50.

The S&P 500 futures trade 17 points, or 0.4%, above fair value as the market continues to digest Fed Chair Powell's comments yesterday while investors parse the latest earnings news and await key economic data.

The 2-yr yield, which settled higher by six basis points post-FOMC yesterday, has jumped another 12 basis points to 1.19% this morning on continued expectations for the Fed to be more assertive in tightening policy amid high inflation risks.

Long-term rates have slipped, though, with the 10-yr yield down two basis points to 1.83% and the 30-yr yield down seven basis points to 2.11%. Notably, the U.S. Dollar Index has jumped 1.2% to 97.06. WTI crude futures remain elevated above $88 per barrel ($88.10, +0.75, +0.9%).

As for earnings, Tesla (TSLA 925.01, -12.40, -1.3%), Intel (INTC 50.05, -1.64, -3.2%), McDonald's (MCD 245.00, -4.85, -1.9%), and Dow Inc. (DOW 57.98, +0.76, +1.3%) reported mixed results and/or outlooks, which have had a muted impact on the futures market.

Encouragingly, there has been some signs of dip-buying conviction in the market. Specifically, Pershing Square and Bill Ackman announced that the firm has acquired over 3.1 million shares of Netflix (NFLX 375.66, +15.96, +4.4%), making the firm a top-20 shareholder in NFLX.

On the data front, the advance estimate for Q4 GDP ( consensus 5.6%), weekly Initial Claims ( consensus 260,000), and Durable Goods Orders for December ( consensus -0.5%) will each be released at 8:30 a.m. ET, followed by Pending Home Sales for December ( consensus -0.5%) at 10:00 a.m. ET.

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