Morning Market Rap 02/01/22 by CTG
SPY / QQQ / Vix
SPY 5 days, hourly candles S&P futures trading sideways up near yesterdays highs 451 the corresponding futures high
447.51 corresponding futures low
SPY 3 months, daily candles Back thru the 200 day MA (purple line) and daily 12ema (white line) as it looks to test the 150 day MA (orange line)
Technically a new daily uptrend has been confirmed with the push over/follow thru/strong close over last Wednesday's highs; but we're in a violent and wide range, with a still elevated Vix, and that uptrend could be tested and hold up anywhere above 427.82 450.28 the high from yesterday and first resistance
450.57 the 150 day MA
458.74-459.96 next resistance area
462.02 the declining 50 day MA 442.58 the 200 day MA
439.81 the low from yesterday and first candle support on this timeframe
427.82 after that, and most important area for bulls to hold anywhere above once this big bounce consolidates
QQQ 5 days, hourly candles Nasdaq futures with a bit more relative strength, traded sideways overnight up near yesterdays highs; Currently looking for a small gap up open 364.72 the corresponding futures high
361.26 the corresponding futures low
Big bounce continuation here yesterday as well as we look to test the 200 day MA. Also technically confirmed a new uptrend here, with strong push/follow thru/close well above the 1/26 high (Fed day) - Same caveat though, we're trading in massively wide ranges, so even healthy consolidation could equal a big pullback. 363.65 the high from yesterday - trading a tad above there currently for the potential gap up open
365.90 the 200 day MA
373.87-376.22 next resistance area
375.96 the 150 day MA 351.52 the low from yesterday and first support
337.95 the new daily "higher low" and spot for bulls to hold anywhere above once daily consolidation begins
Feb Vix futures 3 months, daily candles Vol crush underway. Broke the Fed day 1/26 lows. Once fear is finally alleviated these moves can be straight back to where it started to surge from, with little vol "tremors" along the way.
Spot Vix 3 months, daily candles Back under 25 so wide daily ranges will calm some, compared to what we saw when the Vix was 30+. Currently we're retracing a little more than half of this recent massive vol surge.
https://www.briefing.com/stock-market-update Futures hold steady after two-day rally
01-Feb-22 07:55 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +2.90. Nasdaq futures vs fair value: +17.00.
The S&P 500 futures trade three points, or 0.1%, above fair value on the first day of February, as the market takes a breather from a two-day rebound rally. The benchmark index is up 4.4% over the last two sessions.
Price action this morning has been relatively calm in front of the ISM Manufacturing Index for January (Briefing.com consensus 57.5%) at 10:00 a.m. ET and Alphabet's (GOOG 2719.35, +5.38, +0.2%) earnings report after the close. January Manufacturing PMIs in Japan and Europe remained in expansion territory.
The Construction Spending report for December (Briefing.com consensus 0.6%) and the JOLTS - Job Openings report for December will be released concurrently with the ISM report and will be preceded by the final IHS Markit Manufacturing PMI for January at 9:45 a.m. ET.
In the meantime, investors are reviewing another decent round of earnings reports. UPS (UPS 217.07, +14.86, +7.4%) stands out with a 7% gain in pre-market action after beating top and bottom-line estimates and guiding FY22 EPS above consensus. Exxon Mobil (XOM 77.40, +1.44, +1.9%) beat EPS estimates.
U.S. Treasury yields have edged lower across the curve amid an uptick in demand. The 2-yr yield is down two basis points to 1.14%, and the 10-yr yield is down three basis points to 1.75%. The U.S. Dollar Index is down 0.3% to 96.30. WTI crude futures are down 0.5% to $87.71/bbl.