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Morning Market Rap 02/03/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles Broke yesterdays RTH lows overnight, trading right around there currently 451.59 the corresponding futures low

453.81 the corresponding futures high

SPY 3 months, daily candles On watch for daily consolidation to begin as we look to test yesterdays low first thing 453.05 the low from yesterday and first support, trading just below there currently

450.93 the 150 day MA (orange line)

448.92 the daily 12ema (white line)

446.94 next

443 the 200 day MA

439.81 next

427.82 the last daily "higher low" and spot bulls will be looking to make a stand anywhere above 458.12 the high from yesterday and first resistance on this timeframe

461.45 the 50 day MA

QQQ 5 days, hourly candles Big break of yesterdays RTH lows after hours, when FB reported earnings. Nasdaq futures traded sideways all night just above Tuesdays lows. 359.66 the corresponding futures low

362.29 the corresponding futures high

QQQ 3 months, daily candles Daily consolidation underway today, as we're set for the gap down open under yesterdays lows, and back under the 200 day MA. Plenty of room for bulls to find a "higher low" anywhere above 337.95, but that's a wide range to search in, expect volatility and lots of movement. 364.29 the low from yesterday, trading well under there currently for the gap down open

361.59 the daily 12ema, back a bit below there and a short term momentum sign to watch to see if we reclaim, or push further under

359.14 next

351.52 after that

337.95 the line in the sand for bulls to defend and find a "higher low" anywhere above 361.59 the daily 12ema as an initial area to watch

366.19 the 200 day MA back overhead

370.10 the high from yesterday and next resistance

IWM 3 months, daily candles Briefly pushed thru the 1/26 Fed day high, but so far we're seeing a "daily trend change no follow thru" after a quick rejection and push back lower to test the low from Tuesday. Russell futures action held above yesterdays lows overnight though, unlike the Nasdaq and the S&P. 203.90 the high from yesterday and first resistance 199.29 the low from yesterday and first support

197.97 the low from Tues and next support

Break that low convincingly and we'll look for a deeper test into the lows set last Friday, anywhere above 188.09

Feb Vix futures 3 months, daily candles Seeing the first little tremor back higher after the big recent vol crush. Watching today for how much follow thru/or not we get back upward.

Spot Vix 3 months, daily candles Bounced yesterday just above that psychological 20 level, seeing some follow thru today on broad market futures weakness. After the massive move we saw in January followed by the recent massive crush, little tremors back upward are the norm. How sustainable, and how much follow thru is key to watch for today/over the next few days. Meta drags futures lower on disappointing earnings news

03-Feb-22 08:00 ET

Market is Closed

[BRIEFING.COM] S&P futures vs fair value: -36.60. Nasdaq futures vs fair value: -301.00.

The S&P 500 futures trade 37 points, or 0.8%, below fair value as the rebound momentum loses steam with Meta Platforms (FB251.25, -71.75, -22.2%) reeling on disappointing earnings news. The Nasdaq 100 futures underperform and trade 2.0% below fair value.

Shares of Facebook's parent company are down 22% in pre-market action after missing EPS estimates and guiding Q1 revenue below consensus due to ad-impression and pricing-related factors. The visceral reaction has pressured other growth stocks, which are also contending with an uptick in interest rates in front of key economic data.

Specifically, investors will receive weekly Initial Claims ( consensus 245,000) and preliminary Q4 readings for Productivity ( consensus 2.7%) and Unit Labor Costs at 8:30 a.m. ET. Afterwards, the January ISM Non-Manufacturing Index ( consensus 60.0%) and December Factory Orders ( consensus -0.2%) will be released at 10:00 a.m. ET.

The 10-yr yield is up three basis points to 1.80% while the 2-yr yield is up two basis points to 1.17%. The U.S. Dollar Index is up 0.2% to 96.09. WTI crude futures are down 1.5%, or $1.33, to $86.93/bbl.

T-Mobile US (TMUS 117.95, +8.37, +7.6%), meanwhile, is bucking the negative trend with a 7.6% gain after beating EPS estimates. Dow components Honeywell (HON 201.00, -6.55, -3.2%) and Merck (MRK 81.75, -0.26, -0.3%) have underwhelmed investors with their results.

Elsewhere, the Bank of England hiked rates for the second meeting in a row, voting today to raise its bank rate by 25 basis points to 0.50%. The European Central Bank (ECB) left rates unchanged, as expected, but investors are wondering if ECB President Lagarde will pay heed to inflation risks in her press conference.

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