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Morning Market Rap 02/04/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles

S&P futures gave back the entire after hours Amazon earnings induced move; With a break of yesterdays lows and now currently and attempt to see no follow thru and get back above. 445.20 the corresponding futures low

452.27 corresponding futures high

SPY 3 months, daily candles Daily consolidation underway with a gap down open yesterday, and attempt to fill that gap right after open, that just fell a bit short. Back below the daily 12ema (white line) as well as the 150 day MA (orange) 445.71 the low from yesterday and first support

443.15 the 200 day MA

439.81 next support

427.82 the previous daily "higher low" and most important area for bulls to defend and pivot anywhere above 451.04 the 150 day MA back overhead

452.97 the high from yesterday

Open gap to 453.05

458.12 after that

QQQ 5 days, hourly candles Nasdaq futures saw a complete round trip of the after hours Amazon powered move as well, but held yesterdays lows and are seeing a bounce off those levels currently 353 the pre AMZN after hours low, 354.14 the pre mkt low 361.50 the corresponding futures high

QQQ 3 months, daily candles Daily consolidation underway with a gap down open, back under the 200 day MA 352.46 the low from yesterday and first support

351.52 after that

337.95 the last daily "higher low" and spot for bulls to defend and pivot anywhere above 360.35 daily 12ema back overhead

364.29 open gap

366.27 the 200 day MA

370.10 next resistance

Feb Vix futures 3 months, daily candles Brief attempt earlier this AM to get thru yesterdays highs, currently being pushed back from that level. Seeing the first little reflexive volatility tremor that's common after these big moves. Watching to see if it gets any more follow thru today above that 26ish area. 23.85 and 23.03 are the area to watch to see if it's easing off.

Spot Vix 3 months, daily candles Daily bounce underway here, watching to see if there's any follow thru today over that 26ish area. Some earnings relief in front of January employment report

04-Feb-22 08:00 ET

Market is Closed

[BRIEFING.COM] S&P futures vs fair value: +21.00. Nasdaq futures vs fair value: +121.00.

The S&P 500 futures trade 21 points, or 0.5%, above fair value in front of the Employment Situation report for January while investors assess some huge earnings reactions in (AMZN 3108.86, +331.95, +12.0%) and Snap (SNAP 35.94, +11.44, +46.7%).

Shares of Amazon and Snap have jumped 12% and 47%, respectively, after providing investors a big relief with their earnings reports and/or guidance. Recall, AMZN and SNAP dropped 8% and 24% yesterday in response to disappointing earnings results and guidance from Meta Platforms (FB 239.02, +1.26, +0.5%).

In addition, Amazon, for the first time, broke out its Advertising Services revenue, which rose 32% yr/yr to $9.72 billion in the fourth quarter. Based on the price action, investors are liking the growth stories from Amazon and Snap and are relegating Meta's troubles as more company-specific.

Pinterest (PINS 27.80, +2.29, +13.4%) has had a similar earnings reaction, while Ford Motor (F 18.85, -1.04, -5.2%) heads the other way after missing EPS estimates amid persistent supply chain/chip-shortage issues.

As for the employment report at 8:30 a.m. ET, the consensus is projecting 180,000 additions to nonfarm payrolls, a 0.5% increase in average hourly earnings, and an unchanged unemployment rate of 3.9%. Market expectations have been lowered after the ADP reported a decline in private sector payrolls earlier this week.

The Treasury market is holding steady in front of the jobs data. The 2-yr yield is up one basis point to 1.20%, and the 10-yr yield is down one basis point to 1.82%. The U.S. Dollar Index is down 0.2% to 95.22. WTI crude futures keep rising and are now trading near $92 per barrel ($91.93, +1.66, +1.9%).

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