Morning Market Rap 02/09/22 by CTG
SPY / QQQ / Vix
SPY 5 days, hourly candles S&P futures broke out of the recent range, thru yesterdays highs and the last few days of highs 454.91 the corresponding futures high so far
450.67 the after hours low before futures opened
SPY 3months, daily candles
Setting up for the gap up open, heading to test recent bounce highs, looking for daily uptrend continuation; with last Friday's low shaping up as the new daily "higher low" off the 200 day MA 451.92 the high from yesterday - trading well above there currently for the gap up open
452.78-452.97 the highs from last Thurs/Fri - also gapping above those levels
458.12 recent bounce high next
460.04 the 50 day MA 445.22 the low from yesterday and first support on this timeframe
443.83 shaping up as the new daily "higher low"
443.65 the 200 day MA
QQQ 5 days, hourly candles Nasdaq futures also punching thru recent resistance levels; Hourly RSI just starting to heat 364 the corresponding futures high so far
358.91 the after hours low before futures opened
QQQ 3 months, daily candles New daily higher low shaping up here also as we're headed for the upper gap fill and test of the 200 day MA/recent bounce highs 360.24 the high from yesterday - trading well above there currently for the gap up open set up
361.05-361.93 the last few days of highs, also trading well above those levels
364.29 fills the upper gap
366.55 the 200 day MA
370.10 the bounce highs from 2/2 352.80 the low from yesterday and first support on this timeframe
351.97 shaping up as the new daily "higher low"
Feb Vix futures 3 months, daily candles Continuation of the vol crush here after the recent little reflexive vol tremor last week, finding lower lows now compared to the 2/2 lows.
A full retrace of the this recent move is close, signaling this last fear event is coming to a close. Bears won't get much traction without this catching a bid first.
Spot Vix 3 months, daily candles 20.46 recent lows from 2/2 getting tested here, after seeing follow thru down when yesterdays inside bar broke bearish. Lose the 20 psychological level, and we're looking at 17-18ish as the next area to target.
https://www.briefing.com/stock-market-update Futures rise as investors stick to the buy-the-dip script
09-Feb-22 07:58 ET
Market is Closed
[BRIEFING.COM] S&P futures vs fair value: +45.00. Nasdaq futures vs fair value: +178.30.
The S&P 500 futures trade 45 points, or 1.0%, above fair value as investors stick to the buy-the-dip script. The tech-heavy Nasdaq 100 futures have the performance edge and trade 1.2% above fair value amid a downtick in interest rates.
A positive showing in Asian and European equity markets might be supporting risk sentiment, as well as an observation from Dr. Fauci that the U.S. is heading out of the "full blown" pandemic phase. More U.S. states are removing or planning to remove mask mandates.
The earnings story, meanwhile, has been mixed. Chipotle Mexican Grill (CMG 1545.00, +84.65, +5.8%) and Enphase (ENPH 173.75, +29.25, +20.2%) are two earnings standouts, while CVS Health (CVS 109.01, -1.82, -1.6%) and Lyft (LYFT 39.70, -1.50, -3.6%) are trading lower after providing underwhelming guidance.
In the Treasury market, the 2-yr yield is down one basis point to 1.33%, and the 10-yr yield is down two basis points to 1.93% in front of a $37 billion 10-yr note auction (results out at 1:00 p.m. ET). The U.S. Dollar Index is down 0.2% to 95.47. WTI crude futures are down 0.3% to $89.13/bbl.
Today will be another light day in terms of data. Investors will receive Wholesale Inventories for December (Briefing.com consensus 2.0%) at 10:00 a.m. ET, followed by the weekly EIA crude inventories report at 10:30 a.m. ET. Earlier, the weekly MBA Mortgage Applications Index fell 8.1% following a 12.0% increase in the prior week. (some Fed chatter today)