Morning Market Rap 01/14/22 by CTG
SPY / QQQ / Vix
SPY 5 days, hourly candles S&P futures broke yesterdays RTH lows last night, saw no follow thru, and bounced; Currently breaking that futures low water maker and finding some lower lows. Hourly RSI just a tad above oversold levels once again, after that little futures bounce cooled it down. 4hr RSI has room to sell down to test the recent 1/10 lows if bears stay in control here. 462.40 the corresponding futures low so far
465.95 the corresponding high of the futures bounce
SPY 3 months, daily candles Lost the daily 12ema and 50 day MA, on volume, with closes below as well. Break recent 1/10 lows and a daily downtrend would confirm; Room for bulls to make a stand above there if we see it on this pass, and the hourly and 4hr RSI would likely be oversold into those levels. The closer we get, the more likely some kind of break below becomes tho. 463.44 the low from yesterday, trading below there currently for the gap down open set up
462.05 next, trading right there currently
456.60 the recent lows from 1/10
455.40 small open gap
451.14, 448.92 next (449.01 the 150 day MA)
440.68 the 200 day MA 466.97 the 50 day MA back overhead
472.88-473.20 the high(s) from the past 2 days and next resistance area
QQQ 5 days, hourly candles Nasdaq futures with a similar look - a slight break below yesterdays RTH lows in the evening with no follow thru, and an oversold RSI bounce that cooled off that condition. Now seeing a decisive break below those levels and heading for a test of the 1/10 lows. Hourly RSI is oversold here currently, 4hr RSI is headed there.
QQQ 3 months, daily candles Daily and weekly downtrends in play here, and the "weekly downtrend confirmation with no follow thru" scenario is now looking less likely, as most of that bounce from Mon-Wed is getting taken back.
We'll see how that weekly candle closes today as we quickly head for the test of Monday's lows. 376.70 the low from yesterday, so a bigger gap down open here shaping up than on the S&P
375.15 the 150 day MA which we're also currently back below
369.31 Monday's low next
364.69 the 200 day MA389.47-390.20 the recent highs and first resistance area on this timeframe
393.23 the flattening/declining 50 day MA just above that
January Vix futures 3 months, daily candles Break of recent lows here on Wednesday, followed by a large bounce yesterday that's seeing follow thru today. Testing highs from last Thurs/Fri but still well above the wick spike high from Monday.
Spot Vix 3 months, daily candles Yesterdays early AM inside bar ended up breaking bullish and headed into the 20-21 zone; Seeing follow thru today as we test up into Mondays spike high of 23.33