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Morning Market Rap 01/18/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures took back the entire bounce seen late Friday afternoon and broke the lows 458.47 the corresponding futures low

465.72 the after hours high seen Friday

SPY 3months, daily candles Trading back below the 50 day MA and threatening a new confirmed daily downtrend if bulls can't defend 456.60, the 1/10 lows 459.90 the low from Friday and first support, broke in futures action, back above currently

456.60 the last daily "higher low" and spot for bulls to stay above to avoid the downtrend confirmation on this timeframe

455.40 small gap remains open

451.14 next support

449.27 the 150 day MA

448.92 the Dec lows

441 the 200 day MA 465.09 the high from Friday and first resistance

466.97 the flattening 50 day MA

472.88-473.20 next resistance area

QQQ 5 days, hourly candles Nasdaq futures also broke the lows from regular trading hours Friday along with the futures lows from Friday; Current bounce attempt has us trading just below the RTH lows 372.23 the corresponding futures low

380.67 the after hours high from Friday

QQQ 3 months, daily candles Trading consistently below the 50 day MA and gravitating around the 150 day MA, as the 1/10 lows are getting tested 374.86 the low from Friday, trading just under there currently for the gap down open set up

369.31 the 1/10 low, bulls looking to defend anywhere above there and avoid the test of the 200 day MA next at 364.97 375.39 the 150 day MA

380.35 the high from Friday and first resistance

389.47-390.20 next resistance area

392.97 the 50 day MA which is starting to curl down

QQQ weekly candles Confirmed weekly downtrend from last week would see follow thru if the 1/10 lows get broken.

Being conscious that the next major weekly support doesn't come in until 350.32

(Moving onto February Vix futures, Jan. expires tomorrow - all movement on vol funds comes from this contract now, each day March vix futures creeps into the calculation) Feb Vix futures 3months, daily candles A break above Fridays highs earlier, still below the highs seen 1/10

Spot Vix 3 months, daily candles Testing Fridays highs but so far still below; 23.33 the 1/10 highs next if it gets thru 22.07-22.09 with some follow thru

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