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Morning Market Rap 01/21/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles Once again, after seeing further downside under yesterdays RTH lows, an S&P futures bounce has taken the gap down open off the table (so far); Cooling the hourly and 4hr RSI's in the process 442.57 the corresponding futures low

447.06 corresponding futures high

SPY 6months, daily candles

The daily downtrend continued here on increasing volume as the 150 day MA, and weekly support from December was lost. 200 day MA getting in view, as the daily RSI gets close to oversold territory. 444.50 the low from yesterday, trading right around there currently

442.66 an open gap from October '21

441.68 the 200 day MA

438.58-440ish area has some volume support before the

436.05 open gap from October '21

431.54, 426.36 October '21 lows after that 449.84 the 150 day MA overhead

458.74-459.96 the high(s) from the last 3 days and first resistance on this timeframe

QQQ 5 days, hourly candles Similar story here with more lows found in Nasdaq futures action; Followed by a bounce that's cooled off the hourly, and 4hr oversold conditions (but still currently setting up for a gap down open)The last couple days of oversold bounce attempts have ultimately failed to find a higher low, then higher high on those hourly and 4hr timeframes; That will be key to watch for a more sustainable bounce and shorter term bottom 356.10 the corresponding futures low

362 the corresponding futures high

QQQ 6 months, daily candles Decisively lost the 200 day MA on volume, daily RSI also getting close to oversold as we come into October '21 support levels; Daily and weekly downtrends accelerating as we watch for signs of a short term capitulation/bottom 361.17 the low from yesterday - trading under there currently so gap down open in play

360.69 open gap from October '21 we're currently setting up to gap down under

356.48 next

350.32 the October lows after that 365.50 200 day MA overhead

373.87-376.22 the low(s) from the last 3 days and next resistance area

375.86 the 150 day MA

TLT 6months, daily candles Broad indices getting interest rates to back off with the accelerating sell off; We lost October lows here to start the week, but are pushing back above/ seeing more follow thru to the upside currently. Pushing 143ish and that falling 12ema (white line) here in pre mkt action

Feb Vix futures 3 months, daily candles Vol bulls angry and pushing into levels last seen on 12/20; The higher we go, the bigger the chances get of the move being unable to sustain in the short term and collapsing in on itself

Spot Vix 3 months, daily candles Pushing into that 12/20 level and high of 27.39; 27.15 the high so far today

30ish and 35ish after that - the higher we push, the bigger and faster the intraday movement will get - both directions.

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