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Morning Market Rap 01/24/22 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles Once again S&P futures saw a bounce that cooled off the oversold hourly, 4hr RSI's overnight. Selling has resumed as we're starting to flush thru Friday's lows; in the process getting the hourly close to oversold again, as the 4hr clicks back into oversold territory 435.58 the corresponding futures low so far

442.08 the corresponding futures high

SPY 6 months, daily candles Sliced thru the 200 day MA on Friday as the daily downtrend continues. Weekly uptrend was lost last week with the break of Dec. lows, but no new weekly downtrend has confirmed - yet. Daily RSI is now firmly in oversold territory in the 26s - the most since the Covid lows, which saw the daily RSI push just under 20. 437.95 the low from Friday - trading under there currently and setting up for the gap down open; which we resisted most of last week after tepid futures bounces that would cool off the shorter term RSI's for more selling. So maybe a proper gap down for buying is what we need to finally see that shorter term reversal

436.05 an open gap from last October looking to get filled today

431.54 next level before

426.36 - the October lows 441.83 the 200 day MA now overhead

448.06 the high from Friday next resistance on this timeframe

QQQ 5 days, hourly candles Nasdaq futures with similar action - futures bounce off those shorter term hourly and 4hr RSI oversold conditions from the close Friday, into a break and flush of Friday's lows 347.27 the corresponding futures low so far

355.26 the corresponding futures high

QQQ 1 yr, daily candles Daily and weekly downtrends here with price action now happening under the 200 day MA. October lows held last week but are seeing a break currently in futures action. Daily RSI now oversold here and 26 - Covid RSI low was 26 before we saw a big bounce, THEN saw more selling and much lower price levels afterwards. 351.40 was the low from Friday, trading under the currently for a proper gap down set up

350.32 the October '21 lows, also under there

Some volume profile support comes in around the 340-342 area, and that's the spot we broke out from in June of '21 362.18 the high from Friday and first resistance on this timeframe

365.58 200 day MA overhead

February Vix futures 3 months, daily candles. Heading up to test the early December highs

Spot Vix 3 months, daily candles Thru 30 and pushing into nosebleed territory as the daily RSI is pushing into "overbought" RSI territory; 35.32 was the high from 12/3 of last year. 37ish then 40 the next areas to watch if it can get thru there on this pass. 50 was the level it pushed up to on the initial Covid sell off, before the first relief rally in the broad market that backed it off 50% to 25. In the next wave, it bounced from 25 to the 85 level it topped out at a few weeks later.

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