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Morning Market Rap 09/28/21 by CTG

SPY / QQQ / Vix / IWM

SPY 5 days, hourly candles S&P futures broke yesterdays lows overnight and are headed for a gap down open, as daily consolidation gets underway. Hourly RSI is oversold here as we look for a daily higher low compared to last Monday's low, and we've now retraced about half of the bounce from those lows. 4hr RSI would get oversold with a deeper test into those recent lows, if bulls don't respond here. 438.35 the corresponding futures low so far

443.50 the corresponding futures high

SPY 3 month, daily candles Close below the 50 day MA and another inside bar day yesterday that broke bearish in futures action, daily consolidation gets underway and we'll look for a daily higher low above last Monday's low439.60-441.90 the lows from the last 3 days, currently trading under all 3 of those levels in futures/pre mkt action

433.07-433.75 next support area

428.86 the lows from 9/20 and most important area for bulls to hold above 443.22 the 50 day MA

444.05-444.89 the highs from the last 3 days and first resistance on this timeframe XLV and QQQ have been the weaker S&P sectors recently, with XLE and XLF providing the strength; That theme continues this morning as interest rates have been surging post FOMC

QQQ 5 days, hourly candles Nasdaq futures also took the next leg lower overnight; hourly RSI attempting the first curl off OS now, 4hr RSI has room for some selling if we want to test the lows from 9/20 363.85 the corresponding futures low

370.41 the corresponding futures high

QQQ 3 months, daily candles Daily consolidation got underway yesterday here, with a close below the 50 day and a gap down open shaping up for this morning's open. We'll watch for an initial response from bulls against the recent daily lows from 9/20, off hourly or 4hr OS conditions 367.73 the low from yesterday and currently trading well below there

364.99 next support area

360.93 the lows from 9/20 and most important area for bulls to hold above on this pullback 370.65 the 50 day MA

373.76-374.04 next resistance area on this timeframe

Oct Vix 3months, daily candles Oct Vix futures seeing it's oversold bounce and higher highs over yesterday, as broad market consolidation gets underway

Spot Vix 3months, daily candles Daily "higher low" is set at 17.63 as this bounces from the big Vol crush of last week off broad market futures weakness; Looking for a daily "lower high" anywhere against the recent high of 28.79

IWM 5 days, hourly candles Small caps have shown nice relative strength recently, and that theme continues this morning as Russell futures are seeing the mildest pullback, and have only retraced half of yesterdays gains

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