Morning Market Rap 10/01/21 by CTG
SPY / QQQ / Vix
SPY 5 days, hourly candles S&P futures took the next leg lower overnight, breaking the lows from 9/20; Currently getting it's hourly/4hr oversold RSI bounce and regaining that entire flush 425.65 the corresponding futures low
431.33 the corresponding futures high
SPY 3 months, daily candles On the verge of confirming a daily downtrend if bulls can't play some defense today against the 9/20 lows of 428.86 (yesterdays low was 428.78 and that level was decisively broken in futures action, but a big bounce the past hour has us back above). Bear volume has appeared and increased on this pullback. 428.78 the low from yesterday and most important area for bulls to defend and avoid a daily downtrend.
423.36 the 150 day MA
421.97 weekly support
412.47 the 200 day MA 436.77-437.04 the high from yesterday/Wed and first resistance
440.04 after that
441.90 open overhead gap
QQQ 5 days, hourly candles Nasdaq futures also took the next log lower overnight; Also seeing an hourly/4hr oversold RSI bounce to regain those losses 354.88 the corresponding futures low
359.21 the corresponding futures high so far
QQQ 3 months, daily candles Daily downtrend underway here already, loss of the weekly uptrend 357.10 the low from yesterday and first support
352.04 weekly support next
346.56 the 150 day MA
339.92 the 200 day MA 362.68-363.37 the highs from the past couple days and first resistance
370.69 the 50 day MA
Oct Vix futures 3 months, daily candles So far the Oct contract has been the Michael Myers of the year - the contract that won't die.
Saw some higher highs over recent days overnight, as the broad market took the next leg lower; Getting reversed some now as the broad mkt oversold bounce gets underway, but still hanging out near the highs from this week. We'll see if S&P/Nasdaq bulls can get anything more going than an OS bounce that just cools off RSI's, and sets up for the next leg lower, or if we see some Friday afternoon vol crush.
Spot Vix 3 months, daily candles Thought about pushing over it's highs from this week and heading up to challenge that 28.79 print from 9/20, but the broad market bounce has pushed it back down so far
Still well over 20, so need to wait for noon to drink today