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Morning Market Rap 10/05/21 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles The S&P held Friday's futures lows yesterday, after giving back the entire Friday bounce; Attempting a bounce out of those lows again in futures action 426.91 the corresponding futures low

430.97 the corresponding futures high so far

SPY 3 months, daily candles Daily downtrend getting some more confirmation yesterday as we failed to hold Friday's lows seen during regular trading hours; The pullback held above Friday mornings futures lows, but any bounce over yesterdays highs will just have us looking for a daily lower high. 426.36 the low from yesterday and first support

423.94 the 150 day MA

421.97 weekly support

413.08 the 200 day MA 433.96 the high from yesterday and first resistance; Get over that level we'll be watching for a daily "lower high" anywhere under 444.89

437.04 resistance before then along with

440.04 and an open gap to


443.10 the 50 day MA

QQQ 5 days, hourly candles Another 4hr/hourly OS bounce underway in futures action after yesterday saw another flush to lower lows, and continuation of the daily downtrend 351.53 the corresponding futures low

354.70 the corresponding futures high

QQQ 3 months, daily candles Continuation of the daily downtrend and another weekly support breached from July. We'll need to zoom out and start looking at supports from earlier in the year if we fail to hold yesterdays lows today. Daily RSI is clicking oversold now, which hasn't occurred since Covid. 350.32 the low from yesterday and first support

347.04 the 150 day MA

340.41 the 200 day MA 358.86 the high from yesterday and first resistance - any break of yesterdays high will have us looking for a daily "lower high"

363.37 next

370.31 the 50 day MA

Oct Vix futures 3 months, daily candles Backing off yesterdays highs into the middle of yesterdays range, and respecting Spot Vix which as it gets closer to expire on 10/19

Spot Vix 3 months, daily candles The recent pops have stayed below the 9/20 highs so far of 28.79, even as the market has taken the next leg lower. 25 has been the peak the last week, with the lows staying elevated and above 20. Big moves in the broad market intraday should still be expected.

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