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Morning Market Rap 10/07/21 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures seeing some decisive follow thru over the recent top end of the range 439.30 the corresponding futures high so far

434.57 the after hours low from yesterday before futures opened

SPY 15 days, 4 hrs Bull break over last Thurs/Fri highs

SPY 3 months, daily candles Strong reversal off recent lows yesterday, with follow thru in futures action is a different look as recent bounce attempts have lacked follow thru; Still looking for a daily "lower high" compared to 444.89 435.12 the high from yesterday - trading well above there now and getting over highs seen last Wednesday in one pass

440.04 next resistance until the open overhead gap at


442.86 the 50 day MA

444.89 the last daily "lower high" and spot for bulls to get over to break the recent downtrend on this timeframe; The last few days of action could probably be debated as a trend change, but I'm going to view it as all part of this bottoming attempt. 427.54 the low from yesterday and first support on this timeframe

426.36 the recent low during regular hours next

425.65 the recent futures low from last Friday morning

421.97 weekly support after that

QQQ 5 days, hourly candles Nasdaq with similar strong action and a bull break over the top of the recent range. Hourly RSI is in overbought territory on this bounce along with the S&P; the 4hr timeframe has some room before being overbought. 364.44 the corresponding futures high

359.57 the after hours low before futures opened

QQQ 3months, daily candles Oversold daily RSI bounce fully underway, with a gap up open coming and follow thru of yesterdays strong close 359.95 the high from yesterday, so a gap up coming over that level along with highs seen going back to last Wednesday (363.37) as it currently stands

369.99 the declining 50 day MA the next big test

Anything under 374.04 on this bounce would be a daily lower high, as bulls look to provide room against the recent lows for when this bounce tops out, so they can set up a daily trend change attempt.

Oct Vix futures 3months, daily candles Finally seeing a bigger back off, and decisive break under the lows from the past week

Spot Vix 3months, daily candles Pulling back to test the 20 area but still above for now; Any higher low above 17.63 keeps the daily uptrend/equilibrium look intact

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