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Morning Market Rap 10/12/21 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures flushed under yesterdays regular session lows overnight, and tested deeper into the recent lower end of the daily range; Kissed hourly oversold RSI and seeing a bounce from there currently 431.94 the corresponding futures low

435.54 the corresponding futures high

SPY 3 months, daily candles Daily consolidation continues in a daily downtrend, gap filled yesterday 434.62 the low from yesterday and first support;

Traded well under there in futures action earlier, but back above by a tad currently

427.54 next support

425.65-426.36 after that and most important area for bulls to try and hold above and set a daily "higher low" as they search for an eventual trend flip 440.26 the high from yesterday and first resistance

441.68 after that and the last daily "lower high"; the area bulls would need to push thru with some follow thru to get the daily trend back in their favor, if they can hold recent lows first

442.72 the 50 day MA

QQQ 5 days, hourly candles Nasdaq futures with similar action overnight 355.90 the corresponding futures low

359.80 the corresponding futures high

QQQ 3 months, daily candles Daily consolidation continues, gap filled 358.30 the low from yesterday and first support; was broken decisively in futures action but back above currently

353.15 next

350.32 after that and most important area for bulls to hold above if they're going to set a daily "higher low" 363.20 the high from yesterday and first resistance

365.69 after that and the last daily "lower high" bulls will look to break thru if they're going to flip the daily trend back in their favor

369.70 the declining 50 day MA

Oct Vix futures 3 months, daily candles Hanging out near recent lows, as this contract will be be very sensitive to any movements in Spot Vix with expiration coming in a week. Currently the Nov contract is providing about 3/4 of the price movement on any volatility exchange traded products, and this one about 1/4.

Spot Vix 3months, daily candles Daily "higher low" set at 18.11 yesterday, anything under 24.89 would be a daily "lower high" as we continue to tighten in an equilibrium look within a wide range

https://www.briefing.com/stock-market-update




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