Morning Market Rap 10/15/21 by CTG
SPY / QQQ / Vix
S&P futures continue the bulls on parade action overnight, with little to no consolidation like we saw yesterday during regular hours. Hourly RSI is staying in OB territory as the 4hr RSI starts to heat as well. 444.37 the corresponding futures high
442.36 the after hours low from before futures opened
SPY 3 months, daily candles Daily trend change back to bulls yesterday after the gap up open saw no consolidation all day, with follow thru occurring in futures action. Overheated on the shorter term charts but "buy the dippers" should be out in full force when we do finally see some consolidation of this move. 442.59 the 50 day MA which bulls are pushing back above
442.66 the high from yesterday - trading above there currently in futures action so another gap up open setting up
444.89 next resistance
448.41-448.92 after that 438.58 the low from yesterday and first support on this timeframe
436.05 open gap
431.54 the new daily "higher low" and most important area for bulls to hold above once we see consolidation
QQQ 5 days, hourly candles Nasdaq futures with similar follow thru, seeing some hourly cool off sideways above yesterdays highs 366.34 the corresponding futures low
368.49 the corresponding futures high
QQQ 3 months, daily candles Daily trend change here also, with a little more work needed for the bulls to get above the 50 day MA still 366.85 the high from yesterday, trading above there now so gap up open setting up here as well
369.40 the 50 day MA
374.04 next major resistance area 363.01 the low from yesterday and first support
360.69 open gap
356.48 the new daily "higher low" and spot for bulls to keep anywhere above once consolidation begins
Nov vix futures 3 months, daily candles Big vol crush here the past couple days, with a bit more follow thru seen overnight.
Broad market fear is backing way off, indicating our recent wide daily ranges and movement will start to slow a bit. In the very short term it's a bit extended to the downside, so seeing some little "tremors" of volatility is normal after these extreme moves.
Spot Vix 3 months, daily candles Broke the daily equilibrium bearish yesterday with big follow thru. Extending a bit more to the downside today, but also probably due for some short term "oversold" check-backs on any broad market consolidation of this big, quick up-move it's seen. Any bounce below 20 would look pretty normal, and staying below there an indication we're back in a "normal" volatility environment again after the elevated one we saw over the past few weeks.