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Morning Market Rap 10/18/21 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures cooling off the big recent move and short term overbought hourly/4hr RSI conditions 443.70 the corresponding futures low

446.50ish the corresponding futures high right after the open yesterday evening

SPY 3 months, daily candles Another gap up on Friday and close above the 50 day MA as the new daily uptrend saw follow thru 446.26 the high from Friday and first resistance

448.92 next

452.57, 454.05 previous all time high after that 444.09 the low from Friday and first support looking to get tested first thing as we're currently just above that spot in futures action

442.68 the 50 day MA

442.66 closes the first open gap

438.58 next support

436.05 closes the second gap

431.54 the new daily "higher low" and the spot bulls need to hold above once daily consolidation begins

QQQ 5 days, hourly candles Nasdaq saw some brief follow thru after futures opened, then cooled off the short term overbought hourly/4hr RSI conditions 369.70ish the corresponding futures high

366.85 the corresponding futures low

QQQ 3 months, daily candles The Friday gap here filled on Friday, almost to the penny, as the new daily uptrend here also saw follow thru. Stopped just short of the 50 day MA.369.06 the high from Friday and first resistance

369.39 the 50 day MA

374.04 next resistance

378.90-379.43 next area 366.82 the low from Friday and first support

363.01 next

360.69 open gap

356.48 the last daily "higher low" and spot bulls will need to stay anywhere above to maintain the daily uptrend, once daily consolidation of this recent move begins

Nov Vix futures 3 months, daily candles Big vol crush last week saw some lower wicks of buying on Friday, some small follow thru today. Short term conditions here were pretty "oversold" and due for some tremors off the lows, once the broad market cooled off it's recent move, like we're seeing in the S&P, Nasdaq futures action

Spot Vix 3 months, daily candles Similar action here after breaking the daily range decisively bearish last week. Short term "oversold" bounce taking place just above the 15.68 low from 9/1 (15.72 Friday's low).

Low 15s next if those levels cant hold, and if we're setting up a daily bear flag look here on this current bounce

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