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Morning Market Rap 10/29/21 by CTG

SPY / QQQ / Vix

S&P futures testing the lower end of yesterdays trading range after weak earnings reports from two of the biggest components, AAPL and AMZN 455.55 the corresponding futures low

457.27 the corresponding futures high

SPY 3 months, daily candles So far S&P bulls staying strong with very shallow daily consolidation Wednesday, followed by higher highs and a re-test of all time highs yesterday. New daily "higher low" is set at 453.86. Staying above there keeps bulls in full control of the uptrend on this timeframe 455.45 the low from yesterday and first support

453.86 the new daily "higher low" support

451.05 next

450.71 small open gap

448.27 next support with another open gap to 447.55 after that

444.45 the rising 50 day MA 458.40 the high from yesterday and first resistance, 458.49 previous ATH right there after that

QQQ 5 days, hourly candles Nasdaq futures trying to stay above the lows from yesterday / the post AMZN/AAPL bearish reactions. If tech bears can't get any traction after the two biggest components of the index pulled back in unison, there might be moar bearskin rugs to be minted 382.61 was the after hours high before futures opened

380 was the post AMZN/AAPL reaction low, 380.28 the corresponding futures low

QQQ 3 months, daily candles 384.48 the new all time high from yesterday, enough follow thru to take the "double top" look off the table, but bulls will want to hold the lows from yesterday to keep full control in the shorter term 381.16 the low from yesterday during regular trading hours (corresponding Nasdaq futures low has a scooch more room after that, around 380ish) and first support. Follow down thru those 2 levels and daily consolidation gets underway

377.91 next area of support

372.39 the last daily "higher low" pivot, and the spot bulls want to hold above if daily consolidation does begin, to keep control of the uptrend on this timeframe

371.24 the rising 50 day MA 384.48 the new ATH from yesterday and only resistance

Nov Vix futures 3 months, daily candles Attempted a higher high break on the weak broad market futures action, but no follow thru upward yet. If SPY and QQQ see breaks of yesterdays lows with follow thru, this would see a convincing break to the upside. For now, still has a daily bear flag look and short term oversold, dead cat bounce feel.

Spot Vix 3 months, daily candles Slightly different look here as the upside breaks are seeing a bit more oomph, though coming off a lower baseline than the Nov vix futures. Anything below 18ish is still a daily "lower high", and that's currently the level it's rejecting

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