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Morning Market Rap 11/26/21 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures flushed all the lows from earlier in the week on fears of a new COVID-19 variant found in South Africa; heading for a gap down open and currently trying to bounce off hourly oversold RSI conditions 459.50 the corresponding futures low

470.40ish the corresponding futures high

SPY 3 months, daily candles 464.45, 465.19 the lows from Tues/Wed - trading well under there currently for the gap down open set up

462.04 the previous daily "higher low" and next support, trading just above there currently. Lose that level and close below there and the bulls lose the daily uptrend

453-456 next support area

451.24 the 50 day MA

450.71, 447.55, 442.66 open gaps 469.57 the high from Friday and first resistance on this timeframe

473.54 previous ATH after that

QQQ 5 days, hourly candles Nasdaq futures holding the lows from regular trading hours Tues/Wed, so a different look here than the gap down open SPY is heading for 393.19 the corresponding futures low

400ish the corresponding futures high

QQQ 3 months, daily candles 392.54 the low from Wednesday and first support, so no gap down open here so far, unlike the SPY

387.53 the spot for bulls to stay above to maintain the daily uptrend

380.70 next support

378.40 the 50 day MA 399.05 the high from Wed. and first resistance

400.23 high from Tues right after

408.71 previous ATH after that

VIX Futures Started to break down against some daily resistance on Wed, but massive bullish engulf candle off the Covid South African variant fears and broad market sell off today; Trading into levels we last saw in early October

Spot Vix 3months, daily candles Massive gap up here above 25, earlier it tested levels from 9/20 as it kissed 28ish Anything above 20 expect wide trading ranges and lots of movement, both directions -and we're still above 25 currently.

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