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Morning Market Rap 11/3/21 by CTG

SPY / QQQ / Vix SPY 5 days, hourly candles S&P futures trading sideways in a tight range as we await the Fed later today 461.30 the corresponding futures low

461.97 the corresponding futures high

SPY 3 months, daily candles The march deeper into blue sky territory continues as daily RSI is just starting to heat up and click overbought 462.23 the new all time high from yesterday and only resistance 460.08 the low from yesterday and first support

455.45 next

453.86 the most recent "higher low" and the spot bulls will need to stay above once

daily consolidation begins to keep control of the uptrend

451.05 after that

450.71 small open gap, 447.55 another open gap

445.46 the rising 50 day MA

QQQ 5 days, hourly candles Nasdaq futures pushing some marginal new all time highs 389.70 the corresponding futures high

388.56 the corresponding futures low

QQQ 3months, daily candles More all time highs here as well yesterday, pushing into RSI areas where we need to be aware that daily consolidation could come at any time 389.54 the new all time high from yesterday, trading just a tad above there now so a small gap up open possible 386.75 the low from yesterday and first support

380.70 next support area

372.39 the daily "higher low" pivot that bulls need to stay anywhere above once daily consolidation begins, to keep the uptrend intact on this timeframe

372.39 the rising 50 day MA as well

Nov vix futures 3 months, daily candles Daily bear flag look followed thru here yesterday. Starting to get a bit extended to the downside as protection/hedges are getting cheaper.

Spot Vix 3 months, daily candles Daily inside bar(s) broke bearish yesterday without much follow thru down; still staying above recent lows in the upper 14s as we await the Fed decision and press conference later today.

Pretty steep contango in the front end of the Vix futures curve, so it makes hedging via long vol products like VXX, UVXY etc a tougher proposition; especially if Spot Vix were to head to test recent lows from late June/early July in the low 14s.

That move would ultimately drag the front end of the curve lower, pulling down long vol products with it.

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