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Morning Market Rap 11/4/21 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures trading sideways in blue sky all time high territory 465.77 the corresponding futures high

464.41 the after hours low before futures opened

SPY 3 months, daily candles More acceleration into new all time highs after the Fed statement and presser yesterday. Daily RSI getting hot (overbought) at 73; 75 was the highest we've seen in the past year. In Sept of '20 we saw it push 80. 465.15 the high from yesterday - trading just above there currently so a small gap up open setting up 460.83 the low from yesterday and first support. No daily consolidation in sight until we lose the "higher low" everyday pattern we've seen for the last 5 days

455.45-456.23 next support area

453.86 the most recent daily "higher low" - bulls stay anywhere above there once consolidation starts they keep full control of the uptrend on this timeframe

450.71, 447.55 open gaps

445.79 the rising 50 day MA

QQQ 5 days, hourly candles Nasdaq futures similar action, hanging out in the blue sky at all time highs 395.30 the corresponding futures high

393.06 the after hours low before futures opened

QQQ 3 months, daily candles Acceleration of the uptrend and new ATH's here yesterday after the Fed as well. Daily RSI 75; 77 has been the highest level we've seen so far in the past year. Sept of '20 we saw it push 80 393.61 the high from yesterday - trading above there currently so a gap up open shaping up 388.48 the low from yesterday and first support

380.70-382.09 next support area

327.77 the rising 50 day MA

372.39 the last daily "higher low" and spot for bulls to stay anywhere above once consolidation does begin, to maintain full control of the uptrend

Nov vix futures 3 months, daily candles More vol crush after Powell and being forced to respect and follow Spot vix lower as we get closer to expiration for this contract on 11/16

Spot Vix 6 months, daily candles Testing recent lows; Those break and low 14s is the next area/lowest reading we've seen all year

IWM 6 months, daily candles Big breakout continuation of the long base into new all time highs. Daily RSI just starting to push overbought here as it pushes 70. 74-77 area has been the top out spot in the past 3 years.

https://www.briefing.com/stock-market-update




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