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Morning Market Rap 11/8/21 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles

Held Friday's regular trading hour lows, currently trading in the middle of Fridays range

467.32 the corresponding futures low

469.01 the corresponding futures high so far


SPY 3 months, daily candles Higher low everyday for 7 in a row streak currently in play, once that breaks daily consolidation gets underway. RSI 76 on this timeframe; historical top out levels in the past have been between here and 80ish, so some cooldown should be expected at any time. 470.65 the new all time high from Friday and only resistance 466.92 the low from Friday and first support

460.08-460.83 next support area

453.86 next major support area and the last daily "higher low" - bulls stay above that level after consolidation begins and they keep control of the uptrend on this timeframe

450.71, 447.55 open gaps

446.60 the 50 day MA

QQQ 5 days, hourly candles Nasdaq futures briefly broke the lows from Friday but saw no follow thru, is back above those low currently 396.80 the corresponding futures low

398.82 the corresponding futures high

QQQ 3 months, daily candles Higher low everyday for 5 days in a row, more all time highs set on Friday. Daily RSI is 78, and historically the top out levels have been between here and 80ish, so some cooldown here should also be expected at any time 400.99 the new all time and only resistance 397.16 the low from Friday and first support

393.92 next area to watch before an open gap to 393.61

386.75 some support right around the 12ema

380.70 next

373.76 the 50 day MA

372.39 the most important area for bulls to hold anywhere above once daily consolidation does start, to maintain the uptrend on this timeframe

Nov Vix futures 3 months, daily candles Some life here on Friday after another week of relentless vol crush, as protection to hedge daily consolidation in the broad market has gotten much cheaper

Inside bar day so far, trading in the upper 1/3 of Fridays wider range

Spot Vix 3 months, daily candles Some action here on Friday as well and seeing some "oversold" bounce; Anything under 18.06 on this push up is just another daily "lower high".

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




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