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Morning Market Rap 12/02/21 by CTG

SPY / QQQ / Vix


SPY 5 days, hourly candles Hourly OS conditions cooled off overnight with some bounce from S&P futures, setting up a potential bear flag look if that's all the bounce we see

450.42 the after hours low, before futures opened

454.61 the corresponding futures high

SPY 15 day, 4hr chart shows a similar bear flag look, as this never even quite pushed into oversold territory yesterday at close, and has room for more selling if the bulls cant play defense against yesterdays lows

SPY 3 months, daily candles Daily downtrend follow thru yesterday after the brief push over Tuesdays highs early AM was quickly taken back, on heavy sell volume. Breach of the 50 day MA w a close below as well. 450.71 first open gap was filled. 452.71 the 50 day MA now overhead

464.67 the high from yesterday and next candle resistance on this timeframe 450.29 the low from yesterday and first support

447.55 next open gap, with 438.58 and 436.05 also still open

438.96 the 150 day MA

428.92 the 200 day MA

SPY weekly candles Weekly consolidation continues, with a break of the 12ema as well (white line);

Any "higher low" found above 426.36 is a weekly higher low and would maintain the weekly uptrend

QQQ 5 days, hourly candles Nasdaq futures testing yesterdays lows currently; oversold hourly RSI saw a cooldown with a bounce overnight, and now is selling back into hourly OS conditions

QQQ 15 days, 4hr candles Also showing a bear flag look here if the bulls cant show up and play defense at yesterdays lows; 4hr RSI has room for selling if the bear flag starts to play thru

QQQ 3 months, daily candles Daily downtrend confirmed here yesterday as well, on heavy volume, one day after the S&P's confirmed downtrend. Also showing a head and shoulders look 386.64 the low from yesterday

385.93 the after hours low

Both breaking here currently in pre mkt as that bear flag follows thru, setting up for a gap down open 380.70 next candle support

380.15 the 50 day MA

372.39 support after that 400.48 the high from yesterday and first resistance on this timeframe

IWM daily candles going back to the Covid lows - Daily RSI is almost as oversold as it was then - currently 23ish

Hit 18ish on 3/12/20 204-208 area for next support, and we'd see the RSI around those Covid low levels if we continue there on this current flush sequence

Dec Vix futures 3 months, daily candles Massive moves in the Vol complex with historically wide ranges

Pushed over the highs from the day after Thanksgiving yesterday; Backed off some overnight as broad market futures got their short term OS bounce going, but currently not too far off the highs

Spot Vix 1 year, daily candles 32.61 the high from yesterday, highest spot reading we've seen since late January/early February Massive moves and ranges both directions should be expected until this settles down



Lots moar Fed chatter today



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