Morning Market Rap 12/06/21 by CTG
SPY / QQQ / Vix
SPY 5 days, hourly candles Friday's late day rebalancing green candle saw some follow thru in futures action, recouping about half of the intraday losses 456.81 the corresponding futures high
453 the corresponding futures low
SPY 3 months, daily candles Friday saw the S&P break Wed/Thurs lows, but a late day surge saw it close back above the 50 day MA. Daily downtrend/weekly uptrend in play with room to set a weekly higher low anywhere above 426.36. 453.31 the 50 day MA
448.92 the low from Friday and next support
447.55, 442.66, 436.05 open gaps
439.46 the 150 day MA
429.57 the 200 day MA
426.36 the spot for bulls to find a weekly "higher low" anywhere above 460.30 the high from Friday and first resistance
464.67 after that
QQQ 5 days, hourly candles Nasdaq the clear relative under-performer the past few days, as some money comes out of the mega caps that had been supporting the big indexes. Weaker bounce here relative to the S&P and not too far off the lows from Friday currently. 380.23 the corresponding futures low
385.40 the corresponding futures high
QQQ 3 months, daily candles Breach of the 50 day MA here on Friday with a close back above on massive volume. Daily downtrend/weekly uptrend in play anywhere above 350.32 380.76 the 50 day MA
378.90 the low from Friday and next support
372.39 next support area
363.73 the 150 day MA
353.98 the 200 day MA
350.32 the spot for bulls to find a weekly "higher low" anywhere above 392.34 the high from Friday and first resistance
400.48-401.19 next resistance area on this timeframe after that
Dec Vix futures 3 months, daily candles Big follow thru upward on Friday here, and massive ranges in play. Currently we've backed off the highs from Friday and are trading in the middle of that wide range.
No matter what timeframe you trade/invest off of the Vix is telling you that big moves and much wider candle ranges should be expected, both directions.
Spot Vix 1 year, daily candles Highest vix readings we've seen since the end of January/early Feb growth stock sell off. 35.32 the high from Friday just short of the 1/29/21 high of 37.51. Currently trading a touch under 30, but anything north of 20 is the deep end of the pool in regards to intraday moves and volatility.