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Morning Market Rap 12/07/21 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures seeing follow thru from yesterdays bounce and setting up for a gap up open, as the hourly RSI goes into overbought territory into the top end of the range from last Tues/Wed 465.23 the corresponding futures high

458.45 the corresponding futures low

SPY 3 months, daily candles Holding above the 50 day MA still, and pushing back thru the daily EMA 12(white line). Anything under 466.56 is a daily lower high within the daily downtrend 460.79 the high from yesterday, trading well above there currently so gap up open coming

Hourly RSI is back in overbought territory so it seems reasonable to look for that gap to fill pretty quickly

464.67 next resistance, trading right under there currently but had pushed thru by a bit earlier this AM

466.56 next important resistance, anything under there is just a daily "lower high"

469.57, 473.54 previous ATH last resistances 453.56 the low from yesterday and first support

453.60 the 50 day MA

448.92 low from Friday next important support

QQQ 5 days, hourly candles Nasdaq futures pushing above the highs from the last few days, as hourly RSI heats up here as well 394.13 the corresponding futures high

385.90 the corresponding futures low

QQQ 3 months, daily candles Holding/Bouncing off the 50 day MA

Daily downtrend still in play along with a weekly uptrend 387.60 the high from yesterday, 392.34 the high from Friday - Currently above both those levels with a gap up open coming

401.19 the next resistance - anything under there is a daily "lower high" within the daily downtrend 381.02 the 50 day MA

378.90-379.30 the lows from the last couple days and first support

372.39 next support

Dec Vix futures 3 months, daily candles Pattern of seeing a "higher low" every day for the last 7 days finally broken, and seeing more vol crush here as the broad market bounces.

More than half of the recent Vix spike is getting erased here.

Spot Vix 3 months, daily candles Similar vol crush here also as we ease back off the nosebleed 30s levels; Still above 20 so wide ranges should still be expected. Anything above 21.71 looks like a daily "higher low" with an "open gap" to 20.96 under there

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