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Morning Market Rap 12/08/21 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures saw some slight extension over yesterdays highs 470.98 the corresponding futures high

467.49 the after hours low before futures opened

SPY 3 months, daily candles Broke the downtrend yesterday by getting over, closing over the highs from 11/29; Bulls have now created plenty of room to look for a "higher low" against recent lows once this current bounce off the 50 day MA area tops out and sees daily consolidation. 468.88 the high from yesterday - trading a bit above there currently so small gap up open setting up

469.57 next resistance

473.54 previous all time high all that's left after that 464.35 the low from yesterday and first support

460.79 open gap created

454.12 50 day MA next

453.56

448.92 recent lows most important area to hold anywhere above once daily consolidation starts, to look for bulls to then pivot and establish a new daily uptrend

QQQ 5 days, hourly candles Nasdaq futures similar look, with some extension over yesterdays highs 400.60 the corresponding futures high

396.65 the after hours low before futures opened

QQQ 3 months, daily candles Big bounce follow thru here also yesterday, after holding and extending the gap up open, daily downtrend still in play - those downtrend resistance levels look to get tested first thing this morning 398.46 the high from yesterday - trading a tad above there currently so small gap setting up here also

401.19 next resistance and the spot bears will be looking to defend/reject to maintain control of this downtrend

408.71 previous ATH after that 392.99 the low from yesterday and first support

387.60 open gap created

381.57 the 50 day MA

378.90 the most important support area for bulls to hold anywhere above once daily consolidation of this move begins, to then look for a chance to establish a new uptrend

December Vix futures 3 months, daily candles Big vol crush here again yesterday, some slight lower lows in this futures session so far with no follow thru. Wouldn't be surprising to see some kind of bounce attempt and little vol "tremors" going forward as we unwind the recent massive move.

Spot Vix 3months, daily candles Crushing to the daily uptrend area and starting to get into the gap created after the post Thanksgiving surge, 20.96 fills it.

Staying above 20 still conveys the potential for wide moves/ranges but still much calmer than a 30+ Vix like we we were seeing at the end of last week.

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




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