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Morning Market Rap 12/17/21 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures broke the lows from yesterday and now are testing the lower range from Wed. pre-Fed announcement 462.45 the corresponding futures low so far (seeing the lows currently)

467.36 the after hours low before futures opened *Note, SPY is artificially lower by 1.64 due to today being the ex-dividend day

SPY 3 months, daily candles Choppy, sloppy action continues as we never saw new all time highs during regular trading hours like we did with the futures action pre mkt. We saw a new daily uptrend confirmed with no follow thru and a swift rejection at previous ATH as Fed reaction gets digested. Quad witching today also. (today is ex-div day for SPY so it's artificially lower by the 1.64 div payout) 464.80 the low from yesterday - trading under there currently so gap down open shaping up

460.25 the most recent daily "higher low" and spot bulls will look to hold above so they avoid losing control of this timeframe

459.02 the 50 day MA

448.92 the recent lows and important "weekly higher low" support 472.87 the high from yesterday and first resistance on this timeframe

473.54 previous ATH from regular hours after that

(474.86 the corresponding futures high from early AM yesterday)


QQQ 5 days, hourly candles Nasdaq futures gave back all the post-Powell bounce, broke the lows from yesterday and Wednesday pre-Fed 382.06 the corresponding futures low so far

388 the corresponding futures high

QQQ 3 months, daily candles Rejected yet again at it's recent resistance zone as bulls failed to break the downtrend on this timeframe. Losing the 50 day MA in futures action as we set up for the gap down open and daily downtrend continuation. 385.21 the low from yesterday - trading under there for the gap down open

378.90-379.30 early December lows next support area

372.39 after that 398.48 the high from yesterday and first resistance on this timeframe

400.20-401.19 the area we keep seeing rejections at

Dec Vix futures 3 months, daily candles. Lower lows yesterday compared to the previous day; higher highs today. This contract expires on Tues so next week It'll move onto the January contract. At that point the likes of VXX and UVXY will be exclusively moved by the Jan vix futures, with Feb vix futures creeping into the calculation each day after.

Spot Vix 3 months, daily candles The continuation of the previous days break of the 20 area, and recent lower lows, proved to be a fake out as the broad market indexes quickly gave up their gap up open and bled out all day. Trading around the highs from yesterday at the 22ish level - Wider moves both directions should be expected, especially on quad witching day.

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