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Morning Market Rap 12/20/21 by CTG

SPY / QQQ / Vix

SPY 5 days, hourly candles S&P futures decisively broke Friday's lows, as we re-test the recent early December lows. Seeing the oversold hourly, 4hr bounce get underway currently 451.76 the corresponding futures low

461.57 the after hours high from Friday

SPY 3 months, daily candles Pierced the 50 day MA on Friday but closed back above it; Today we'll get a gap down open well below there as bulls look to play defense against the early Dec lows 458.06 the low from Friday - trading well under there currently so gap down open coming

448.92 the early Dec low and spot bulls will look to defend. That's the previous weekly "higher low" as well so any failure of that level would confirm a weekly downtrend and have us talking lower levels of support

442.85 the 150 day MA

433.64 the 200 day MA 459.45 the 50 day MA now overhead again

464.74 the high from Friday and next resistance on this timeframe

QQQ 5 days, hourly candles Nasdaq futures also broke the lows from Friday 377.73 the corresponding futures low

386.91 the after hours high from Friday

QQQ 3 months, daily candles Broke the 50 day MA and closed below on Friday as the daily downtrend continues

Saw a break of the early December lows in futures action but currently back above, bulls will need to play defense against that level after the open 381.77 the low from Friday, trading under there now for the gap down open set up

378.90 the early Dec low next support

372.39 next

368.14 the 150 day MA

357.81 the 200 day MA

350.32 next key weekly support386.98 the 50 day MA overhead

389.19 the high from Friday and next resistance on this timeframe

398.48-401.19 major resistance area after that

Moving onto January Vix futures (Dec expires tomorrow) - this contract will be the primary mover of vol funds like VXX and UVXY and each day afterward the February vix contract will creep into the mix. Big up move today after relatively muted action in all the chop we saw last week

Spot Vix 3 months, daily candles Gapped up into the previous down gap created 12/6-12/7

Backing off some from earlier AM levels that saw a high of 27.39, trading around 26ish currently

23.26 was the high from Friday and the lowest level we saw today was 24.67

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