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Good Monday morning!
We hope you all had a great weekend and the dads had a perfect day yesterday!
Bulls retain control of the markets after some impressive moves by the FANGMAN stocks: AAPL, MSFT, NVDA, GOOGL and NFLX hit new all time highs last week! It just doesn't stop!! Also, the gap higher from last Wednesday (when CPI came out) also remains unfilled so this is very bullish. It will fill at some point but not yet.
Futures are relatively flat this morning and overnight inventory is mixed. We are also inside of prior days range so it will be a coin toss when the opening bell rings. Let's see if the buyers can take out Friday's high and then we will be looking for our upper targets. Any price action that stays between 5438.50 and 5423.50 is completely neutral. Any move back below the POC could see the double bottom in play and the lower target which are all listed in the profile pic below.
SBUX: No change. We are keeping stop @ $79. Stock has completely stalled for now. Must hold $79
TSLA: Holding. The calls expired worthless helping lower our basis.
VPOC Update: No new VPOC's were added yesterday. We have 23 VPOC's below current price levels.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5450 - 5455
Key Level: 5423.50 POC
downside target is: 5405 - 5400
/NQ upside target is: 19,725 - 19,755
Key Level: 19,624 1/2 Back & POC
downside target is : 19,575 - 19,545
RTY upside target is: 2027 - 2029
downside target is: 1990 - 1985
Economic Data: Very Light Today
Empire State Manufacturing Index @ 8:30 AM EST
FED Member Patrick Harker Speaks @ 1:00 PM EST
More Color.......
/ES - Key Demand flipping to Supply at $5380-90 with Supply at $5454 HOD
1. Buyers trapped below $5375 looking to play short targeting $5310
2. Sellers trapped above $5282 looking to play long targeting $5450
SPY - Demand $536-538 with Supply above at 542-544
1. A breakdown below $536 and holding after a pullback I will look to play
short targeting $534 then$ 532
2. Sellers trapped above $538 I will look to play long off a break and retest
targeting $542
SPX Key Demand at $5400- 5410 with Supply above at $5450
1. A breakdown below $5400 and holding below $5400 after retest I will look to play short targeting $5385
2. A bounce above $5405 I will look to play long targeting $5430 then $5440
/NQ Demand at $19540 then below that at $19430 - 40
1. Sellers trapped above $19540 looking to play long targeting $19575
2. A breakdown below $19490 and hold after a pullback I will look to play
short targeting $19410
QQQ Key Demand at $467 and $473 with Supply at $479
1. Sellers trapped above $473 looking to play long off a break and retest
targeting $474 then $476
2. Buyers trapped below $479 playing short after a break and retest from
$478 targeting $476 then $474
AMD Key Demand flipping to Supply at $158-159 with previous demand below at $152-150
1. Buyers trapped below $160 looking to play short off a break and retest
from $159 targeting $157 then $155
2. Buyers reclaim support above $160 and hold I would like to play long target $163 then $164
TSLA Key Demand at $170 -172 with Supply above at $192 then $195-197
1. Sellers trapped above $172 looking to play LONG targeting $175
2. Buyers trapped below $190 after a pullback holds looking to play short
As ALWAYS, have your stops & targets in place and have a great day!!!
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