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Good Monday morning,
Turns out the Iran / Israel conflict over the weekend has had no impact whatsoever on the markets as they are right back up this morning. Last week there was some weakness as sellers took the markets to new lows not seen since March 5th. For now, 5125 in the /ES (5100 in the SPX cash) are the lower lines in the sand moving forward. Question is how high do the buyers take it back up?!?! By the way, the NASDAQ 100 (NDX) is in a huge sideways range between 18,450 and 17,800. In the /NQ futures, that range is 18,680 to 18,050.
Please pay attention to the levels listed below! At the time of this writing, futures just made new overnight highs and overnight inventory is 100% net long. We are NOT gapping outside of Friday's range so the chances of a fade lower are diminished somewhat but still present for an early trade to balance out the overnight inventory. Targets for both the upside and downside are given. The 5220 area will certainly be an important hurdle for the bulls to clear!
VPOC Update: A new VPOC was added above and one was taken out below. We now have 2 above @ 5297.75 and 5151.50 and we now have 17 still below with closest one @ 5089.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5215 - 5220
Key Level: 5168 - 5165 Point of Control and Overnight Low
downside target is: 5130 - 5120
/NQ upside target is: 18,400 - 18,425
Key Level: 18,165 - 18,148 Point of Control and Overnight Low
downside target is : 18,050 - 18,000
/RTY upside target is: 2045- 2050
downside target is: 2000 - 1995
Economic Data:
Retail Sales @ 8:30 AM EST
Empire State Manufacturing Index @ 8:30 AM EST
Business Inventories @ 10:00 AM EST
Housing Market Index @ 10:00 AM EST
More Color.......
/ES - Key Demand at $5160 - 5175 with Supply above at $5260- 5240
1. Watching if price can break and retest above Friday Highs looking to play long from $5175 targeting $5200 then $5210
2. Buyers trapped below $5260 looking to play short targeting $5221
3. Sell off below $5150 leaves room to the downside targeting $5060 -5080 demand
SPY - Key Demand at $507-509 with a gap up over the weekend forming new demand at $511-512 with Supply from Friday at $519-517.
1. Break and retest above $512 looking to play a GAP and Go long targeting $515
2. Buyers trapped below $517 looking to play a break and retest short target $515 first then $513. Sellers trapped above $510 after selling off looking to play long.
SPX - Key Demand $5090- 5120 with Supply (GAP down) on Friday at $5170
1. Buyers trapped below $5180 looking to play short targeting $5150 then $5125
2. Buyers break out hold above $5170 I will view this as bullish and play long targeting $5195 or a break and retest from $5120 targeting $5150
/NQ - Key Demand zones at $18000 - 18060 then at $18200 - 18225
1. Sellers trapped above $18200 looking to play long targeting $$18300
2. I would only like to play short off a failed rally to the upside below $18400
QQQ - Gap up with Demand at $438 - 439 with Supply above at $442 then $445
1. A gap and god where price pulls back and holds above $438 I will look to play long targeting $440 first then $442
2. I would only like to play short if price can hold under $438 targeting $436
AAPL Key Demand at $173-174 with Supply above at $177-178
- Watching a break and retest above $173 looking to play long targeting
$175
- Buyers trapped at Supply with no follow through above $178 I will look to play short targeting $176 first then $175
As ALWAYS, have your stops in place!!!
Have a great day!
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