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Good Monday morning!!
The rocket ship market is still blasting off into orbit, especially in the tech heavy NASDAQ, and the S&P is a mere chip shot from its own all time highs again! We have seen some pullbacks recently and they appeared to be significant at the time, however, the buyers jumped quickly back in and took prices right back up. As we said last week, the rally continues unless the S&P takes out 6030 to the downside (Friday's low was 6035) and the NDX takes out 21,530 to the downside (Friday's low was 21,646), and as you can clearly see that has not happened! Until these levels are taken out, sorry to say, then there is no hope for the bears....yet.
This week will be important to watch closely because it will be very busy with economic data and the FOMC is coming out with their rate decision on Wednesday @ 2:00 PM EST. As of now there is a 97% chance that they lower rates another 25 basis points.
In the target levels and profile pic below, you can see the sharp drop lower Friday morning followed by the move right back up today. As long as price stays above the base of the spike @ 6061 then the buyers remain firmly in control. If sellers take it below that level then look for the POC @ 6055.50 then lower targets! Futures are trading @ 6076 at the time of this writing.
VPOC Update: No new VPOC's added Friday. 6096 is the closest above and 6015 below current price. We now have 1 above and 29 below current price.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6075 - 6085
Key Levels: 6061 Bottom of Spike then 6055.50 POC
downside target is: 6020 - 6010
/NQ upside target is: 21,875 - 21,915
Key Level: 21,835 Single Print
downside target is : 21,700 - 21,660
/RTY upside target is: 2365 - 2375
downside target is: 2325 - 2315
Economic Data:
3-Yr Note Settlement
10-Yr Note Settlement
30-Yr Bond Settlement
Empire State Manufacturing Index @ 8:30 AM ET
PMI Composite Flash @ 9:45 AM ET
Treasury Buyback Announcement (Preliminary) @ 11:00 AM ET
3-Month Bill Auction @ 11:30 AM ET
6-Month Bill Auction @ 11:30 AM ET
More Color....... By Analyst Rich Rickus
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/ES - KEY DEMAND $6040-50 Supply at with Supply at $60105- 60110
Bearish
Buyers trapped below $6050 after a pullback below $6040-45 looking to play SHORT targeting $6030 then $6015
Bullish
Sellers trapped above 6050 after a break and retest above $6055 playing LONG targeting $6080 then new HOD
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SPY - Supply flipped to Demand at Supply $601-602 with Supply at $607
Bullish
Sellers trapped above $603 after a break and retest above $604 looking to play LONG targeting high $605 then $606
Bearish
Buyers trapped below $603 after a retest from $602 targeting $601 then breakdown into $599
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/NQ - Key Demand at $21660-600 with Supply at $21900-21910
Bullish
Sellers trapped above $21660-600 looking to play long after a pullback holds above $21600 targeting $21750
Bearish
Buyers trapped below $21600 looking to play long after a pullback holds below $21600 targeting $21550 then $21500
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QQQ - Key Demand at $525-526 with Supply above at $533
Bullish
Sellers trapped above $526 looking to play long from a break and retest at $527 targeting high $528 then a breakout into $530s
Bearish
Buyers trapped below $526 after a break and retest below $525 looking to play short targeting $523 then mid high $521
Also watching
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GOOGL Key Demand flipped to Supply at $191-190
Bullish
Sellers trapped above $192 after a break and retest from $193 looking to target $194s then $196s
Bearish
Buyers trapped below $191 after a break and retest from $190 looking to target $188 then $187
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AAPL Key Demand at $245 Supply above at $250
Bearish
- Sellers trapped below $245 after a break and retest above $244 playing SHORT targeting
$242 then breakdown into $241s
Bullish
- Buyers trapped above $245 after a break and retest above $246 playing LONG targeting
$247 then breakout into $248
Have a great day!
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