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Good Monday morning!
I am going to keep it short and sweet today, and as a matter of fact, short and sweet for this entire upcoming week! Why? Because the markets are closed on Thursday for the July 4th holiday and they close early on Wednesday July 3rd @ 1:00 PM EST.
That being said however, the reason for "S&S" is that we remain in a HUGE balance area as you can see in the profile pic below, and as long as we stay inside this large area, then it is status quo so expect more responsive trade! There is really nothing else to say or worry about at this point in time. Traders and investors are considering this area to be of "value" and are accepting prices at these lofty levels, so until things change, there is not much else to debate.
We also now have a VERY KEY LEVEL of 5510 in the ES futures! This is what's called a "weak low". There was almost a perfect touch of that June 24th low on Friday and there was a very responsive bounce trade at that level higher, so this tells us once it is lost, then it should go lower so please keep that in your narrative for the near future. But until that point in time, if the buyers stand fast and keep putting money to work, then that level will hold for the foreseeable future and this tells us the bulls remain firmly in control! Please note the 1/2 back POC and upper targets as well for possible upside.
TSLA: The stock closed above $195 so the stock was called away. Again not a bad thing.
SNOW: Holding and the stock looks great! It is gapping up above $139 this morning and we started buying this @ $125.95 last week and more @ $130.90. Also the $120 put expired worthless on Friday so that premium lowers our cost basis even further!
VPOC Update: No new VPOC's again yesterday so we still have 24 VPOC's below current price levels.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5550 - 5560
Key Level: 5548 1/2 Back
downside target is: 5510!!!!!!
/NQ upside target is: 20,090 - 20,115
Key Level: 20,050 POC
downside target is : 19,845 - 19,820
RTY upside target is: 2074 - 2079
downside target is: 2049 - 2046
Economic Data: IMPORTANT DATA TODAY
PMI Manufacturing @ 9:45 AM EST
ISM Manufacturing @ 10:00 AM EST
Construction Spending @ 10:00 AM EST
More Color.......
As ALWAYS, have your stops & targets in place and have a great day!!!
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