|
Good morning!
So the picture above is looking ominous, or is it?!?! Will the skies clear and the sun starts shining again? Or do the clouds darken and massive storms roll in?!?! Well that is the current state of the market right now...and unfortunately I don't have the exact answer.
I say all this because we have seen some large cap tech stocks selling off and the NDX lost that key level of 19,580 yesterday, HOWEVER, the SPX held its key level of 5440 and there seems to be rotation into other sectors like financials and energy! So you see if the market just take one pile of cash out of one sector and just throw it into another sector (called rotation) then the markets will not fall very sharply!
Futures are mixed again this morning and overnight inventory is also mixed to net long. We are inside of yesterdays range and the overnight low is right at yesterday's low so there has been responsive trade once again. Please keep an eye on the key levels and profile pic below. If price action stays below the POC & overnight high then there is a chance to retest the lows. If buyers take it back above 5530.50 then look for our upper targets.
TSLA: Holding and we sold more calls yesterday at the $195 strike for this Friday for .65 cents.
VPOC Update: No new VPOC's on Tuesday so we still have 24 VPOC's below current price levels.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5550
Key Level: 5530.50 POC & Overnight High
downside target is: 5495
/NQ upside target is: 19,890 - 19,900
Key Level: 19,862 1/2 Back
downside target is : 19,675 - 19,645
RTY upside target is: 2071
downside target is: 2036
Economic Data:
Case Schiller Home Price Index @ 9:00 AM EST
Consumer Confidence @ 10:00 AM EST
More Color.......
As ALWAYS, have your stops & targets in place and have a great day!!!
| 
