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Good Monday morning,
We hope you all had a great holiday weekend! Now back to business.
In the profile pic below, futures have recovered from a pullback in the overnight and shortened session on Friday. Even though the markets were closed, futures still traded until 1:00 p.m. EST, and then reopened Sunday evening at 6:00 p.m. EST. The fact that we are back inside Thursday's range (which also was a shortened session) is a testament to the buyers at this time. We are still one time framing, which means every low for the past two weeks was higher than the previous day. This is still a bullish sign and there can be no meaningful change until this phenomenon stops! Will today finally be the day?
In the targets and key levels below, futures are below the first set of key levels at 6313, which is Thursday's half-back, and 6324 which is the POC. Unless price can get back above 6313, then this strong rally may be finally fading away! Just to put things in perspective, from the May 23rd lows to Thursday's highs, the markets have rallied almost 9%! Not bad. Again, bulls are still in control but will they keep putting new money to work?!
Now if sellers keep price below 633, then look for prior low at 6293, then our lower targets at 6275-6265. Stay fluid and be ready for anything! Just keep an eye on the numbers!
Futures are currently trading at 6301 at the time of this writing.
VPOC Update: Another new VPOC was added on Thursday at 6275.25 after the gap higher. We now have four below: 6275.25, 6146, 6019 and 6050.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6330 - 6340
Key Levels: 6313 Thursday 1/2 back then 6324 POC
downside target is: 6275 - 6265
/NQ upside target is: 23,050 - 23,075
Key Level: 23,016 1/2 Back
downside target is : 22,850 - 22,825
/RTY upside target is: 2270 - 2275
downside target is: 2235 - 2225
Economic Data :
No economic data today!
More Color By : Rich Rickus
Back at it Tuesday!
Have a great day!
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