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Good Monday morning!
As the picture above shows, the markets just keep floating higher and there is still no end in sight at this point, so how high can we go?!?! There is no way to no for sure but the trend is still up and the buyers remain in control. Will that change at some point in the future? Of course! But that time is not yet.
The key level in the S&P cash is still @ 5770 and it held like a champ last week and with the close Friday @ 5815, and the gap up of over 10 handles this morning, we will be trading to new all time highs again over 5825. Now will we stay there? That is the $64,000 question. The key levels and targets listed below will guide us through today's session.
ES Futures are trading slightly above Friday's high at the moment and overnight inventory is mixed meaning there is no true edge once the bells rings @ 9:30 AM EST. Longer term the edge is to the bulls of course, but looking at the market this morning under our microscope, we must remain very fluid during the trading session. With no economic data on the calendar today, it will all be about buyers and sellers and who steps up their operations to overwhelm the other. Again, edge longer term is still to the bulls but let's see if they keep their buying operations going!!
In the key levels and profile pic below, you can see we are above Friday's high and it was a poor high. A poor highs means there was no "excess" and the auction did not end properly. Think about a bell shape curve with no proper wing on one side. That's just not how auctions end. There needs to be more price and time at the highs (or lows) and today should fix that. Any price action that stays above 5868 is the most bullish scenario. Even if price moved back down to the POC @ 5860 it is still bullish! The only thing that will change the tone and trend of this current market will be if sellers take out 5746 and then move towards the lower targets of 5835-5830! At the time of this writing futures are trading @ 5872!!!
VPOC Update: No new VPOC's were added Friday and 5788.50 is still the closest below and should not be in play today unless lower targets are taken out. We have 24 untested Points of Control below with still none above.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5875 - 5880
Key Levels: 5860 POC & then 5846 1/2 back
downside target is: 5835 - 5830
/NQ upside target is: 20,525 - 20,565
Key Level: 20,440 POC then 20,405 1/2 back
downside target is : 20,360 - 20.330
/RTY upside target is: 2260 - 2265
downside target is: 2235 - 2225
Economic Data: No Economic Data Today!
More Color....... By Analyst Rich Rickus
Have a great day!
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