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Good Thursday morning!
Right back to paradise my friends!!! Thank you NVDA!! I've been doing this a long time and even this move has me speechless. Just when you think all the good news and metrics are priced into a stock, and the stock was down almost 80 points ahead of earnings, NVDA reports and blows the numbers away and guides higher again! Quarter after quarter they seem to achieve the impossible!!!
Now look, I get when one company is crushing it and I am not saying THIS particular stock does not deserve to be bought up, but when does it mean the entire stock market gets bought up right along with it? Well that's what happening! Some of this just doesn't make sense but that is the current game being played by the street right now.
Also what I find interesting..... again..... is that it seemed they knew what was coming because as the day was certainly more bearish most of the day, they started buying aggressively again right around 3:15 PM EST, so someone obviously knew what was going to be reported! Now this is my humble opinion but think about it?!?! How did they know to start buying again ahead of one of the most important earnings releases of the year?!?! LOL The rigged game continues!
Anyway, any bearish progress the sellers made over the past two days has now been completely destroyed by this enormous gap higher this morning. I am sorry to say but the target levels I have mapped out are not even relevant today because price is so far extended and above the key levels! This has never happened to me before. I can only say at this time that I need to see how price reacts at the prior all time highs...5066.50. Do the buyers continue to just keep buying over that level or is there a "look above and fail" where we could see sellers emerge again?!?!
The profile pic is even almost useless today as we have gone so far above anything listed, that unless you were long, it does you no good. I would have a hard time just chasing up here so what can I tell you?!?!?! My apologies as I feel I am bringing you no value today. :-(
As far as untested points of control, the one above at 5020 is now back below current price!! We now have 16 untested points of control below.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5015 - 5025
downside target is: 4995 - 4985
/NQ upside target is: 17,700 - 17,725
downside target is : 17,575 - 17,550
/RTY upside target is: 2010 - 2015
downside target is: 2000 - 1995
Economic Data Today:
PMI Composite Flash @ 9:45 AM EST
Existing Home Sales @ 10:00 AM EST
Natural Gas Inventories @ 10:30 AM EST
Crude Inventories @ 11:00 AM EST
More Color.......
/ES - Supply flipped to Demand $5020-5030 with Supply above at $5050-5060
- Sellers at the open trapped $5040 I would like to play long targeting HOD
- Sellers punching price inside Demand looking to play long off a $5030
- I would only look to play short if price falls below $5020 playing a break and retest short form $5015 targeting $5005 first then $4995-90
SPY - Consolidating inside Supply at $503-501 with Demand at $500-499
- Supply flipped back to previous Demand after NVDA earrings yesterday
- Buying dips on pullbacks or break and retest $501 to play long targeting HOD
- I would only look to play short is price break below $499 and holds
SPX - Gap Down Supply from the weekend at $4992-4985 with Demand at $4960-45
- First I will look long off a break and retest from yesterday HOD then if there is selling I want to see Demand hold looking to play long targeting $4975
/NQ - Supply flipped to Demand at $17675-17700 then at $17800-17810
- Buying dips as long off pull backs break and retest above key Demand
- The only way I want to play short is if price falls below $17670 or if there is a sell off $17800 and price holds below after the retracement / pullback
QQQ - Supply flipped to Demand at $430-428 with Supply at $453-437
- As long as the price can hold above $428 I want to play long where sellers are trapped. I only want to play short if price can break and hold below $427
Have a great day and see you tomorrow...we will be right back at it Friday!
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