|
Good Thursday morning!
Now THAT was an impressive reversal! It is not very often that we hit both upside AND downside targets on the same day but yesterday was one of those days!!!
Markets saw pretty extreme selling basically right from the opening bell but then just like Tuesday, buy programs kicked in @ 11:00 AM EST (it was noon on Tuesday) but the point is it's not necessarily the exact same time but the fact that we saw another "V shaped" reversal as bulls stepped in a big way and the shorts got absolutely steamrolled!
I have been saying for the past few days that the markets are very volatile and tricky to trade at the moment, however there are some great intraday opportunities during the session. The key point is that you have to remain flexible and not get "married" to one side or the other....don't gt too bullish or too bearish. Be able to switch sides if the market is telling us that is what's going on!
We have another set of important economic data being released @ 8:30 AM EST, the PPI, Producer Price Index, and jobless claims, so expect more volatility just like yesterday! Please pay attention to the key levels and the profile pic as they were very helpful yesterday and should guide you this morning as well!
VPOC Update: No new VPOC's yesterday so we still having 2 above and again 21 untested points of control below current prices.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5585 - 5590
Key Levels: 5567.50 Prior High then 5557.50 POC
downside target is: 5515 - 5510
/NQ upside target is: 19,420 - 19,450
Key Level: 19,227 Overnight Low
downside target is : 19,050 - 19,000
/RTY upside target is: 2120 - 2125
downside target is: 2075 - 2070
Economic Data:
PPI @ 8:30 AM EST
Jobless Claims @ 8:30 AM EST
Natural Gas Inventories @ 10:30 AM EST
Treasury Statement @ 2:00 PM EST
More Color....... By Analyst Rich Rickus
/ES - Supply flipped to Demand at $5480-5470 then at $5450-55
Bearish
Buyers trapped below $5470 and holding below after a pullback looking to play SHORT targeting $5455 then $5422
Bullish
Sellers trapped above $5472 after a break and retest from $5472-75 playing long targeting Supply $5495 then $5510
SPY - Demand at $537 -539 w / Supply at $545-546 then $549 -550
Bullish
Sellers trapped above $546 looking to play LONG after a break and retest from $546 targeting $548 then $549
Bearish
Buyers trapped below $544 after a retest from $543 targeting $542 then $540
/NQ - Key Demand at $18520-18495- with Supply at $18770-18800
Bullish
Sellers trapped above $18770 looking to play long targeting $18800
Bearish
Buyers trapped below $$18770 and holding , looking to play short targeting $18700 then new LOD
QQQ - Key Demand at $450 with Supply above at $454 and $460
Bullish
Sellers trapped above $455 looking to play long from a break and retest at $456 targeting $458 then $460
Bearish
Buyers trapped below $454 after a break and retest below $453 looking to play short targeting $451
AMD - Key demand at $139-140 then Supply at $146-145
Bullish
Sellers trapped above $139 looking to break and retest above $140 targeting $142 then $143
Bearish
Buyers trapped below $144 looking to play a break and retest SHORT from $143 targeting $142 then $140
NVDA Key Demand at $105 with Supply above at $111-109
Bullish
Sellers trapped above $105 after a pullback holds above $106 targeting $108 and $110
Bearish
Buyers trapped above $105 looking to play a break and retest short from $104 targeting $103 then $101
AMZN Key Demand at $175-176 with Supply above at $182
Bullish
Sellers trapped above $175 looking to play long off a break and retest from $176 targeting $178 then $179
Bearish
Buyers trapped below $174 after a break and retest from $173 targeting $172 then $171
Have a great day!
| 
