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Good Tuesday morning!
As we enter the first day of the 4th quarter, the markets continue to hold up very well and once again, yesterday was a prime example of the bulls tenacity. When FED Chair Powell started speaking yesterday @ 1:00 PM EST (which we warned you about yesterday morning) and hinted the FED might not be cutting rates as fast as market participants wanted, futures dropped sharply and downside targets were hit. However, buyers stepped back in aggressively and took prices right back up @ 2:30 PM EST and then there was a huge short squeeze which started about an hour later and ripped the markets to new highs of the day. Quite impressive!
As far as I'm concerned at this time, the bulls are still in control as we are in a very large balance area and today there is an extremely key line in the sand will be 5797 which you will see why below! As you look at the key levels and profile pic, 5797 is the break out of balance but also the bottom of the spike and the current overnight low. Any price action that stays above this level will be edge to the bulls. Any break lower we will look for 1/2 back and POC. We also have important economic data today and the rest of the week with the most important day being Friday which is when the NFP's (Non Farm Payrolls) from the government's BLS (Bureau of Labor Statistics) come out!
VPOC Update: No new VPOC's were added yesterday so we still 23 below current prices.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5835 - 5845
Key Levels: 5788 - 5785 1/2 Back & POC
downside target is: 5785 - 5775
/NQ upside target is: 20,325 - 20,355
Key Level: 20,213 Overnight low
downside target is : 20,175 - 20,155
/RTY upside target is: 2260 - 2270
downside target is: 2220 - 2225
Economic Data:
4-Week Bill Settlement
8-Week Bill Settlement
4-Month Bill Settlement
PMI Manufacturing Final @ 9:45 AM ET
ISM Manufacturing Index @ 10:00 AM ET
Construction Spending @10:00 AM ET
JOLTS @10:00 AM ET
Treasury Buyback Announcement (Preliminary) @ 11:00 AM ET
Raphael Bostic Speaks @11:00 AM ET
4-Week Bill Announcement @ 11:00 AM ET
8-Week Bill Announcement @ 11:00 AM ET
4-Month Bill Announcement @ 11:00 AM ET
Raphael Bostic Speaks @ 11:10 AM ET
52-Week Bill Auction @ 11:30 AM ET
A Conversation with the Federal Reserve Presidents @ 6:15 PM ET
More Color....... By Analyst Rich Rickus
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/ES - Demand at $5754-67 with Supply above at $5830 ( Supply / Demand Flipped at $5800 -05)
Bearish
Buyers trapped below $5754 after a pullback below $5750 looking to play SHORT targeting $5728 then $5720
Bullish
Sellers trapped above $5755 after a break and retest above $5758 $5770 playing LONG targeting $5788 then $5800
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SPY - Demand at $567-568 then at 572 w / Supply at $575
Bullish
Sellers trapped above $567 after a break and retest from $568 looking to play LONG targeting $570 then $571 or a breakout and pullback above $572 playing a break and retest from $573
Bearish
Buyers trapped below $568 after a retest from $567 targeting $566 then $565
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/NQ - Key Demand at $20200 - 50 with Supply at $20700 & below at $20400-380
Bullish
Sellers trapped above $20050 looking to play long targeting $20100 then $20220
Bearish
Buyers trapped below $19850 and holding , looking to play short targeting $19775 then $19680
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QQQ - Key Demand at $480-481 then at $484 with Supply above at $487-88 and $491
Bullish
Sellers trapped above $484 looking to play long from a break and retest at $485 targeting $487 then $488 or if Supply flips to demand where sellers are trapped above $487 playing a break and retest from $488 targeting $490 then $491
Bearish
Buyers trapped below $484 after a break and retest below $483 looking to play short targeting $481 then $480
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NVDA Key Demand at 119 with Supply above at $122-121
Bullish
Sellers trapped above $122 after Supply flips to Demand looking to target $123 then $124.44
Bearish
Buyers trapped below $119 after a break and retest from $118 looking to play short targeting $118 then $117
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AAPL Supply flipped to Demand at $230-231 with old Supply above at $235- 236
Bullish
Sellers trapped above $231 looking to play long from $232 targeting $234 then $235
Have a great day!
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