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Good Monday morning!
The markets are coming off of a balancing day on Friday and this morning futures are lower, so it looks like we are back in the meat grinder, the back and forth market. I wish I could be more specific, but as I've been doing this a long time, I just don't see an edge either way right now. I'm not going to try to blow smoke and pretend to think I know it all. It has been a difficult market to navigate lately and that does not seem to be changing at the present. You must be fluid with the market at the time until the next strong trend starts, either higher or lower.
As mentioned, futures are lower to net short however we are back inside prior days range so there is no true gap at the time of the writing. Short term move is down but let's see if we remain that way and close bearish. If and only if this scenario plays out, then the longer term trend could start to shift lower. If the bulls take it back up and over the key levels listed below, then the edge remains to the bulls.
The key levels and profile pic below show you that 5901 to 5906.50 is important and will show you which edge prevails. Any price action that stays below 5901 then this could bring in more sellers. If buyers take price back up and over 5906, then the bulls are right back into the swing of things! Futures are trading at 5892 at the time of this writing.
VPOC Update: No new VPOC's were added yesterday and we still have 25 below current price. 5788.50 is closest below and really is not in play today unless something crazy happens.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5920 - 5925
Key Levels: 5906.50 POC & 1/2 Back 5901
downside target is: 5885 - 5880
/NQ upside target is: 20,600 - 20,640
Key Level: 20,483 POC & 1/2 Back
downside target is : 20,390 - 20,360
/RTY upside target is: 2310 - 2315
downside target is: 2275 - 2270
Economic Data:
Mary Daly Speaks. @ 6:40 AM ET
Lorie Logan Speaks @ 8:55 AM ET
Leading Indicators @ 10:00 AM ET
3-Month Bill Auction @ 11:30 AM ET
6-Month Bill Auction @ 11:30 AM ET
Neel Kashkari Speaks. @ 1:00 PM ET
Jeffrey Schmid Speaks @ 5:05 PM ET
More Color....... By Analyst Rich Rickus
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/ES - Demand $5865-70 with Supply above at $5927 -5915
Bearish
Buyers trapped below $5870 after a pullback below $5860-65 looking to play SHORT targeting $5850 then $5835
Bullish
Sellers trapped above $5915 after a break and retest below $5900 playing LONG targeting $5885 then new $5900
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SPY - Demand at $580-581 with Supply above at $585-586
Bullish
Sellers trapped above $581 after a break and retest above $582 looking to play LONG targeting $583 then $584
Bearish
Buyers trapped below $580 after a retest from $579 where Demand would flip back to Supply targeting $578 then $577
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/NQ - Key Demand at $20400 -350 with at Supply $20600 then below at $20525
Bullish
Sellers trapped above $20395 looking to play long after a pullback holds above $20400 targeting $20485 the $20500
Bearish
Buyers trapped below $20325 and holding looking to play short targeting $20250 then $20200
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QQQ - Key Demand at $486 with Supply above at $492
Bullish
Sellers trapped above $492 looking to play long from a break and retest at $493 targeting $495 then $496
Bearish
Buyers trapped below $491 after a break and retest below $490 looking to play short targeting $489 then $488
Also watching …
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NVDA Key Demand $135 with Supply above at $137-136 (previous Demand )
Bearish
Sellers trapped below $135 after a break and retest from $134 looking to play short targeting $132 then $130
Bullish
Buyers trapped above $135 after a break and retest from $136 looking to play long targeting $138 then $139
Have a great day!
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