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Good Tuesday morning!
Some wild but nice two sided price action yesterday and expect more of the sane today and into tomorrow afternoon, up until 2:00 PM EST when the FED will announce their decision on interest rates.... and that's when the party will really get started!
They begin that two day meeting today and according to FED Fund Futures, there is only a 4% chance that the FED will make any changes tomorrow. It is their next meeting (in September) where there is a 100% chance that they will cut rates, and the big question will be...is it a 25 Basis Point cut or a 50 Basis Point cut? Obviously there is quite some time until that next meeting, so for today and tomorrow, please keep an eye on the key levels below!
This morning futures are mixed and we are inside of Monday's range. There was a look below and fail in the overnight session (where price exploration went below yesterday's lows but have been bought up aggressively) and that is a more bullish sign. Also, let's see if price action can stay above that key 5500 level, the same as we mentioned yesterday. It was defended Monday so will buyers buy the dips again today?!?! So far price is trading @ 5515 in premarket S&P futures. Upper targets are listed as well as lower targets and the Battle Zone once again is between 5500-5525! Stay fluid!!
VPOC Update: No new VPOC's added yesterday.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5540 - 5550
Key Level: 5505 -5500 Value Area Low & 1/2 Back
downside target is: 5480 - 5470
/NQ upside target is: 19,435 - 19,450
Key Level: 19,245 1/2 Back
downside target is : 19,100 - 19,075
/RTY upside target is: 2280 - 2385
downside target is: 2232 - 2227
Economic Data:
Case Shiller Hone Price Index @ 9:00 AM EST
Consumer Confidence @ 10:00 AM EST
JOLTS @ 10:00 AM EST
More Color.......
/ES - Demand $5468- 5473 then $5505 with Supply at $5535- 25 and $5550
1. Buyers trapped below $5535 and holding below after a pullback will be looking to play short targeting $5500 then $5490
2. Sellers trapped above $5480 looking to play long targeting $5495 then $5510
SPY - Demand at$542 then at $545 with Supply at $547-558
1. Buyers trapped below $548 after a break and retest from $547 looking to play short targeting $545 then 544
2. Sellers trapped above $542 looking to play long from a break and retest from $543 targeting $545 then $547
SPX Demand at $5390-5420 with Supply at $5488-92 then at $5507-26
1. A breakdown below $5490 and holding below $ 5488 after retest from I will look to play short targeting $5465 then $5458
2. A bounce above $5500 and reclaim support I will look to play long
targeting $5515 then $5525
/NQ Key Demand at $19180 then $19080-19100 with Supply at $19389-19350
1. Sellers trapped above $19180 looking to play long targeting $19200
2. Buyers are trapped below $19350 off and holding , looking to play short targeting $19330 then $19315
QQQ Demand at $461 and $463 with Supply above at $468467 then $472-74
1. Sellers trapped above $464 looking to play long off a break and retest
from $464 targeting $466 then $467
2. Buyers trapped below $463 after a break and retest below $462 playing short targeting $461 then $460
AMD Key Demand at $138 then at $136 with Supply above at $142 and $144
1. A break and retest below $143 from $142 I would like to play short
targeting $140 then $139
2. Sellers trapped above $139 or a bounce from key $136 Demand I would like to play long targeting $141
TSLA Key demand at $227-228that was previously Supply. With new Supply at it until 240-241
1. Buyers trapped below $227 looking to play short from a break and retest below $126 targeting $221 then $219
2. Sellers trapped above $227 liking to play long off a bounce and Go
targeting $230 , $233 then 235
Have a great day!
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