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Good Tuesday morning,
We have lift-off!
Futures are gapping to new all-time highs this morning, as buyers held strong yesterday and continue with more follow-through today. Friday's low was never taken out, reinforcing how important that level was—and upper targets were hit!
Just as a quick reminder from yesterday’s MC:
"Price explored well below Friday's low at 6,278.50 in the overnight session, however, buyers have pushed price back into range back above 6,278.50, so this level will be critical today."
In the profile pic and key levels below, you can see the gap over prior highs. The first key level will be the July 10th highs at 6,335.50. Any hold above this level keeps the full edge with the bulls. I say full edge because even if we pull back to yesterday’s highs at 6,315, it still favors the bulls. The only scenario that would cause meaningful change is a loss of the prior low at 6,280.50, with value building below that level. Otherwise, pullbacks will most likely be bought.
If futures do fall below 6,335.50, then the first target would be the overnight halfback at 6,321, followed by a gap fill to the prior high at 6,315, then the POC at 6,311.25, and lower targets at 6,300–6,290.
Futures are currently trading at 6,338 at the time of this writing.
VPOC Update: No new VPOC's added or taken out yesterday, however, with this gap today, 6,323.50 is NOW BELOW current price. We now have five below.
VPOCs
6,323.50 / 6,271 / 6,146 / 6,091 / 6,050
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6,355 - 6,365
Key Levels: 6,315 Prior High
downside target is: 6,300 - 6,290
/NQ upside target is: 23,300 - 23,350
Key Level: 23,112 Prior highs July 9th
downside target is : 22,995 - 22,950
/RTY upside target is: 2,290 - 2,295
downside target is: 2,235 - 2,225
Economic Data :
CPI @ 8:30 AM EST
Empire State Manufacturing Index @ 8:30 AM EST
More Color By : Rich Rickus
Back at it tomorrow!
Have a great day!
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