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Good morning!
Buyers showed up yesterday and held Friday's lows and made a higher low on Monday, however, we hit some very interesting key levels of resistance on the bounce. Our upper targets were hit and 5616 is a very key level moving forward.
IF the bulls can get it back to 5616 then above, look for 5640 -5645 then possibly 5655-5660. If the price action stays below 5616 and above 5595 (1/2 back) then it will be more of a balancing day. Below 5595 look for 5588.50 then possibly 5580-5575. Think of this in terms of stages and key battleground areas between buyers and sellers!
This morning, futures are slightly lower and overnight inventory is net short....not 100%.... but definitely net short (as measured from the settlement of 5610.75.) We are also inside of yesterdays range so there is no real edge to either side this morning. There is not much on the economic calendar today (see below) and market participants could be waiting for some very important earnings after the close: TSLA and GOOGL.
VPOC Update: A new VPOC was added below @ 5549.25 so we now have 1 above @ 5699.50 and 25 VPOC's below.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5640 - 5645
Key Level: 5616 Overnight High & Value Area High
downside target is: 5580 - 5575
/NQ upside target is: 20,160 - 20,180
Key Level: 19,928 - 19,918 Value Area Low & 1/2 Back
downside target is : 19,875 - 19,850
/RTY upside target is: 2250 - 2255
downside target is: 2220 - 2210
Economic Data:
Existing Home Sales @ 10:00 AM EST
Richmond FED Manufacturing Index @ 10:00 AM EST
More Color.......
7/23
/ES - Demand $5540 then $5509 with Supply at $5661-72
1. Buyers trapped below $5672 and holding below after a pullback will be looking to play short targeting $5645 then $5620
2. Sellers trapped above $5618 where Supply flips back to Demand looking to play long from $5616 targeting $5630 then $5655
SPY - Demand at $547 -548 the Supply back to Demand $553 / Supply $559
1. Buyers trapped below $555 after a break and retest from $554 playing short targeting $552 then $551
2. Sellers trapped above $556 looking to play long from a break and retest from $557 targeting $559
SPX Demand at $5507-5494 with Supply at $5581-5574
1. A breakdown below $5581 and holding below after retest from $5575 I will look to play short targeting $5560
2. A bounce above $5581 and reclaim support I will look to play long
targeting $5600 then $$5611
/NQ Key Demand at $19648-19725 then at $19920 with Supply at $20166
1. Sellers trapped above $19920 after Supply flips back to Demand looking to play long targeting $19980 then $19990
2. Buyers are trapped below $20166 off a break and retest targeting $20150 then $20138
QQQ Demand at $473 -471 with Supply above at $486-485
1. Sellers trapped above $471 looking to play long off a break and retest
from $472 targeting $475 then $478
2. Buyers trapped below $486 after a break and retest below $485 looking to play short targeting $483 then $481
TSLA Key demand at $245 then at $249 with Supply above at $259-256
1. Sellers trapped above $245 and holding I will look to play long targeting $248 then $250
2. Buyers trapped below $259 I will look to play short targeting $257 then $255
NVDA Key Demand at $121-122 with Supply above at $126-127
1. Sellers tapped above $122 looking to play long targeting $124 then $126
2. A breakdown below $121 and holding I will look short after a break and retest from $120 targeting $119 then $117
SOXL Key Supply flipped back to Demand at $49-50 with Supply at $54-55
- Sellers trapped above $49 looking to play a break and retest from $50
LONG
A breakdown below $55 where buyers are trapped I will look to go short
Have a great day!
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