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Good Tuesday morning!
We hope you all had a great three day weekend and let's get right back into things! That selloff Thursday and rebound by the bulls didn't take long!! Buyers jumped right back into the fray after NVDA earnings Thursday after the close and traders defended the very next morning. Thursday was a huge move lower, however the fact that there was no follow through shows us buyers are still committed to this market.
IF sellers do come in then we will see key levels being lost to the downside. At this point it's still a jump ball...meaning a 50/50 shot so let's give the market some time to show its hand. In the past, a move like Thursday would have "shaken the tree" so to speak and fear would have spiked with more selling, but nowadays, people just blow these kinds of moves off like they were nothing and unimportant. It's truly amazing to me.
Futures are almost 100% net long this morning and all will hinge on whether or not the overnight low and shortened session lows from Monday will hold. Please see the profile pic below. As long as 5321 holds then buyers are still in their normal operations and upper targets are in play. Losing 5321 opens targets at 5315-5310 and if they get lost, then lower targets of 5290-5280 could be in play.
SBUX: Hold.
AMD Still holding and stop is below $160.
VPOC Update: Another new VPOC was added on Friday @ 5283.75. We now have 23 VPOC's below current price levels indicating the uptrend is still intact!
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5345 - 5350
Key Levels: 5321 POC's and Monday's low
downside target is: 5290 - 5280
/NQ upside target is: 18.975 - 19,025
Key Level: 18,885-18,875 Overnight low and Monday's low
downside target is : 18,735 - 18,710
/RTY upside target is: 2090- 2095
downside target is: 2060 - 2055
Economic Data:
Case Shiller Home Price Index @ 9:00 AM EST
Consumer Confidence @ 10:00 AM EST
Dallas FED Manufacturing Survey @ 10:30 PM EST
More Color.......
/ES - Key demand at $5240-5265 with Supply above at $5350-75
1. Buyers trapped below $$5340 after a break and retest , Failed new HOD
looking to play short targeting $5320 then $5300. Or a breakdown below
$5240 I will look to play short if Demand flips to Supply
2. A breakdown above $5240 with buyers present I will look to play long as it holds as support targeting $5275 then $5300
SPY - Key Demand $523-25 with Supply above at $534
1. Sellers trapped after a failed breakdown with Support above at $524
looking to play long targeting $526
2. I will only look to play short if price breaks and holds below $523 looking to play short targeting $520
SPX Key Demand at $5263 then at $5210 with Supply above at $5325 -41
1. Sellers trapped after a bounce above $5262 playing a break and retest
from $5280 long targeting $5300
2. A breakdown below $5260 and holding looking to play short targeting
$5220
/NQ Key Demand at and $18615 with Supply at $18930
1. Sellers trapped above $18615 looking to play long targeting $18000
2. A breakdown below $$18699 and retest holding below I will look short
QQQ Key Demand at $451-452 with Sellers above at $460-461
1. Sellers trapped about $452 looking to parlay a break and retest long
2. I can not be looking to play l short if price hold below $451 or failure to
reclaim support above Demand
As ALWAYS, have your stops & targets in place!!!
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