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Good Thursday morning!
Futures are gapping sharply higher after news that Chinese markets in Shanghai and Hong Kong are gaining more than 3.5% apiece. China's Politburo pledged to spend enough to reach this year's growth targets while technology stocks rallied after strong results and guidance from chip maker Micron (MU).
As we mentioned yesterday, the bulls are still in control and this is even more evidence as we will be breaking into new all time highs (again) in the DOW & S&P, and now the tech heavy NASDAQ is making strides towards making it's own highs again as well.
In the profile pic and key ranges below, you can see the markets breaking out to new all time highs and we are now in "rare air" so it is hard to say where this market would/could possibly stop!
Keep an eye on the overnight 1/2 back and prior days high @ 5799, which we are way above at the time of this writing! Any price action that holds will continue to attract buyers and the FOMO (Fear Of Missing Out) trade is well in place. Shorts are now scrambling!! If 5805 gets taken out to the downside, then we will look to retest yesterday's highs then the POC. **We also have important economic data coming out today including Jerome Powell speaking this morning which WILL add more volatility today.
VPOC Update: No new VPOC's were added yesterday above prices and we still 23 below current prices.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 5838 - 5852
Key Levels: 5805 Overnight 1/2 Back
downside target is: 5760 - 5750
/NQ upside target is: 20,400 - 20,450
Key Level: 20,350 Overnight 1/2 Back
downside target is : 20,150 - 20,050
/RTY upside target is: 2245 - 2255
downside target is: 2225 - 2220
Economic Data: VERY BUSY TODAY
Jerome Powell Speaks. 9:20 AM ET
John Williams Speaks @ 9:25 AM ET
Pending Home Sales Index @10:00 AM ET
EIA Natural Gas Report @10:30 AM ET
Michael Barr Speaks @10:30 AM ET
Lisa Cook Speaks @10:30 AM ET
3-Month Bill Announcement @11:00 AM ET
6-Month Bill Announcement @11:00 AM ET
52-Week Bill Announcement @11:00 AM ET
Kansas City Fed Manufacturing Index @11:00 AM ET
4-Week Bill Auction @11:30 AM ET
8-Week Bill Auction @11:30 AM ET
Neel Kashkari Speaks @1:00 PM ET
7-Yr Note Auction @1:00 PM ET
Fed Balance Sheet @4:30 PM ET
More Color....... By Analyst Rich Rickus
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/ES - Demand at $5725-5735 with Supply at $5800
Bearish
Buyers trapped below $5720 and holding below after a pullback looking to play SHORT targeting $5700 then $5680
Bullish
Sellers trapped above $ $5730 after a break and retest from $5732-35 playing LONG targeting $5755 $5780
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SPY - Demand at $566-568 then at $570 w / Supply at $571-572
Bullish
Sellers trapped above $568 after a break and retest from $569 looking to play LONG targeting $570 then $571
Bearish
Buyers trapped below $568 after a retest below $567 targeting $565 then $564
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/NQ - Key Demand at $20175 then at $20275
Bullish
Sellers trapped above 20175 looking to play long targeting $20220 then $20300
Bearish
Buyers trapped below $20170 and holding , looking to play short targeting $19950
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QQQ - Key Demand at $480 and $476-477 with Supply above at $486-487
Bullish
Sellers trapped above $480 looking to play long from a break and retest at $481 targeting $482 then $483
Bearish
Buyers trapped below $479 after a break and retest below looking to play short targeting $477 then $476
Also watching …
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SOXL Key demand at $33-32 with Supply above at$36-37
Bullish
Sellers trapped above $33 after a break and retest from $34 looking to play long targeting $35.55 - 37
Bearish
Sellers trapped below $33 after a break and retest from $32 looking to play short targeting $30 then $29
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META Key demand at $556-554 with Supply above at $574-572
Bullish
Sellers trapped above $ 555 after a break and retest from $556 looking to play long targeting $564 then $565
Bearish
Buyers trapped below $ 554 looking to play a break and retest from $553 short targeting $552 then $550
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TSLA - Key Demand at $248-249 with Supply above at $254-255
Bullish
Sellers trapped above $248 looking to play a GAP and Go Long targeting $250 then $252
Bearish
Buyers trapped below $247 after a break and retest targeting $245 then $244
Have a great day!
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